What is Human capital management?
In today’s modern workforce environment it is becoming increasingly important to have an employee tracking and management system in place in your company. Fluid roles, dynamic shift patterns and fluctuating customer demand are all factors that employers are faced with on a daily basis.
More and more companies are turning to Human capital management solutions to assist them in organizing and optimizing their workforce. Human capital management essentially encompasses the practices of recruiting, managing and developing your workforce. So what are some of the more common elements of human capital management?
Time and Attendance is a key aspect of human capital management. Time and attendance solutions allow employers to build a real time picture of employee hours work and to analyse employee performance.
The employee portal element of human capital management empowers employees by giving them the responsibility of managing their own time and attendance. With employee self service, your employees can also check their work schedules and request absences. Employee self service portals can save your company by placing employee and HR information in the hands of the employee.
By giving your employees the responsibility of tracking their own time and attendance with self-service and honour based timesheets you are building stronger relationships with them that will ultimately result in a more effective and productive workforce.
In any business environment or industry it is vital that your employees are constantly learning and upskilling so that your company can maintain its competitive edge. Human capital management skills tracking solutions assist employers to track employees’ skills, training and qualifications and manage their current and future learning requirements.
Human capital management procedures differ depending on the specific industry or company they are being applied. However the principles of the concept of human capital management apply regardless. These are: talent acquisition, talent management and talent optimisation.
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