Human capital management (HCM) is the strategy of utilizing employee focused big data to recruit, manage, and retain great employees.
It’s leadership at scale, and Bric has made human capital management both accessible and possible.
Human capital management isn’t a replacement for interpersonal connections. Managers and leaders are more essential than ever. Great employees have become more productive — more valuable. Simultaneously, work has become more complicated. Today, companies are competing for fewer qualified people, and those people are having larger impacts.
Success tomorrow requires recruiting, managing, and retaining the best people. The stakes are high, and sheer talent is no longer enough. Managers need tools: human capital management software or HCM software. Managers need Bric.
Previously, HCM software was only used for Human Resource support. It helped managed personnel, benefits, payroll, and employee support. Now, the business climate has changed. Human capital management is more than employee directories, name badges, and benefits portals; it’s become an avenue by which managerial staff can find out what works and how to streamline their projects for the best return.
Managing human capital is no longer a chore, it’s a competitive advantage. It’s how the best companies recruit, organize, and promote. Your workforce is more valuable, demanding, and vulnerable than ever — you need to manage at scale.
How Can Human Capital Management Help Your Company?
- Education and Training: Employees join your company to professionally grow and enhance their skills. The best employees are looking for more than a paycheck. They are looking to advance. Successful businesses look for human capital management software that allows them to create learning road maps and ties competency to promotions. Check out this list of top Training Software.
- Performance Management: The best performers are competitive at their core. They likely excelled at school and sports; however, many companies remove the feedback loops that kept people motivated. Find software that allows them gauge their performance and impact to your organization. This will help them avoid destructive internal team competitions and comparisons. Visit this list of top Performance Appraisal software.
- Compensation Planning and Strategy: The value of your people increases with each project completed. Your team is constantly cementing their skills. Compensation and titles must keep up with your teams success; or you risk losing them to the competition. Software can help you manage compensation and promotions. It can help you identify when to let employees move on, help you place alumni at key companies, and maintain your alumni network. Visit this list of top Compensation Management software.
- Time Management and Employee Utilization: You manage an budget of hours and skills. Each hour your people are not working on valuable projects that budget is being wasted; only to be replenished at cost. You need to carefully manage your employee utilization (or the amount of time your team spends on work). The most successful firms ensure that their employees produce at a rate that keeps them challenged and busy enough to feel like they are contributing. Employee utilization is a complicated metric. Make sure to find a software that allows you to get a multi-dimensional view of employee utilization. We recommend Bric for all of your Time management and Employee Utilization needs. See why no other employee utilization software even comes close, and get your competitive edge by partnering with Bric.
- Capacity Planning: Increased demand means increased profits, but the increased demand on your time leads to unhappy customers if your business is not used to planning its’ capacity. Successful businesses plan to meet both current and future demands. Capacity planning software makes it easy to proactively manage your customer’s demands. For the best capacity planning software on the market and the happiest customers get Bric.
The best HCM software allows you to visualize your entire organization. It provides you with analytics and the reporting needed to identify opportunities, risks, strengths, and weaknesses.
Companies and employees have diverse goals. Nothing is wrong with each part of the firm wanting something from the relationship; what is an issue is when the different goals don’t meet their shared objective. HCM software can crunch the options and align employers and employees to the same lucrative outcome.
What’s mind numbing for managers, is easy for software. Software has helped missiles hit their targets for decades. Now, software is helping companies, teams, and people hit their goals — together.
Here are some of the ways that human capital management software is helping align companies and employees:
- Recruiting: You need to know how a new recruit will work with your team. Do not be hasty to hire someone in order to fill an empty position. Make sure you understand their personality, how they work under pressure, and their technical ability. Making a bad hire can damage your team’s dynamic — even if corrected quickly.
Here at Bric, we love the Meyers-Briggs Type Indicator. The different personality types explained,
allows us to produce the most successful teams that are diverse and cohesive.
- On Boarding: Businesses need to communicate the expectations of the company from the start. When a businesses’ expectations change or evolve there needs to be open communication with employees to keep them informed and up to date.
- Feedback: As a manager you are in a position of power. This distorts any feedback you get from your employees. You need to be intentional with how to get feedback and analyze it. You need to sort through the trivial to find the best ideas and serious issues.
- Career Planning: Motivation comes when people work on what they are passionate about. Employees want to see their career grow along with the business. Human capital software makes it easy to align what needs to be done, with the people that are most excited to do it.
Recruiting a qualified employee is the first step; however, the business dictates their growth through exposure and the training it offers.
Workforce acquisition is standardized training and education provided by the government for civilian and military personnel it is a factor in amplifying human capital management.
All new employees experience fumbling within the first few months—treading water. Proper training and guidance will amplify an employee’s ability to become an asset to a company instead of dead weight.
The standards of education and training within a company can determine its’ success. Improvements with the training offered to employees can increase competency within the first few months, thus allowing an employee’s work to benefit company goals. The method of implementation is critical to unifying a company and its workers. More work is accomplished when a company and its people are on the same page and have a sense of what is going on from the start.
Workforce optimization is the art of improving an employees efficiency within its’ corporation, and is another aspect of human capital management.
The communication between management and employees is critical for workforce optimization. For the process to be as effective as possible, there must be communication at all times. Improvement of overall employee efficiency must begin when he or she is hired, and continue throughout his or her time with that company. Optimizing the productivity of a company’s employee must be done through exchanging ideas within the company.
The history of workforce management is evolving. In order to remain relevant companies must embrace that people are more than just assets.
While it took time for business to develop finally people are being viewed as more than just assets—they are what runs the business, achieves its’ goals, and creates its culture. Companies value their workers now more than ever. Incentives are no longer used to see who isn’t pulling their own. It is now used to promote people into positions he or she deserves.
Human resources management is not viewing people as assets within a business. Now, the worth of employees are based on skills and what a business puts forth to help build their worth.
If your business wants to step into the 21st century and embrace the strategic advantage that is Human Capital Management – Get Bric.