Life-work Technology: What Is Human Capital Management?
What is human capital management (HCM) and how can it help business leaders streamline operations and increase productivity? And how can it be an agent to improve corporate culture and help you retain employees?
Everything is different now. The way we think about our lives both at work and at home has drastically changed since the pandemic. Organizations have universally been forced to consider their vulnerabilities and realize the need to adapt in the face of new threats and unforeseen events. The pandemic, as well as changes to the social and economic climate on a global scale, have impacted several key industries in unique and uneven ways. Many businesses are finding themselves in growth, in retraction, disrupted or pivoting to new business models.
Today, human resources (HR) professionals are tasked with developing, managing and retaining a talented workforce while also adhering to legal, regulatory and compliance requirements. So how is all of this being made possible?
What Is Human Capital Management and How Does It Help Me?
Human capital management 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.
HCM software can help any team of HR professionals accomplish key business objectives and automate HR processes across the entire organization spanning:
Core administrative support:
- Personnel administration
- Benefits administration
- Portal/employee self-service
- Service center
Strategic HCM support:
- Workforce planning
- Competency management
- Performance management
- Compensation planning and strategy
- Time and expense management
- Learning (education and training)
- Recruitment (hiring and recruitment)
- Contingent workforce management
- Organization visualization
Other HCM support:
- Reporting and analytics (workforce analytics)
- Organizational workflow
Taking care of often complex and time-consuming administrative tasks prevents you from focusing on the bigger picture for your business. HCM software helps you automate tedious tasks so that you can focus on employee satisfaction and culture. A combined research study of 200,000 HR managers and employees revealed that 79 percent of people who quit their jobs cite lack of appreciation as a major reason for leaving.
Employee retention and management of corporate culture round out the top three challenges amongst HR professionals. So how do you choose the right HCM software to improve your business and combat these challenges?
Help Your Business Thrive With Quanta HCM
We’ve had many HR professionals ask us, “What is human capital management?” At Quanta, our answer is always the same: Custom-tailored payroll and HR solutions that help you find and keep the best people. Great talent doesn’t grow on trees. It’s hard enough to hire, retain and engage people without having to try and solve software problems on your own.
Stop taking time away from more valuable work. With the right team of lifecycle employee specialists on your side, you can develop, manage and retain a talented workforce while also adhering to legal, regulatory and compliance requirements. Contact us today for a better, more streamlined way to run your business.