What do you think of when you hear the phrase “human resources?” Years ago, this function was most commonly associated with the person on staff who handled employee paperwork and personnel files. He or she served a primarily administrative purpose — HR made sure everyone got their paychecks and benefits, processed performance reviews, and handled conflicts that were too big for managers to deal with themselves.
Today, the role of HR has become a much more complex and dynamic one for many businesses. Some companies even refer to HR’s activities as “human capital management” (HCM) to reflect the more strategic, leadership-oriented nature of the department.
Nowadays it is understood that every organization needs to implement human capital management for the proper functioning of the organization. According to experts, HCM is defined as “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 three categories: workforce acquisition, workforce management and workforce optimization.”
However, now the question is, how to embrace this change and go on implementing some of the best practices in the domain of HCM? Here’s a look:
- Recruit with an eye on company culture
Talent acquisition is not just about filling vacant positions. As a recruiter, you must take into account a lot many things into consideration, and especially the company culture, before making any major decision about a candidate.
Investing in top talent requires a pro-active approach that focuses on team building and a strong support system. If an employer focuses on this particular arena, then it ensures employee engagement down the line, bolsters morale, strengthens employer branding and also ensures employee retention.
2. Efficient Onboarding Processes
Once the hiring has been done, it is followed by the onboarding process. It is a crucial time and one needs to ensure that proper onboarding practices are implemented. Experts opine that technology plays a key role in simplifying processes related to human capital management. It helps employers store, track and manage new hire paperwork, create new hire tasks and monitor progress, as well as foster socialization through online portals. Unlike traditional onboarding methods, automated onboarding procedures can be used and referred to as often as needed—saving companies both time and money on new hire training.
While automation eases the process, effective onboarding practices also ensures that new hires have a great experience while integrating into your company culture. Consistent communication and regular constructive feedback helps a new hire become more productive.
3. Rework on your performance review process
Performance review process is another important aspect where employers need to work upon. Just continuing with the same type of performance review does not yield substantial results. Experts suggest that instead of focusing on only the top talent, it is essential to see everyone as a talent who have substantially contributed towards the growth of the organization.
The shift in perspective allows you to use the performance review process in a different light. When performance review focuses on future goals, it becomes a vital part for the process of human capital management.
As the role of HR continues to evolve, it is becoming clear that organizations need to implement human capital management in order to ensure smooth functioning and progress of an organization.
3 Best Ways to Improve Human Capital Management
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