EssaysForStudent.com - Free Essays, Term Papers & Book Notes
Search

Managing Human Capital

By:   •  Research Paper  •  6,631 Words  •  January 16, 2010  •  762 Views

Page 1 of 27

Join now to read essay Managing Human Capital

Human Resource Management

Managing Human Capital

Managing Talent

One of the major problems faced by many companies in today’s fast paced market is how to grasp and retain labor that is of the best caliber. In the highly competitive business environment, the best talent quickly gets swept up by employers eager to strengthen the quality and efficacy of their workers. That’s why it is important for a company to stay on track by utilizing the best talent management programs available. Indeed, a successful venture will place a high priority on the organization of labor pools and the effective regulation of human capital resources. Not only will the company pick up the right people to work for it, but also it will engender a sense of loyalty among its employees...

The Costs of Human Resources Management

In a company with thousands of employees, it is easy to lose track of the processing costs for, say, a single time off request. But losing track doesn’t mean the cost just goes away, and many business leaders would be appalled to find out how much money is chipped off their bottom line every time a simple employee transaction – like a request for time off – goes through. Even worse yet is that this type of cost (averaging nearly a hundred dollars per request in large corporate settings) is practically a negligible sum when all of the other human resources related costs are added up

Managing Human Talent

The Costs of Human Resource Management

In a company with thousands of employees, it is easy to lose track of the processing costs for, say, a single time off request. But losing track doesn’t mean the cost just goes away, and many human resource management professionals would be appalled to find out how much money is chipped off their bottom line every time a simple employee transaction – like a request for time off – goes through. This type of cost is practically a negligible sum when all of the other employee-related costs are added up. Take a scenario (and it is probably true for your company) in which a time off request costs a company ninety five dollars, and yearly expenditure on maintenance edges up to almost two thousand dollars. Now imagine, for a moment, the additional expenses required to implement strategic decisions such as working to make sure the company’s goals and those of the employees coincide, or even just how to optimize worker satisfaction. Very quickly these costs become unimaginable, and that is exactly the point. A company that is not equipped with the appropriate software for managing its human resources is bound to lose out on profits just as much as productivity, simply because there is no coherent database to produce definite results on the cost of human capital management.

At a certain point it becomes inevitable that a company seeking to maintain its competitive edge will have to pay into an information processing system in order to manage its workforce. After all is said and done, the investment will be a wise one. This is made all the more clear when the employer recognizes that his or her workforce is the business’ most vital asset. The way the technology works is truly amazing and, at the price of sounding a bit over exuberant, it could be said that a good HCM program can more or less be equated to having the entire HR department on line. What it does is create a platform that spans the entire enterprise so that nothing is left unmanaged. It includes everything from running employee pay and benefits to supervising employee responsibilities, new hires and talent development. Indeed, a Human Resources management software system helps make the process more efficient and ultimately proves to be very cost effective. Major organizations offering HCM services have already had incredible success in turning around savings by reducing the cost of their HCM processes. Instead of remaining committed to a few antiquated in-house programs and an overworked Human Resources department, it is probably time to switch to HCM on line.

What’s left now is to figure out how a company goes about making the transition. Generally, an organization providing HCM will provide a consultant to make sure that the process of switching over goes as smoothly as possible. A major component of consultation involves giving useful instruction and education to the staff that will be using the HCM services. The other important aspect of the consultant’s services involves application customization so that the HCM system's modular systems integrate across the board to provide a solution for the enterprise's needs.

How

Continue for 26 more pages »  •  Join now to read essay Managing Human Capital and other term papers or research documents
Download as (for upgraded members)
txt
pdf