When most people think about assets, things like stocks, bonds, realty and commodities automatically come to mind. However, now the Organizations have started realizing their most important asset which is- their people. As the workforce grows, managing people within an organization becomes more of a hassle for employers. Successful companies are now concerned about employees as their most valuable asset and their biggest investment.
Managing human capital does not have to be such a challenge. Here are five ways to organize human capital management in an effort to develop and retain employees and make employers' jobs hassle free.
Invest in right technology
If companies wish to make their HCM processes more efficient and as helpful as possible, it is critical to implement the right technology based tools. Almost every aspect of HCM can be strengthened through technology. HR Professionals should begin investing their time to build automated processes, utilizing technology, so that they can spend more time in interacting with employees.
Continue to change with changing times
The world we live in is full of diversity and is a dynamic environment. We have a whole new generation entering our workforce and challenging us every day to adapt to it. It requires staying up-to-date with the ever-evolving needs of an organization's human capital. We must stop looking at the workforce as the same one unit that we continue serving on our usual course, but instead begin to get creative, try new things and challenge ourselves to solve the puzzles of the new Human capital of today.
Revive the performance review
Annual performance review is a thing of the past and for many companies, it is on its last phase. Employers should keep the review process as simple as possible. This can be done by asking employees only key questions and focusing on core competencies. Employers should strive to build a regular feedback culture by incorporating self ratings, peer reviews and management systems. Finally automate portions of the performance review process with software. By doing this, more time can be spent on other aspects of HCM.
Mobile applications are on the rise in the workplace. Using mobile phones in the workplace has helped spur improvement and management of the employee experience. Mobility provides employers and employees the flexibility to work from anywhere, at any time. It also simplifies communication within the workplace by encouraging feedback.
Create employee profiles
Successfully managing employees in a workforce that is continuously growing is no easy feat, especially when employers cannot connect names to faces. It is easier to recognize an employee if they have individual employee profiles. These profiles act as a helpful tool to manage human capital. This move will assist employers in encouraging sociability and camaraderie among the employees.