One of the things I like to be very clear on early in conversations about human capital management, is that HCM is not simply HR. It's not a fancy new term for a revised definition of human resources. It is a much, much broader concept of which HR is just one part. All of the following buzz words fall under the umbrella of HCM:
Human Capital Management Components
- Talent Management
- Human Resources (HRM, HR, etc.)
- Training
- Professional Development
- Certification/Designations
- Leadership/Management Training
- Onboarding
- Recruitment & Retention
- Compensation & Benefits
- Workforce Productivity
- Workforce Planning & Deployment
- Workforce Analytics & Trends
- Generational Trends
- Change Management
- Organizational Mission, Philosophy & Culture
- Strategic Alignment
- Knowledge Management & Thought Leadership
HCM Strategy, focuses on how all of these buzz words work together to generate a high performing organization with happy, productive employees.
We have taken these buzz words and formulated a new approach to HCM around four key areas. Watch the blog for more on the HCM2020 Vision in the coming days.
