Human Capital management (HCM) is the remodeled form of workforce management that has influenced the corporate world in recent years. The companies are increasingly investing towards human capital management in order to build a strong and efficient workforce that ensures company’s future growth and revenue inflow. Hence it is very important to plan the human capital management by understanding its drivers.
- Technological advancement is the most active trend happening across every industry. Keeping track of such developments and implementing them within business aids better production, operation and customer management which influences profit and gives an upper hand in the competition. Thus the management needs to train its employees from time to time to keep them informed regarding the same to develop their knowledge base.
- Performance monitoring at regular intervals is a major contributor towards human capital. Keeping track of individual performance matrix of the employees is important. A structured reporting system is very helpful in this regard. The scope of feedback should be open at both ends between the manager and the employees.
- Proper communication channel opens up doors for suggestions and feedback. Management and employees having a common platform to express their viewpoints is a positive approach towards developing human capital. Also this should be followed up by necessary measures and inputs from both ends.
- Clearly defined job responsibilities are necessary to drive the employees towards productivity and a healthy work environment. It helps in better management of resources and maintaining the company objectives in place.
- Lastly encouragement of the employees through appreciation and recognition of efforts goes a long way in developing and managing a stable workforce.
With all these drivers, it becomes necessary to assign the responsibility of human capital management to an expert. A recruitment consultancy is a preferred choice in this case. The role of recruitment consultancy is no more restricted to finding right candidates for the job. It is considered a continuous process by keeping in touch with the client company and taking regular feedback of the recruitment. In terms of human capital management it can prove to be beneficial in many instances.
- First and foremost, the recruitment consultancy knows about any candidate before short listing them for the selection process. Hence they keep track of the skills that candidates possess. Therefore, they can effectively guide the company regarding any required training or interactive session, the person wants for a particular job profile.
- It can act as a platform of communication between the company and the employees as they interact with both from the initial stages. The firm has clear understanding of the business model and other related areas of the company along with employee needs and coordinate accordingly.
- They help in monitoring the entire feedback and evaluation system so that necessary measures can be proposed and implemented from time to time.
With all these benefits, the recruitment consultancy can be a profitable choice for human capital planning and management.