Successful organizations consider their employees as the most valuable asset. These organizations invest a lot of time, energy, and cash in their employees. When the number of employees increases, managing the workforce within an organization becomes much of an issue for the employers, that is where the concept of human capital management comes in.
What is human capital?
An organization’s human capital means the aggregation of skills, qualifications, experiences, and talent of an individual, primarily an employee in that organization. These things determine the person’s ability to work and decide their productivity.
What does Human capital management(HCM) mean?
HCM consists of a set of practices related to human resources management. This is implemented in workforce acquisition, workforce management, and optimization. It mainly focuses on different strategies for the development of your personnel. In simple words, it involves using all means to get the most out of your workforce.
Human capital management is undoubtedly an indispensable part of any organization’s success. So, here are some tips for better human capital management. Read carefully to know more.
Create Employee Profiles
Managing a continuously expanding workforce is a difficult task requiring serious effort, and this becomes even more difficult if the employers cannot connect a name to a face. So, getting to know your employees becomes a whole lot easier with individual employee profiles.
These profiles are an exceptional tool for managing your human capital, whatever platform you are using. It empowers the managers to collect and keep track of the information in one place, and this also develops the feelings of sociability among the employees. Using HCM suites like UKG Workforce can help in this pursuit greatly.
Streamline Onboarding Process
The onboarding experience you provide to the new hires is the company’s first impression. So, having an engaging and smooth onboarding program can not be stressed enough.
So, discard the traditional onboarding processes that involve a lot of paperwork and PowerPoint slides. Instead, use technology to simplify human capital management.
New onboarding tools help the employers store, track, and manage new hires’ paperwork and tasks. It also helps in monitoring the progress fosters socialization among employees.
So, change your onboarding programs for good to save both time and money on new hires.
Most companies these days prefer not to use the annual performance review. But to manage employees, many measures can be taken to save the performance appraisals.
For new employees, employers should try to keep the review process simple. This can be done by asking some key basic questions to the employees and focusing on their core competencies.
A regular feedback culture should be built in the organization. This should include self-ratings, peer reviews, and assessment by the managers in the human capital management systems.
These peer reviews and manager assessments can give a better and broader view of the organization’s employee performance. This helps in providing appraisals and hikes to the employees judiciously.
Adopt Mobility in your workplace
Around 6.65 billion people carry a smartphone in today’s world, which accounts for a whopping 83.96 percent of the total world population. Using mobile in the workplace helps improve the employee experience and employee management.
These smartphones provide your employees and employers the same flexibility to work from anywhere and anytime, which simplifies communication among employees and removes specific barriers.
Thus, Mobility enhances the productivity of your employees as they can Integrate and balance their personal and professional lives.
Human capital management is an essential part of any company’s growth. But at the same time, it is an arduous process. With specific measures and tips, human capital management can be a cakewalk.
These were a few tips that can be used to better the human capital management in an organization.
There are many more ways to do so, but this article shared the most relevant and practical of them. I hope you liked it.