Human capital management (HCM) is a set of practices many organizations use to acquire, train, manage, develop and retain employees. An HCM strategy views employees as tremendous assets which need to be invested in and strategically managed to increase engagement, productivity and business value.
Human capital management practices focus on guiding and supporting employees from the moment they interact with a recruiter to the time they leave your organization. Workforce acquisition, workforce management and workforce optimization are key elements of human capital management, and the overall goal for these three areas is to invest in your employees to keep them engaged and productive.
One way companies invest in their people is through human capital management technology. Not only do HCM solutions streamline everyday HR processes like attracting new candidates and managing employee information, but they play a key role in offering employees more access and more transparency into the things that matter most to them like PTO balances and benefits elections.
Check out this article for more on human capital management.