What is Human Capital Management?
Human capital management (HCM) is the comprehensive set of practices for recruiting, managing, developing and optimizing the human resources of an organization. HCM is a set of practices related to people resource management. Human Capital Management provides a bridge between human resource and business strategy.
Functions : -
The functions of Human Capital Management software are generally organized into the following categories:
- Core HR, including payroll, benefits administration, on boarding, compliance management and maintenance of employee data.
- Talent management, the collective term for the process of recruiting, developing and retaining employees. Talent management suites consist of distinct yet integrated modules for recruitment, performance management, compensation management, learning and succession planning.
- Workforce management, the set of functions for deploying employees with the necessary skills to particular regions, departments or projects. It includes elp desks, intranet portals, employee self-service and manager self-service.
HCM suites also typically have technologies that cut across functional areas, notably analytics, social media, collaboration and employee engagement. Many also allow mobile access to HR data and applications, especially the self-service features.