What is Human Capital Management or HCM?Â
Human Capital Management (HCM) is described as a set of practices and or steps that an organization undertakes when going through the process of recruiting a new employee, managing a new team or a current one in a new way, developing new techs as well as optimizing employees with an effort to increase their productivity and in return their value and or worth to the company.Â
There are a lot of benefits to Human Capital Management. Let us take a small glimpse of them in the following list put together –Â
- Â Â Â HCM results in the recruitment of the correct talent that helps the company grow as well as level up their own potential
- Â Â Â Employees who are hired after passing through the HCM are ensured to fit perfectly well into the skill set needed for the workforce in the company
- Â Â Â HCM helps the management of teams and bigger departments easier and much more efficient
- Â Â Â Adopting HCM ends up increasing the productivity of the company as a whole as it helps in honing the personal skills of not just the employees but also smooths out the work errors and makes the work run more efficientlyÂ
There are a variety of practices that are adopted into Human Capital Management to ensure better and more efficient hiring, managing, development, and so on. Some of them are listed below –Â
- Â Â Â Workforce planning
- Â Â Â Compensation planning
- Â Â Â Recruiting and hiring
- Â Â Â Onboarding
- Â Â Â Training
- Â Â Â Time and attendance
- Â Â Â Payroll
- Â Â Â Performance management
- Â Â Â Workflow management
- Â Â Â Reporting and analytics
- Â Â Â Compliance
- Â Â Â Employee service and self-service
- Â Â Â Benefits administration
- Â Â Â Retirement services
