Human capital management (HCM) is 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.
The applications that help to enable human capital management include:
Human Capital Management is essential for hiring, managing, training and retaining talented and high performing employees.
Human Capital management plays an important role in the recruitment process. It ensures that human resource professionals hire individuals who really deserve to be in the organization. Recruiting the right talent is of utmost importance. An individual who is not fit for a particular role will not be able to contribute much in the long run.
Talent acquisition is one of the most crucial responsibilities of human resource professionals, often neglected in most organizations. Do not hire someone just because you need to fill a vacant position or your superiors have asked you to do so. Analyze the background of an individual thoroughly. Try to find out why someone really wants to join your organization? Remember money should not be the only criterion why someone wants to change and join a new organization. An individual who has been assigned the role of acquiring new talents should not forget to check an applicant’s past experience, interests, professional qualifications and reasons for changing the previous job. If you really like someone, try to do some reference checks as well. Do discuss with the applicant before calling up his previous organization or boss, else it might land him/her in trouble.
Human Capital management plays an important role in orienting a new employee to the system. Boring and meaningless induction programs lead to confusions and an employee eventually loses interest in the organization. Do not load someone with unnecessary information, the very first day he steps into the organization. Make him feel comfortable. Ask him/her not to bring lunch from home. Order lunch from outside and ask all his team members to have lunch together. Such small initiatives go a long way in breaking the ice among team members.
It is essential for employees to upgrade their knowledge with time to cope up with the changing situations. Human Capital Management helps in training the employees and making them indispensable resources for the organization. Motivate employees to take up special courses or online programs which would help them in their job. Employees who do not brush up on their skills from time to time find it difficult to survive in the long run.
AI in HCM can be defined as the application of smart technologies such as artificial intelligence, machine learning, natural language processing (NLP), and deep learning to automate routine HR tasks, deliver personalized experiences, and gain actionable insights from HR data. Click here to learn more.
Much like the industrial revolution that transformed manufacturing, technologies like artificial intelligence (AI), machine learning (ML), and deep learning are transforming the way we live, work and communicate. These systems that constantly consume information to improve the accuracy and efficacy of human tasks hold great potential when paired with human innovation.
As the focal area of HR shifts from administrative tasks to improve workforce productivity, AI in talent management can help organizations streamline processes, improve functional efficiency, and make more informed people decisions that directly impact the bottom line. So, let’s look at some of the basic concepts in AI in HCM and explore the key use cases.
An HCM solution is an integrated system that automates Human Resources (HR) processes and provides employee self-service (ESS) capabilities. HCM systems reduce labor costs, increase efficiencies, and optimize processes.
10 ways an HCM solution can improve the life of your business:
HCM is the more all-encompassing term, describing functions that are part of the strategic management of human capital in an organization from talent and applicant tracking to time and attendance and analytics. It also includes budgeting, performance management, and onboarding as well as.
HRM systems encompass the elements known historically in human resources information systems focusing on the core payroll (originally and oftentimes called HRIS or Human Resources Information Systems.) Additional technology systems used to manage HR functions are included under this umbrella such as benefits administration, employee self-service, and management reporting.
PeopleHum is an end-to-end, one-view, integrated human capital management automation platform, the winner of the 2019 global Codie Award for HCM that is specifically built for crafted employee experiences and the future of work.Get Started Free