Like an inspiring underdog story, It’s amazing what a team can achieve when everyone is playing to their strengths. Organizations are no different.
By promoting a positive work environment, you can improve employee health, wellness, and team morale. Additionally, providing opportunities for recognition and growth means greater employee loyalty and retention.
A human capital approach also optimizes the intangible assets of your team via talent development and recruitment. Simply put, this means your human capital will run like a well-oiled machine (only operated by people).
With a human capital strategy, you’re on your way to winning a war of attrition. In competitive markets, every inch you gain makes a difference.
Every good plan begins with well-defined goals. There are plenty of direct and indirect benefits from human capital planning, but you’ll want to prioritize one to three areas as the primary driver(s) behind your HCM strategy.
Next, perform a workforce analysis of your organization. HR teams should be familiar with this concept as it’s crucial to any workforce planning strategy. It involves performing separate supply, demand, and skill gap analysis.
After analyzing your workforce, it’s time to look in the mirror and examine your HR strategies. Ideally, all of your current HR initiatives would align perfectly with your defined business strategy. So, consider how HR processes are helping.
Part of aligning human resource management with the rest of the business involves the training and development of your employees. You need to offer your team short, medium, and long-term career plans to keep them engaged (and relevant in their field).
Armed with an in-depth analysis of your workforce, you can better shape your talent acquisition strategy. Prioritize candidates with the characteristics you’ve identified as the most valuable or those that you deem necessary but are in short supply.
Outline clearly defined processes for performance management, such as assessment criteria and review frequency. This will help employees recognize which areas are most valuable to your business. Use employee self-assessment as another.