What the heck is Human Capital Management?
Human Capital Management (HCM) has a broad ranging definition depending on the type of business you work in, and what types of services the company provides. That is part of the problem for both business and HR leaders alike. We have this term, yet it's definition is fluid depending on the organization.
Some would define it is as any person in any organization. These are your people, and like "machines" they are capital equipment. Other definitions of HCM focus mostly on companies and people where their product is their knowledge or “know how”.
Either way, this term can put stress on the business leaders and HR to come up with an effective strategy. So regardless of the way you define HCM, it should have some basic components to make it work for you and your organization.
1. Recruiting is one thing, retention is another. To keep employees happy, productive and engaged think about the entire employee experience. This is a huge job.
2. One management style does not fit all. Behaviors and motivators of each employee must be understood and used to engage that employee. WOW!
3. Technology is all the rave. Use it to streamline your process. Integrate into every day work experiences of your employees. Then get out of your office and talk to people.
4. Communication. This is almost cliche', but it really is that simple sometimes and there are a million ways to do it.
Turning Point HCM