How Understanding Human Capital Management Can Make You a Better Employer
Businesses have two important pieces. They have the product or services they offer. Then they have the employees and staff that help them offer these products or services. While the products and services are your measurable equity in the company, you need a well-trained, hard-working staff to ensure the products and services are getting sold and building equity for your company.
That staff piece is your human capital. In many cases, they are the most important piece to your businesses’ success. Without human capital, your products and services cannot get completed. This concept is personified in today’s marketplace. As COVID and the Great Resignation continue to take employees away from their positions, companies are short-staffed. As a result, production has slowed tremendously. Many companies have needed to close their doors because they cannot operate successfully with decreased staff.
What Is Human Capital?
Human capital is the term used to describe your staff. It is your management staff, general employees, janitorial staff, temporary staff, and contractors. It is everyone within your company that contributes to the success of your company and helps bring customers and clients to your front door.
Human capital is the backbone of your company. Without them, you cannot complete your goals within the company or produce the products and services your customers and clients have learned to expect from you.
How Can Human Capital Management Help Your Company Succeed?
Human capital management is also known as human resource services. It helps you manage your employees, provide them with benefits, policies, and procedures, and make sure your staff runs efficiently and effectively.
Human capital management includes payroll, as well as handling any issues your employees may have with each other, clients, customers, and management. It is essential that your human resources department is on top of its game to ensure your staff is always valued and appreciated.
When you make sure your staff receives their pay as expected, has access to needed benefits, and has a resource to listen to their problems and concerns, they will work harder for you and your company. If they feel valued, they want to continue working in that environment.
As seen with the Great Recession, employees would rather collect unemployment than stay in a job where they feel unappreciated and taken for granted. Human capital management ensures you are not losing your staff because they do not feel valued.
Hiring Outside Human Capital Managers Can Save You Time and Money
Not all businesses have the time or money to employ an entire HR staff. Instead, they try to run the human resources on their own, often missing major issues that come down the line.
Hiring an outside human capital manager can help you ensure your employees are taken care of at all times without the overhead of an entire HR staff. You will save money and time by allowing experts in the field to help you run your staff so you can run your business.
Learn more about how Workplace HCM can help you manage your human capital. Call us today at (888) 570-1122 to learn more.