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Human Capital Management
Human capital management (HCM) is a set of practices related to people resource management. These practices are focused on the organizational need to provide specific competencies and are implemented in workforce acquisition, workforce management and workforce optimization.
Functions of HCM
- Core HR, including payroll, benefits administration, onboarding, compliance management and maintenance of employee data.
- Talent management, the collective term for the process of recruiting, developing and retaining employees. Talent management suites consist of distinct yet integrated modules for recruitment, performance management, compensation management, learning and succession planning.
- Workforce management, the set of functions for deploying employees with the necessary skills to particular regions, departments or projects. It includes time and attendancemanagement, workforce planning, labor scheduling and budgeting.
- Service delivery, including HR help desks, intranet portals, employee self-service and manager self-service.
Benefits of HCM
- Automating simple processes, such as holiday allowance, absence, training, employee self-services to streamlining efficient processes that increase productivity and work management.
- keep track of all points of development of your employees, from performance to the training courses. Holding regular appraisals is hugely beneficial to your employee’s work morale.
- Obtaining qualified workers, keeping them involved within the company, training them correctly to successfully complete their jobs ,awarding them with benefits and compensation are all drivers to organisational success.