Key Components of Strategic Human Capital Plan
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: Recruiting the best […]
Why HR Managers Must Enforce Data Security and Information Protection Policies
When Knowledge is Power, It Makes Sense to Protect it from Theft In times when the knowledge based economy thrives and is predominant, it is more than important for organizations to protect their most valuable asset, which is data and information. Indeed, given the fact that contemporary organizations use knowledge as the main leverage over […]
Cost Benefit Analysis for Training
As discussed in previous articles, it is very important to evaluate the benefits of the training and be able to put that in terms of numbers. Training comes at a cost and therefore any organisation would be interested in knowing the return on investment (ROI). Organisations use different methods to assess the benefits of training […]
The Role of Feedback in Enhancing Employee Performance and Productivity
The Importance of Feedback in Organizations and the Role of the Managers in the Process Feedback is an integral part of any organizations workplace procedures. Managers are expected to provide regular feedback to their employees who in turn, are expected to incorporate such feedback into enhancing their performance. Moreover, feedback is also a necessity as […]
Human Capital Management – Meaning and Important Concepts
To understand the meaning of Human Capital Management let us first find out the meaning of “Capital”. What does the word “Capital” stand for? Capital refers to already produced durable goods which further contribute to the production of goods and services. In simpler words, capital refers to any produced good/service which enables an individual/organization to […]
Human capital management refers to development of human capital through regular trainings, skill development activities and retaining talented employees. An individual who strives hard for the maximum part of the day to accomplish the goals and objectives of an organization are its real assets. Machinery, capital, innovative ideas and office furniture do play an essential role in the successful running of an organization, but nothing would work out if an organization does not have employees who really think for it.
Employees must develop a sense of attachment and loyalty towards the organization.
From where do you think attachment comes from? Is it only money? The answer is NO. Money could be one of the factors.
A feeling of loyalty towards an organization cannot develop in just one or two days. It takes time for employees to inculcate a sense of pride in working for their organization.
“My name is Tom and I am really proud to represent my organization - Peter Publications Pvt Ltd” This should be the feeling for one’s organization.
Human Capital management plays an imperative role in honing the skills of employees and making them reliable resources. Human Capital management helps in hiring the right candidate for the right job, properly orienting him to the organization and constantly upgrading his/her existing knowledge.
An organization needs to invest its time and energy in its employees through various internal and external trainings, team building exercises (activities which bring out the best in employees) to expect dedication, sincerity, hardwork and loyalty in return.
Organizations are benefitted when specialized and already experienced people are hired for the right job. In such cases, an organization does not need to spend much of its time in training an employee. Employees with prior in depth knowledge can take charge immediately, without wasting time of superiors or senior management.
Unique Skill Set model often abbreviated as USS Model highlights the importance of hiring skilled (already trained) individuals for organizations.
According to Unique Skill Set model, unique skills set employees boast of unique skills and in-depth knowledge and understanding of the business and overall industry. Unique skills set staff come with relevant experiences and skill sets making them more efficient and reliable than employees who need to be trained from the initial levels.
Unique skill set model reduces the cost of cross functional trainings as employees are already trained and ready for their respective roles. Unique skills set employees possess unique skills and knowledge and thus can contribute effectively towards the functioning of organizations from the very beginning. They are in a position to come up with innovative ideas and solutions to make the systems better and efficient. Unique skills set employees are aware of their roles and responsibilities, strategies to be made for the organization and how to implement the same in the right direction to achieve the goals and objectives.
Unique skills set employees are more efficient and team members determine what actions should be taken and in what direction. Training is not much required in USS Model.
Retention of talented resources with less capital resource is one of the hurdles in unique skill set model. Organizations find it difficult to retain high performing employees as they have a tendency to move on for better opportunities. Aging of talented employees is another problem in unique skill set model.
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