Manage Your Workforce with Human Capital Solutions
Almost every enterprise today will state that their people and manpower is their most important asset. They spend considerable amount of time and money in training and recruiting people to enhance their interpersonal skills. Despite spending so much, recent research findings have highlighted that on an average, enterprises spend 8 percent or more of their total wages and salaries bill handling human capital concerns. Most of this could have been averted and transformed into positive bottom-line contribution.
The term human capital management has been there for quite some time now. Human capital has been defined in multiple ways. The most accepted definition being “A measure of the economic value of an employee’s skill set. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education, experience and abilities of an employee have an economic value for employers and for the economy as a whole.”
In short human capital management refers to the process of recognition that people within businesses and enterprises are an essential asset who contributes to the overall growth and development. They do it in similar manner physical assets such as money and devices support expansion and productivity. Any kind of expenditure in training, development and support is an investment and much more than a mere expense. This is the reason why eminent companies dealing in global HR solutions have come up with human capital management programs so that organizations and business houses can benefit from it.
The modern day human capital management solutions are personalized and have high-tech and high-touch benefit. The reason being they offer the deployment, design and services of employee benefit consultants, retirement and compensation plans. Other aspects of this solution are as follows:-
* They offer strategies that assist enterprises to fight high expenses of health care
* They guide their clients in making informed benefit decisions that fulfill budget objects and also satisfy employee requirements
* They help to minimize the administrative burden and maximize the overall efficiency
* They help in generating communications that assist present and prospective employees to understand the value of the benefits that they have selected
A systematized human capital management system always commences at a strategic level. Enterprises need to eloquent about what their mission and goals are and what they expect out of their employees. This clear vision needs to be understood and shared within the enterprise. Furthermore, the objectives need to be aptly communicated and well understood. Equally essential is the corporate values and culture which needs to be included in strategic direction, stated and demonstrated from the senior management levels down through the enterprise.
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