Human Capital Management
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Human Capital Management
Generally, human capital management refers to the most valuable asset of the organization, the working people. It includes the recruitment process of the people, as well as it manages and provides direction and company’s policies on the working people inside the organization. In addition, human capital involves the issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration and training. On the other hand, it includes the strategic and comprehensive approaches in handling and managing the employees in the organization. Undoubtedly, an effective human capital management has an efficient and effective management of the employees, as well as it creates productive working environment with the employees. Furthermore, human capital management leads the company towards favorable direction and accomplishments in meeting its main goals and objectives for the benefits of everybody in the organization. At the same time, it has already transformed from traditional personnel, administration, and transactional roles, which are increasingly outsourced. In fact, human capital management is now expected to contribute greatly to the strategic utilization of employees with the employee programs that give tremendous impact on the business in various motivation programs.
Correspondingly, all organizations require human working capital or working people, and they are the most valuable resources of the company. It always needs employees’ productivity and capabilities in order to run the organization in an efficient and effective. The skills and abilities of the people to fulfill their tasks is very essential in order to maximize the human capital management, as well as the human capital development. The everyday responsibilities of the entire work force must optimize the skills and abilities of the human resources. Apparently, both profit and non-profit organizations need a powerful workforce in order to survive in a long period of time. They are both managed in similar way. The only difference is that non-profit organizations have volunteered human capital who do not demand for regular compensation. Even though, this is the case, the workforce still need to be managed the same way that employees in the profit organization are being managed. The same thing that the volunteered employees must be recruited, so as to be filtered. Likewise, human capital must still be organized into appropriate manners. Employees should be delegated to their respective responsibilities, as well as be monitored, so as to be rewarded based on their performances in the organization.
In this connection, human capital management deals also with staffing, recruiting and training of the employees in the organization. Indeed, it is also a field of career development for the employees. Hence, human resource management plays a vital role in managing people; so that people and the organization are both performing at maximum capability and in a most effective way. Majority of the companies today attract, develop and retain deserving employees in the organization through giving them various motivational programs and give them appropriate company orientations that focus on the company's missions and objectives.
In view thereof, human
capital management is the core of the organization in order to build and
create best employees for the productivity and profitability of the
organization. And, it has the major responsibility of managing the employees
to become efficient and effective in their jobs, as well as it must help to
promote and protect the well-being of the workforce through giving appropriate
remuneration packages and benefits. In human capital management, excellent
communication process is very vital in order to communicate well with the
recruited people as well as with the existing employees. Any organization
cannot succeed without good communication programs.
They serve as the perfect tool to express the views. And, whatever issues or problems arise, they can right away resolve through efficient and effective communication process used by the organization. Keep in mind, that, any message can efficiently and effectively get across to the other people through humanitarian approach and strategy. And, this process always involves the soft aspect of managing people, it is the heart. But, of course, it must be associated with equitable policies and regulations that will lead the employees and the entire organization into a right path. Subsequently, company's growth and development will definitely follow if all these factors are being applied and practiced by the entire workforce along with the management. Finally, the success of any organization greatly depends on how the human resources are being managed by the respective human resources managers, as well as how the company owners and stakeholders give value and investment to the human capital of the company.