Human Capital Management- A new Perspective of HR Functions

Human Capital Management- A new Perspective of HR Functions The highly competitive business environment and the fast paced markets have put many companies to the challenge of retaining their most valued capital the Human resources. The techno savvy world today has opened the doors of opportunities wide and far for the deserving candidates. Hence it becomes all the more difficult for the organizations to retain the workforce with the best talent and caliber.

Organizations, whichever industrial sector they belong to- marketing, production and manufacturing, services or IT, have three key components. These are customer capital, structural capital and the human capital and these are interlaced in the system Out of these three components, and the human capital is the critical component that forms the basis of other components. Human Capital can be defined as a measure of the economic value of an employee's skill set…………………………………………………………………………….………………………………………………………………………

Organizations, needs to look for a successful venture, to help them place the effective regulation of human capital resources on a high priority list. The HR departments need to ensure that they have not only picked up the right workforce but also need to ensure a sense of loyalty among its employees. A proper strategic human capital management needs to be a part of the organizational strategies.

The recent years have seen a tremendous growth in human capital management solutions. Understanding the fact that the human capital can be developed by providing for health, education and improving the standard of living.

The human development index (HDI) is dependent on Life Expectancy Index, Education Index and Income Index and is directly related to Human Capital management within the organization as well as within the nation.

The development on the human capital front has paved way for the growth of a number of human resource solution providers. These human capital management partners aid the client organization with a host of services.

They provide HR services like employee benefit planning, local market risk assessment, international eligibility, enrolment maintenance, global payroll services, wealth management, retirement planning, global on boarding and concierge services.

The employee benefits, compensation and retirement planning offered by the top notch human capital management providers facilitates the organizations to help their employees combat the critical treatment and health care costs as well as makes it feasible for the client organizations to take employee centered decisions.

Further, besides reducing the administrative costs, it also helps to communicate to even the prospective employees the benefits of various HR compliances, legislative compliances and global employee solutions taken by the company.