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3 Applications of Human Capital Management Solutions
Simplify your HR functions and get more out of your employees when you invest in human capital management solutions.
Human capital management is a strategic approach that encourages business leaders to think of their employees as business capital. Human capital management dictates that, like any other business capital, employees must be appropriately managed, invested in, and developed in order to grow business value. Human capital management solutions are applicable to various HR functions such as hiring, training, managing, and developing employees. Applying the principles of human capital management to your HR processes and strategies empowers you to set up your employees—and, by extension, your business—for success.
Traditionally, human capital management often focused on administrative tasks, the shifting trends of the business world now places more emphasis on strategic tasks and improving productivity. The introduction of HR technologies, particularly those that leverage machine learning, has accelerated this shift and created significant opportunities for organizations to make the most of their human capital.
According to the US Department of Labor, 50% of the entire U.S. workforce will be ready to retire within the next five to ten years. Consequently, the process of finding, attracting, securing, and retaining top talent will become exponentially more difficult. By leveraging human capital management, you can help your organization source qualified candidates so you don’t feel the effects of the upcoming retirement wave to the same extent.
During the talent acquisition phase of the employee lifecycle, there’s immense opportunity for human capital management solutions to play a role. This is true whether candidates are sourced through outbound recruiting methods or inbound attraction methods.
The way human capital management looks during this stage can vary. For example, recruiters and hiring managers can make use of technology to automate administrative tasks such as sending outreach messages or collecting onboarding paperwork. This gives them a greater capacity to focus on finding and pursuing top talent.
An automated onboarding process is smooth and consistent, giving new hires a positive initial impression of your organization. With this new brand of human capital management, you can seamlessly improve the hiring and onboarding experience for candidates and recruiters alike.
Training and Development
Under the principle of human capital management, employers must invest in their employees in order to see the returns they desire on their capital. One of the most critical ways to invest in employees is by giving them all the resources they need to succeed in their roles with thorough training upfront as well as ongoing coaching and development opportunities as they stay with the company.
This gives your people the tools they need to excel in their roles and grow with the company. It’s also a great retention tool for keeping motivated talent onboard. In fact, 59% of HR leaders identified building critical technology skills and competencies as their top initiative for the 2022 business year. Technology can be leveraged to support training and development through online courses, automated development scheduling, and more.
As any HR professional knows, one critical aspect of human capital management is performance management. Tracking and evaluating employee performance according to a standardized set of metrics or KPIs allows organizations to determine where and how their investments in their employees are paying off.
That data can also be instructive in determining the ways in which your organization will invest in employees going forward; for example, performance management can reveal areas of weakness and help you to determine upcoming training and development opportunities that can address and remediate said weaknesses. It can also reveal areas where the company isn’t sufficiently supporting employee workflows. For example, 54% of American professionals report wasting substantial amounts of time every day just looking for important documents.
Because performance management relies completely on data, technology and machine intelligence play a huge role in this function. Having the right technology to support your performance tracking and management is key.
The importance of performance management will only increase. With more than 90% of employers planning to adopt a hybrid model for their knowledge workers, management will have fewer opportunities to observe employee performance. KPIs and performance data are set to become extraordinarily crucial to successful management.
How Scan-Optics Can Help
These are just three examples of how human capital management solutions and machine learning can be integrated into your business strategy to support overarching goals. With over 50 years of experience in the field of intelligent information management, Scan-Optics is a digital transformation partner you can trust. Since 1968, we’ve been working to tailor technology to human needs using solutions that are detailed, personalized, secure, and effective. To discuss how we can help your organization create smart human capital management solutions, get in touch with a member of our team.