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In many organizations
the key component, or
asset, required to
operate a successful
entity is people, or in
business terms, "Human
Capital". Like any
valuable resource you
have to effectively
manage Human Capital.
Human Capital Management
is a cutting edge approach in
the evolution of
managing the people or
human side of an
organization.
At Rock Pine Partners we
are often asked, "What
is Human Capital
Management?"
Our definition and
approach to Human
Capital Management is
that it is a framework
of interrelated building
blocks utilized to
optimize an
organization's ability to
effectively and
efficiently react to
ever changing labor
requirements as labor markets evolve
due to trends
impacted by
demographics,
technology, regulation,
competition and demand.
It is traditional
human resources and
personnel management,
operations, finance, and
technology interacting
with ever changing
market conditions under
a cohesive and
orchestrated management
structure designed to
have the right people in
the right places in a
cost effective and
efficient manner.
The illustration on the
right highlights the major
groupings (green circles) of the Human
Capital Management
framework. We
separate out, the
groupings of Talent
Acquisition and Talent
Development although
they are planning and
deployment activities.
Highlighting each as
their own grouping
brings focus that Human
Capital Management is
and should be a process
focused on people.
The table below
illustrates many
of the components that
can and should be considered in a
comprehensive Human
Capital Management
framework. Within
this flexible framework
the
building blocks (blue
boxes below) belong to a
specific grouping, but all
building blocks have
some organizational
design, planning, deployment and
measurement activities
associated with them.
|
Organizational Design |
Workforce Planning and Deployment |
Talent Acquisition* |
Talent
Development** |
Performance
Measurement |
|
Strategic Organizational
Goals and Needs |
Workforce
Qualification and Skills Inventory |
Requisition Process |
Knowledge
Management |
Dashboards |
|
Organizational Structure |
Best Fit
Analysis |
Sourcing and
Candidate Identification |
On Boarding |
Analytics |
|
Vision, Values and
Culture |
Workforce Allocation |
Interview Training and Guidelines
For Participants |
Education |
Scorecards |
|
Leadership and
Cross Level Required Expertise and
Core Competencies |
Workforce
Agility, Location and
Office Planning |
Interviewing and Screening |
Certification |
Reporting |
|
External Influences, Regulatory Organized Labor and Legal Factors |
Transformation
and Change Management Strategy |
Decision Criteria |
Job Training |
Internal KPI's |
|
Key Employee
Considerations |
Compensation, Cost and Investment
including Benefits and Wellness |
Applicant Tracking
and Compliance |
Personnel
Development, Career Planning and Coaching |
Market and
Industry KPI's |
|
Technology Selection |
Time and Travel Management |
Vendor Management |
Off Boarding |
Employee,
Management, Customer and Competitor
Feedback and Surveys |
|
Industry and
Marketplace Norms and Trends |
Human
Resources, Benefit and Wellness
Administration |
|
|
Employee
Review and Performance Evaluations |
|
|
Talent
Acquisition* |
|
|
|
|
|
Talent
Development** |
|
|
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While this general view is a solid
foundation of the components of Human
Capital Management, there is no one size
fits all approach and many factors can
impact what is important and required for
the success of any Human Capital Management
initiative.
Rock Pine Partners assists clients every day with
all areas of Human Capital Management and we
would welcome the opportunity to help your
company utilize one of your most important
assets efficiently.
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