Importance of Human Capital Management
Why is human capital management important in organizations ? Who do you think are the most valuable resource in an organization ? Employees. Individuals who spend maximum part of their day contributing towards the success of an organization are its most crucial resource. Employees can either make or break an organization, truly making them an […]
Importance of Performance Appraisals and How to Conduct them Effectively
The Importance of Performance Appraisals People work in organizations for monetary and nonmonetary reasons. While monetarily, employees look forward to increasing pay and perks, they also look for job satisfaction and fulfillment in their jobs. Thus, the motivators that determine whether a particular employee would stick to the job or leave the organization are based […]
How to Manage Star Performers and High Achievers
What do the Terms Star Performers and Fast Trackers Mean? In every organization, some employees are designated as Star Performers and Fast Trackers by the Managerial and the Human Resources Professionals. The term Fast Trackers refers to the internal classification of some employees who are expected to move faster up the hierarchy than other employees […]
Knowledge Management in the Information Age
Knowledge Management Systems and the Internet We are living in an information age that is characterized by increasing information about everything and anything available anywhere and everywhere. In this context, knowledge management has to be done in a structured and organized manner if redundancies and information overload are to be avoided. The point here is […]
Special Training Programs
Most of training is either technical or behavioural in nature, but there are still other trainings that are neither. These fall under the ambit of special training programs and are conducted with an agenda of smoothening the work process within the organisation. Workforce diversity can be both positive and negative for the organisation. Positive in […]
Employees - their knowledge, experience, skills, innovative ideas, concepts are all valued possessions within an organization. An organization must understand its employees well to expect the best from them. Human capital management refers to developing strategies to hire, manage, train, develop and retain top performing employees.
Human Capital management includes the following:
Strategic human capital management refers to alignment of human capital strategies with the goals, objectives, mission of an organization through extensive planning, analysis and management of human capital plans.
Human Capital Planning helps an organization to design human capital policies, strategies, programs to increase efficiency of employees and help them accomplish goals and objectives of organization. Implementation of human capital plan helps human resource professionals to hire the right candidate, train him, upgrade his/her skills, manage him/her and also retain an employee.
Let us go through key components of a strategic human capital plan:
Let us go through each of the component in detail:
This component involves the complete understanding of an organization. It is essential to understand the budgetary constraints, vision of an organization, requirements and expectations of stakeholders, customers, senior management, needs of current workforce to achieve a clear strategic direction.
Discuss and collect data from stakeholders, customers, employees to understand their needs and expectations. It will help you define the vision of an organization and its workforce. Try to analyze the current state of employees and where they would exactly like to see themselves and organization two years down the line. Such an analysis will help you understand the gaps in the system.
Understanding the gap between current and desired state helps in developing human capital goals which would not only increase the overall efficiency of employees but also make them feel attached towards the organization.
Set human capital goals such as:
The next step once goals and objectives are set is to design strategies and policies to achieve the same. Human resource professionals should design long term plans to ensure employees are satisfied with their jobs and deliver their level best.
Delegate responsibilities to employees as per their skills, educational qualification, expertise and interest areas. Assign a team leader. Team Managers should take proper feedbacks from team members to monitor their performances. Know what your team members are upto? Managers must interact with their team members on a regular basis to understand their expectations from the system and also to keep a track on their growth in the organization.
Implementation Plan includes the actions and steps required to implement human capital plans.
Successful implementation plans include:
No process or plan is successful unless and until it is managed well. It is essential to keep a track. Accountability system involves measuring the success and failure of an implemented plan. It also helps you to analyze the loopholes in the plan (if any) and ways to rectify the same.
Your email address will not be published. Required fields are marked *
The Age of Oversupply: Why the Future Would be Demanding on the Present Generation
February 12, 2025
