What is Human Capital Management?
HCM, which stands for Human Capital Management, is the set of practices an organization or company uses for hiring, managing, developing, and optimizing their employees to increase the value they provide to the company.
What practices are included in Human Capital Management?
- Workforce planning
- Recruiting and hiring
- Compensation planning
- Training of employees
- Attendance of employees
- Performance management
- Workplace management
- Reporting and analytics
- Retirement services
Benefits of Human Capital Management
- Improve human capital management
- Enhance the recruitment process
- Identify capability gaps
- Improve organic growth
- Improve productivity and efficiency
- Improve performance reviews
- Allows better company planning