Definitions in Human Capital Management
Human Capital Management (HCM) transforms administrative functions of human resources (HR) Departments-Training, productivity, training, payroll, performance management –into opportunities to boost productivity, business value, and engagement. Human Capital Management is a set of practices companies utilize for managing, developing, recruiting, and optimizing employees to increase their company value.
Key Functions of Human capital management are as follows:
- Hiring the right talent
- Having all required skills set in the company workforce
- Effectively Manages employees
- Boost Productivity.
What is the difference between Human Capital Management and Human Resource Management?
The term is often used interchangeably, but they have different meanings, as human resource management (HRM) focuses on core administrative HR functions for example administering benefits and managing and maintaining records. Human Capital Management is a broader term that includes strategic functions such as analytics and performance management, HRM functions, etc.
Human capital management works to maximize the value and ROI of the people in the company. Whereas Human Resource Management works to manage the process and system required to retain the workforce in an organization, train, and acquire.
The objective of doing Human Capital Management is to develop learner competence in the HR domain and this will further assist them to gain new skills, techniques as well as the latest trend and techniques to effectively manage employees’ daily tasks and make them aware of the global HR laws and practice.
Advantage of pursuing PGDM (Ex.) in Human Capital Management
The key benefit of pursuing PGDM in Human Capital Management is that it allows employees to get maximum value from their employees. It also simplifies the job of human resource duties and provides numerous other benefits. Here are some of the advantages of Human Capital Management includes:
Advanced Human Capital Management
Human capital management creates an overall system for the human resource department that can utilize the best talent to meet the demand of the company and achieve unique goals. The key advantage of this department is that it offers a process managing a company’s people resources.
Identify Capability Gaps
The important role of Human Capital Management is to identify gaps in the capabilities of the workforce. This further helps the human resource management to adjust the criteria of the hiring process to fill the gap in the organization to fulfill the key objectives of the organization which further helps to boost company growth while achieving key objectives.
Human capital management is making the best use of available resources in an organization to maximize profit. Through investing in training that helps in advancing the specific capabilities the company needs for robust growth.
Increases organic growth
since the company, human capital management helps in identifying the key competencies of each employee, which is again a powerful tool for the organic growth of the company. Internally, it helps the organizations to utilize internal resources to strengthen growth and help in boosting the company’s revenue.
Key outcomes of pursuing the PGDM (Ex.) in Human Capital Management are:
- Learning the basics of Human Resource Management
- Well versed with the key trend and techniques of human capital management
- Gain knowledge of basic tools and HRM information system
- Learn the in international Human resource practice
Career Opportunities of PGDM (Ex.) in Human Capital Management
Postgraduate in human capital management is a one-year & three-month course is a distance learning program that offers plenty of opportunities in the staffing and recruitment process. It is the highest quality program in the field of Human Capital Management, as they are entirely designed to provide a suitable, eligible workforce for the company.
The Advantages of the Diploma course include training and developing systems of the company to obtain better outcomes, starting your own consultancy, checking on employee’s capability, hiring, and management of performance in the company.
Human capital management plays an important role in boosting the efficiency of the employees. The human capital managers are majorly responsible for contributing more towards the system of the organization and eventually escalating the growth by focusing towards betterment of the organization.
PGDM (Ex.) in human capital management is one profession which gives you a chance to work towards the process of an organization and bridge the gap between the company and growth by hiring a skilled and efficient workforce. Basically, you get a chance to design the company process for the overall growth prospects.