Human Capital Management (HCM) is a set of practices that can transform the administrative tasks usually associated with a human resources department. The goal of Human Capital Management is to streamline the acquisition, onboarding, organization, training, and management of your team.
Employees are one of a business’s most valuable assets, making Human Capital Management essential for acquiring and retaining high-performing employees. If you can increase the overall productivity and happiness of employees, those employees will work harder and care more about the success of the organization.
The Key Components of Human Capital Management
Human Capital Management covers a wide spectrum of talent acquisition and management processes throughout the employee life cycle.
Someone that might be perfect for organization A might be a completely wrong fit for organization B. The point to be noted here is that while we are often bombarded with best practices for doing everything, the best practice to start with is often to step away from the herd and find the best fit.
Talent Management
Once you have hired your team, the next step is to compile a thorough talent management plan. Today, your workers may be remote or even spread out all over the country. Today’s workforce values flexibility and this means that the days of everyone working in an office with traditional 9-to-5 hours are long gone. With talent working a variety of hours, Human Capital Management systems can help to streamline overseeing and assigning tasks to this team. There are a few important key features that will make this management possible:
1. Accurate Time and attendance
With an increase in remote workers, having access to accurate time and attendance is crucial and will keep everything running smoothly.
AllWork has accurate time and attendance with GPS tracking through our mobile app. This ensures that managers know that their team is where they are supposed to be and that they are arriving and leaving on time.
2. Payroll Processing
With all of the different federal, state, and local laws in the US, using a Human Capital Management platform to manage payroll means your team will always receive the correct benefits including health, worker’s comp, insurance, and sick time.
This can simplify the entire process of paying talent by providing payroll processing, workers’ compensation insurance, and federal and state-mandated taxes and benefits to reduce your operational burden.
3. Performance management
Human Capital Management platforms allow for better communication between a company and its team. This allows for assigning goals, tracking tasks, and reporting on relevant business objectives.
Boosting the productivity of your team is usually top-of-mind for any manager and using performance management tools means access to real-time reporting data that lets you make better business decisions even quicker.
Talent Retention
If you’re lucky enough to have hired someone stellar, the next step is to make sure they have room to grow and learn at your company. Providing employees with learning and development opportunities means a more passionate, engaged team and less turnover. Organizations need to create new ways to optimize their talent and in doing so will ultimately benefit the company as a whole.
A Human Capital Management Platform can provide learning management and assessments that can be quickly distributed to your team wherever they are. Making sure that you’re always giving your team the tools they need to succeed at their job.
