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Human capital management (HCM)

Human capital management (HCM) is a management system focused on an organizational need to provide specific competencies approach to human resources. Through a combination of management and workforce optimization strategies, HR professionals can use HCM strategies and tools to improve the employee experience, streamline business processes, and revitalize talent management.

A strong suite of HCM software should help a company manage nearly every stage of the employee life cycle, including:

Workforce planning

This involves identifying a company’s current and future staffing needs and developing a strategy for keeping roles filled with qualified candidates. That might entail mapping out compensation plans, adjusting benefits packages, and developing a succession planning strategy.

Workforce acquisition

Also known as talent acquisition, this involves recruiting and hiring the best candidates for each open position, often using software solutions such as an applicant tracking system (ATS).

Workforce management

Also known as talent management, this involves taking steps to improve the employee experience and ensure their day-to-day success and the overall success of the company’s strategies.

Workforce analytics

This involves tracking and measuring metrics that contribute to a company’s goals and key performance indicators. This can include evaluating employee engagement and satisfaction, using performance management software to track productivity, and identifying inefficiencies and pain points within an organization.

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