Human Capital Management is also known as HCM and is an extremely valuable concept in HR (Human Resources). This approach considers every staff member to be an asset to the company. It also implies that the value of this asset can only increase and grow if the company invests in it.
When it comes to HR solutions, this particular HR strategy is known to be exceptionally beneficial for all involved. Companies that adopt proper Human Capital Management principles can expect an overall improvement in staff retention, productivity and efficiency of the business as a whole.
Enterprise Project Management (EPM) specialists will be able to facilitate the entire process of change as you introduce a Human Capital Management plan. An effective HCM plan will communicate performance expectations to each employee on a regular basis. Managerial staff members would be tasked with grading, reviewing, compensating and disciplining employees. All employees will have clear goals outlined for them that support the growth and overall wellbeing of the business as well as their own careers within the company.
While brand positioning, brand strategy and effective talent acquisition are all important areas that need to be honed, HR through Human Capital Management can be just as important when it comes to building a successful business that will stand the test of time. Valuing your employees and investing in them will lead to many different benefits such as being able to achieve all your corporate objectives, identifying and filling talent gaps timeously and keeping your employees focused, happy and driven.
Comprehensive HR software will help companies to implement Human Capital Management practices with ease. Allocating enterprise resources based on employee records and other information is a big part of Human Capital Management. HCM software programs will streamline the entire process by helping management staff to keep track of the statistics and other day to day data in an efficient and convenient way.
Completing tasks such as an employee value proposition, employee actions and objectives achieved as well as basic admin and payroll duties are all made that much easier through the use of an effective Human Capital Management HR software program.
Workday offers enterprise-level software solutions for financial management, human resources, and planning.
- Use one version of a single system across your entire organization
- Engage your people on their preferred device
- Gain the agility to take action or respond to changes on the fly
- Make better business decisions based on contextual insight
- Get a full view of talent, labor, and cost with an HCM application that’s one with finance and payroll
Talentsoft puts employees’ professional growth at the heart of your company’s HR processes with flexible cloud-based talent-management and digital learning software.
- Design the most engaging work experience
- One platform for all HR solutions
- Opt for transparency
- Mobile responsive design
- Personalized platform
- In-context HR content
- Decision-making tools
- Direct access to training paths
- Direct access to salary review
- 360° feedback
- Employer Branding
Kronos offers the powerful human capital management and workforce management solutions to help manage and engage your entire workforce from pre-hire to retire.
- Recruitment, onboarding, and benefits
- Employee records/tracking and performance
- Timekeeping, accruals, and scheduling
- Integration with other systems/technologies across your organization
- Payroll management and processing
NetSuite SuitePeople securely weaves people data throughout the Suite, giving businesses complete control over their HR processes.
- Flexible: Leveraging the SuiteCloud platform, it can be customized and integrated into and always up to date on the latest release
- Role-Based Security: Sophisticated role-based security allows executives, managers, supervisors and employees to support both themselves and their teams
- Universal Data: Like CRM and every other NetSuite module, SuitePeople ensures people information is available throughout the enterprise allowing companies to nurture, protect and develop their talent
- Global Reach: Built on the global platform, enhanced with HR localizations, ensuring companies can manage global workforces
- Unified Access: Part of the unified data model which allows people information to be seamlessly reported and analyzed from services, to the shop floor and the warehouse
Simplify and integrate your human capital management (HCM) processes to drive better business results and engage your people.
Harness OnePoint’s human capital management solutions to recruit, develop, engage and retain employees through a simple, unified user experience.
- Streamline Human Resources
- Simplify Benefits Administration
- Accurately Track Time & Labor
- Flexible, On-Time Payroll
Paycom offers online payroll services and HR software solutions for both big and small businesses to manage the entire employment life cycle, from recruitment to retirement.
- Documents and Checklists
- Government and Compliance
- Benefits Administration Suite
- COBRA Administration
- Manager Self-Service
- Personnel Action Forms
- Enhanced ACA
- 401(k) Reporting
- HR Management Analytics
Ultimate Software specializes in HR software solutions and HR payroll to help you improve your company’s human capital management and benefits administration.
- Track and manage required information for all employees, regardless of their locations, in one global HCM solution
- Gain comprehensive insight across your entire employee population
- Leverage a secure, bidirectional integration with your preferred global payroll provider
- Ensure compliance with privacy practices globally
- Manage locally required employee data for more than 65 countries
Neptune Software is a leading low-code, rapid application development platform to help accelerate enterprise app development and integration across mobile, desktop and offline environments-on any Backend, any Cloud, any Architecture
- Employee lookup
- HR dashboards
- Time recording
- Travel expense and mileage reporting
Streamline processes by using an HR software integrating recruiting, payroll, time and attendance, benefits admin and more!
- Recruiting & ATS
- HR & Benefits
- Learning Management
- Time & Attendance
- Payroll & Tax
- Reporting & Analytics
EPAY’s full suite of human capital management software solutions and systems help you recruit, staff, manage and pay your employees.
- One Seamless HCM Platform, One Streamlined Workflow
- Optimized Workforce Management Capabilities
- Free 24/7 Customer Support Included with EPAY’s HCM Software
- No Mystery Fees, No Surprises
- Demand More from Your Human Capital Management System
Complete Payroll offers payroll services, HR software, time and attendance management and tax services for small and mid-size employers.
- Time and Labor Management
- Benefits Administration
- Recruitment and Onboarding
Bring a modern approach to managing your people by using a single suite of intuitive human capital management software.
- Zero implementation downtime
- Seamless flow of all information
- Always compliant
Insperity Workforce Administration goes beyond simply providing payroll software to deliver a comprehensive human capital management solution.
- Employment administration
- Performance management
- Time and attendance
- HR resource center
CMiC Human Capital Management delivers best-in-class employee lifecycle management capabilities that ensure your team is always set up for success.
- Easily implement staff changes for accurate tracking and reporting of internal and external resources
- Streamline new hire setup and onboarding for rapid deployment
- Effortlessly comply with government regulatory reporting requirements
- Eliminate time tracking errors from the field to the back office
- Complete timely and consistent electronic filings
- Eliminate paper requests to the HR department
Asure Software provides world-class management & workplace technology solutions for your mobile workforce.
- Centralized HR data, automated workflows, and powerful self-service benefit enrollment tools
- Automation and validation for FLSA, overtime, wage compliance, tax codes, and more
- Save time, reduce errors, and securely collect time: mobile, biometric, badge, keypad, or facial recognition.
- Automated tools to hire the best talent – Track certifications, licenses, training programs, government requirements, and more
At Advanced, we pride ourselves on supporting millions of people across the UK by delivering exceptional enterprise and market focused software and service solutions.
- Talent in the digital age
- Changing employee demands
- Wellbeing and diversity
- Unpredictable legislation changes
- Busyness culture
Table of Contents
Types Of Human Capital Management
When it comes to HR solutions, Human Capital Management is considered by many to be the most effective HR strategy available. The concept behind HCM (Human Capital Management) is that each employee is viewed as a company asset. These asset require investment if you wish them to be more valuable to the company in the future.
There are different types of Human Capital Management and these four categories will be discussed below:
1. Biological Capital:
This is the only type of capital that will decrease as the employee gets older. Biological capital refers to all biological characteristics such as sex, age, health and intellect. A creative brand strategy specialist in their twenties would be more valuable than a 55 year old brand positioning specialist for example.
2. Knowledge Capital:
This is considered to be one of the more valuable types of Human Capital and it includes all the knowledge and skill learned. Most employees acquire all this valuable knowledge on the job. So, the more experience a certain employee has, the more knowledge capital they are likely to possess.
3. Track Record Capital:
This type of human capital takes the track record of each employee into account. Achievements, experience and qualifications all form part of track record capital.
4. Social Capital:
Social Capital refers to social standing or social influence. Instead of it being a case of what you know, this capital is more concerned with who you are connected to and how far your influence can reach.
Biological Capital and Knowledge Capital are referred to as positive-sum capital. This is because they are valuable and benefit the world’s economy. Track Record Capital and Social Capital on the other hand, are known as zero-sum capital.
Managing your Human Capital well can help your organization in many different ways. Employing an Enterprise Project Management (EPM) specialist will ensure a smooth transition into the new HCM system. Benefits that will be experienced after the transition include but are not limited to a higher employee retention rate, talent gap identification and talent acquisition, achieving corporate goal objectives and a workforce that is more focused and motivated.
Specialist HR software will make HCM a lot easier on your management staff by streamlining the entire process. This will make tasks such as an employee value proposition and performance reviews processes that much easier.
Uses Of Human Capital Management
While factors such as brand strategy and brand positioning play a hugely important role in the success of your business, HCM (Human Capital Management) is considered to be just as important if you are trying to build an organization that will endure for many years to come. HR Solutions that include HCM or Human Capital Management practices as the main HR strategy are proven to be the most popular. This is because of the many uses it serves and how it benefits the organization as a whole.
Accomplish corporate objectives: An effective HCM strategy will help your company to consistently accomplish corporate objectives. It can do this through ensuring that your human resources are aligned with your company’s corporate objectives. HCM processes ensure that every single staff member is aware of their role and specific business goals that they need to accomplish. The regular review processes in place will also allow companies to keep a close eye on their employee’s performance.
Talent retention: This is perhaps considered to be one of the most beneficial uses of Human Capital Management processes. Talent acquisition and retention is essential if you wish to build a successful company. This is accomplished through close monitoring of employees, personalized development plans as well as learning and education opportunities. Many HCM plans also include compensation programs that motivate employees with both short term and long term incentives that correspond with their productivity.
Identify and fill any talent gaps in your business: Human Capital Management programs will also ensure that any and all talent gaps in your organization is timeously identified and filled. High potential staff members will be trained so as to help them reach their potential.
Streamline and optimize your HR: An EPM (Enterprise Project Management) specialist can ensure that your HCM program and HR software streamlines HR practices and processes. Managerial staff members will then spend much less time on day to day basic admin and will be able to devote their time to more important tasks such as completing employee value propositions and performance reviews.
Advantages Of Human Management Capital
Human Capital Management is also referred to as HCM or Human Resources management. It plays an essential role in the success of an organization and is considered to be just as important as brand positioning and overall brand strategy. There are many different HR solutions available but HCM processes are considered by many to be the best HR strategy.
Human Capital Management will treat all employees as assets to the company. As an asset, all employees will be assigned a particular value and this value will grow if the company invests in them. An employee would benefit from an employee value proposition, performance reviews, development plans and education opportunities while working for the company. HCM benefits all levels of employees as well as the organization as a whole.
One of the major advantages that come with proper HCM would be talent retention. Many companies excel when it comes to talent acquisition but struggle with retaining employees. HCM strategies will improve this situation and encourage employees to grow with the company.
The development of human capital will benefit the company as a whole as staff members will be encouraged to reach their potential within the company. By keeping employees happy, motivated and driven, the organization will experience a notable increase in productivity. Companies who employ EPM (Enterprise Project Management) specialists to facilitate the change over to HCM practices and processes acknowledge that you need to invest in your employees if you wish to see a high return on your investment and higher profit margins in general.
Regular performance reviews and evaluations are a crucial component of any Human Capital Management program. Many organizations and HR departments make use of HR software programs that streamline the process by providing valuable insight into statistics and information about an employee. These evaluations will help organizations identify potential, employee development needs and talent gaps.
This has the major advantage of being able to implement much needed and effective training and development programs that will benefit the entire organization. Increase skill, efficiency and productivity on every level within the company or organization.
FAQ About Human Management Capital
What is Human Capital Management?
Many organizations and industry professionals consider Human Capital Management or HCM to be just as important as brand strategy and brand positioning when it comes to ensuring the future success of your company. Human Capital Management processes look at each employee as an asset to the organization. These assets increase in value if the company chooses to invest in them.
When it comes to HR solutions, the HCM HR strategy is one of the most effective human resource management strategies available.
What are the different types of Human Capital?
There are four main types of Human Capital, i.e. knowledge capital, biological capital, track record capital and social capital. All forms capital are taken into account when completing an employee value proposition.
Knowledge capital is the learned skill and information acquired by an employee. The more experience an employee is, the higher this capital will be. Biological capital refers to factors such as intellect, sex, age and health. This type of capital will decrease as the employee ages. Track record capital refers to all the accomplishments, qualifications and achievements that have been earned by the employee. Social capital refers to a particular employee’s social influence and standing.
What are the benefits of implementing a Human Capital Management program?
There are many different benefits that organizations can expect to experience when implementing a HCM program. Talent acquisition, development and retention would be just one of the major benefits that will result from this change in HR practices. HCM programs encourage employees to reach their potential and grow within the company which may translate into increased productivity and overall efficiency of your company.
How do you go about implementing a Human Capital Management program?
Many organizations seek out skilled EPM (Enterprise Project Management) Specialists when implementing new HR processes such as a Human Capital Management program. These specialists can facilitate a smooth change over to the new processes. Specialized HCM HR software programs can also make the implementation of HCM practices that much easier by streamlining the day to day recording of data and statistics.
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