The paper "Human Capital Management" is an outstanding example of an essay on human resources. As businesses pursue stronger competitive advantages by increasingly hiring knowledge workers, it is incumbent on human resource management (HRM) practitioners to more strategically fulfill this goal. While the repertoire of the HRM professional is expansive, the set of practices required to acquire, manage, develop, and optimize workforce are critical. This essay explores these talent strategies whose collective use is referred to as human capital management (HCM). The essay enumerates the various components of HCM and practical benefits to the business.
A critical component of HCM is identifying and recruiting the talent necessary to fill personnel positions (Ployhart et al. 375). Positions are filled in one of two ways. The first means of filling vacant positions is through the internal mobility of incumbent staff through promotions and task re-allocations. To this end, transparency is crucial in guaranteeing replicable succession planning. Talent can also be sourced from external organizations. Having an established workflow through which either of two is accomplished, including applicant tracking, is integral to the success of this HCM component.
Insufficient and disorganized talent recruitment adversely affects the talent pipeline that, ultimately, derails business operations and growth. Businesses keen on optimal HCM should conventionalize the following: sourcing relationships and partnerships with universities and talent-hunting organizations; full-time internship and diversity programs; and marketing and referral strategies to reach a broader pool of suitable candidates. Identifying and recruiting high-quality talent is the first step in best-in-class HCM (Gambardella, Panico and Valentini 43). Once intended talent has been recruited, the second component of efficient HCM is the onboarding, support, and development of personnel.
Onboarding new staff is critical to establishing and sustaining cultural fit. Furthermore, it lessens the anxieties of existing and new staff as roles are clarified and relationships encouraged (Miller, Xu and Mehrotra 937). Once the integration has been objectively ascertained, it is incumbent on businesses to support and develop personnel. Competence management is accomplished through ongoing learning (i. e. training and education) and constructive feedback. Providing leadership, management, and operational training demonstrates a commitment to the corporation’ s personal growth and sustainably advances corporate culture. On the other hand, periodic talent reviews, goal management, responsive feedback foster a culture of excellence and maximizes individual performance.
The core denominations of personal rewards are compensation, equity, benefits, and career mobility. These means of support and reward motivate talent (Morris et al. 913). While ideally executed on a person-by-person basis, a predictable reward system enables talent to decisively plan around business goals. Importantly, monetary— and equity-based compensation are evident and are managed through payroll administration; however, investments to meet employee wellness needs are equally crucial to HCM success. Corporations should have streamlined and well-costed wellness programs such as childcare initiatives for employees with young families and on-site services such as medical services and fitness facilities (Ployhart et al.
381). Designing these initiatives requires a coordinated leveraging of both technology and workforce analytics on an enterprise-wide scale. HR technology tools are innumerable, but in a fast-paced globalized workforce, are a force multiplier of the corporate people strategy. Compassionately designed HCM strategies and processes attract high-quality talent, enhance talent development, mitigate human resource risks, and accelerate workforce performance.