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What Is Human Capital Mnagement?

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As a business owner, you already recognize that your employees are one of your most valuable assets. Leading firms understand that recruitment, training, and management of staff provides a competitive advantage, so they leverage human capital management best practices to generate profitable business models, high-performing cultures, and memorable brands. Taking steps to understand and implement HCM systems and processes can set your business apart, but it will take planning and organization. To get started, explore how you can develop an effective workforce management program. What is human capital management? Human capital management can be described as a set of processes and tools that companies use to systematically improve recruiting, management, and performance. The human resources department uses these tools and processes to support a well-functioning company. The role of an effective HR department has changed in recent years, and it continues to evolve with the needs and expecta...
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HRM Trends In 2020

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It’s hard to believe that we’re just about halfway through 2020, especially when internet memes would lead us to believe that March had 200 days and April really dragged on with a whopping 4,000 days! Add to that, this has been a year that is unprecedented to say the least, with even the doomsday preppers admitting that they were not quite prepped for this one!  But alas, as time marches on, so does the work of HR, and while things are far from status quo, trends have still emerged in terms of the focus for HR professionals. Below, we outline just a few of the key trends and what you can do to make sure you are keeping up!  Flexible work arrangements:  Even before the pandemic hit, HR folks were very much focused on flexible work arrangements to help employees achieve the often-elusive work-life balance. With the pandemic in full swing and more people than ever before required to try their hand at remote working, HR has had to do their best to not only make sure the techn...
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The HR Function’s Compliance Role The human resources (HR) function is at the center of most employers’ efforts to identify, hire and retain the people the organization needs to execute its strategy and achieve its goals. But the HR function is a key player within the organization’s compliance structure as well. There are numerous laws and regulations governing the employment relationship that HR professionals must understand and navigate in order to help ensure their organizations avoid costly fines and other penalties, including the potential harm to the organization’s reputation. Common examples of the types of laws regulating the employer-employee relationship include: the Fair Labor Standards Act, which establishes the minimum wage and rights to overtime pay for certain workers; federal civil rights laws, which prohibit employers from considering race, gender, age, or other protected status when making hiring and firing decisions or otherwise setting the terms and conditions of em...
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Ways to Use Rewards Programs to Boost Employee Morale Your employees likely work hard and strive for excellence. They are making an effort to reach their goals and make you proud. However, the day to day grind can get tiring, leaving employees in need of a necessary boost.  Your workplace morale has a huge impact on performance. By making sure employees are enjoying the time with their coworkers, you can promote stronger teamwork. Creating an environment that employees love to come to each day can reduce turnover and burnout.   There are some creative ways to increase morale in your workplace. Reward program is a tremendous  example of employee recognition  and a powerful tool in fostering both teamwork and friendly competition. They can add a little fun and celebratory environment to the work environment.   1. Performance-Based Incentives     Performance-based reward programs are very common and for good reason. By incentivizing higher performanc...
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5 Key Human Resources Functions Human Resources (HR). Every company has an HR team, department, or designated individual, but what does it actually do? When people think of HR, they probably think of huge businesses with massive teams of individuals who are tasked with keeping a watchful eye over employees, ready to strike in case somebody makes a mistake or steps out of line. This is far from the case, however. Also, many people don’t think about HR in the context of smaller businesses. After all, why would a small business with only a few employees need a dedicated HR team or designated HR professional? While the role and functions of HR may differ between organizations, it always plays an important part in their day-to-day operations. Although each HR team is different from the next, one thing is for sure its job isn’t to make the office “lame”, despite what Michael Scott may have said in The Office. Key Human Resources (HR) Functions According to John Storey, the writer of Hum...
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