Planning Human Capital Management Roadmap: Ask an Expert

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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.

New Job or New Opportunity – Same Idea or Different Perspective

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The changing economic trends have influenced industry and business structure of every country across the globe. The business trends, workforce management, HR services have been influenced by these trends as well. People look at an employment opportunity under different viewpoint altogether. Traditionally a job change previously meant better compensation and a higher position. Freshers looked upon the job opportunity as a financial support in return for services. But now the definition of job change has been altered completely. It represents a better career opportunity which gives a person the chance to grow rather than just a salary hike. The growth is marked by the scope of training in order to learn a new skill, creative idea channel and much more. The current worldwide workforce is characterized by following elements.

  • Workforce diversity is a fundamental element of any company. This diversity is portrayed by age, gender, culture, background and so on. The workforce diversity has influenced the knowledge flow, strategic planning and decision making in a positive way.
  • The geographical scope of the worker is no longer limited to the place of origin or the ethnicity. This is due to the fact that the developing and the developed economies are creating equivalent amount of workers.
  • The global operations of companies have influenced the worldwide communication system between the employees. Hence, workers are no longer constricted to their own location. Instead they share their views and suggestions through the networking system.
  • The migration tendency has increased among the people for the job opportunities.
  • People are seeking for benefits within the organization. It can be in terms of knowledge sharing, family benefits, skill development scope and much more. The award and appreciation system is also considered majorly. Other than just a salary, recognition of the effort or an idea is influential.
  • Work and personal life balance is important. Due the highly developed connectivity measures, a person is virtually carrying his office around everywhere. This creates unwanted pressure and stress which impacts the personal life and eventually has a negative impact on the performance. Hence flexible work timings, health benefits and such like are popular in the requirement list.
  • Lastly clear communication between the employee base and the management regarding the short term objective, long term goals and career path of the employees in relation to the company growth is also a prerequisite.

All these characteristics of the global workforce point towards the fact that a new job is no more an earning medium only. It represents the career growth and direction of an individual. Therefore, due to these developments, the role of the recruitment agencies has become important in this regard. They help candidates in building up their careers by assisting in effective resume build up, showcasing the resume to the appropriate industry and companies so that the job opportunity becomes the foundation for a successful career in the long term. They create the building blocks of an appropriate career initiation.

Placement Agencies Are The Possible Answer to Skill Gap

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The skill gap essentially refers to the difference in the skill set required by an employer for a certain business process and the absence of the same in the labor market or within the organization itself. Arising of a skill gap shows that a company falls behind in competition. This situation has cropped up quick steadily in the recent times. The major skill gap industries are healthcare, engineering sciences and advanced manufacturing. There are certain steps that can be used to identify skill gap within an organization.

  • Performing skill testing across the workforce of a company is one of the basic steps towards identifying the skill gap. First, the management needs to identify the existing skill set of the workforce and then match it with the required skill set. If the difference is minimal then it is manageable, but if there is a huge difference between the two, then it calls for serious measures.
  • If the organization has a significant amount of baby boomers retiring in the near term, it might attract a skill gap. The baby boomers are the people between the age group of 52 to 70 years who were associated with the process for a long time and have the maximum knowledge. If this section of workforce retires in bulk, then this results in a serious knowledge and communication gap within the remaining workforce. It might also lead to the lack of guidance and support.
  • Keeping up with the new technological and skill innovations in the industry and specific markets is crucial for a business to survive. Always looking for fresh talents is not feasible every time. The existing workforce needs to be trained and informed regarding these as well.
  • Infrastructural issues may result in skill gap as well. Shortfalls in infrastructure results in lowering the employee satisfaction levels which impacts their performance as well as urge to learn, in turn hampering the skill development process. It might also results in employee resignations.

Hence skill gap can seriously impact the company and workforce together. There are certain measures that can be taken to come out of this scenario.

  • A close assessment of the skill gap scenario is very important to begin with. Placement agencies can successfully assist and carry out such assessments in order to understand the issue, infrastructure and management related matters.
  • The placement agencies can then chalk out a step by step plan to overcome the situation. It includes considering the budget, analyzing the training content and level, training providers, duration and related elements.
  • If the skill gap has arisen or is nearing the business, in both cases, the training should be made compulsory. It should not be kept in sidelines under any circumstances.
  • Regular inspections and evaluations helps in keeping track of the developments as well marking the areas of shortfall.

Lastly, involvement of management people in the training programs has a significant impact on successful handling of the issue. When an employee sees that his or her manager or anyone from the leadership is taking part in the process, it channelizes a sense trust and increases the confidence levels.