1) Describing the experience of my role as Human Capital Management (HCM)
- Human Capital Management is the transformation of the traditional function of human resources for developing the strategy of the business or the entrepreneur (Voronkova et al. 2020). As I have played the role of the Human Capital Management team while I was completing my studies regarding Human Capital Management. During the course work I have learned the importance of data interpretation; talent management has also been developed in me. The experiences of being a member of HCM, has helped me to develop the strategy of the business that is essential for developing the business module. On the other hand, HCM has helped me to improve my performance in management that helps to increase the business value.
- I was working with a team member in the small business of our institute to gain knowledge about the role. The HCM analysis to understand the power of the human capital for developing the organization. The training has provided me with the theories of Human Capital Management that include “Organizational Life Cycle Theory, Strategic Contingency Theory” and many more. These theories helped me to increase the productivity of working in me by imparting useful knowledge and skills. The HCM covers a wide range of administrative practices (Kimbu et al. 2019).
- The administrative practices involve many activities such as workforce planning, compensation planning, making plans of recruiting and hiring that gave me interest towards my job role. The interesting article news that has turned my interest is IDS and CIPD respectively. The interesting article news of “Human Capital Measurement and Research-Technology Management” has drawn my interest towards the HCM role specially (Wendi et al. 2004).
2) Examining the experience in terms of Human Capital Management
- The term Human Capital Management has helped to understand the strategy that will help to develop the business value by increasing the employee flexibly. On the other hand, the article that had drawn my interest told me the very 5 simple steps that will help to engage the employees who are at remote places. The 5 steps include Ditch micromanagement, Show transparency, by digitizing the rewards and programs, Prioritize wellness and putting more effective communication programs (Wendi et al. 2004). The difference between the article and the experience I faced during my practice is that it’s not easy to get the work done by the employees living in the remote areas. Human resources help to optimize the interest of employees that create a greater value in the business development.
- The things I have learned during my course are essential components of HCM and Interpret role of performance management in HCM. In organization the performance management role has helped me a lot to face the challenges and barriers. On the other hand, how to fill the gap of the organization has been managed by me that was provided during training of HCM.
- The article news of the “Human Capital Management and the Research-Technology Management” has helped me to understand the importance of human resources for developing business value (Wendi et al. 2004). On the other hand, the CIPD article has helped me to determine the value of “Human Capital ” which has helped me to increase the process of human management and resources management for developing the business. The motivation I get from this article is to improve the strategy of the human capital that will help me to influence the employee’s interest in their particular work that they are performing. As per the opinion of Zeb et al. (2018), the impact of HCM practices on employees helps to increase the value of organization. Additionally, the IDS article news also helps to gather knowledge regarding the steps that will help to increase the employee interest in the work.
- The personal knowledge and skills that I have discovered from the IDS and CIPD article is how to deal with the analysis of the actual experience of employees. On the other hand, the IDS and the CIPD news articles have guided me to develop the HCM skills and knowledge in me while working. These two articles will help me to interpret the role of HR in developing the human capital in business in future endeavors in this area. Therefore, gaining knowledge and skills regarding the HCM will increase day by day my employment knowledge.
- The steps that I have taken to develop the HCM knowledge in me by gaining support and commitment and analyzing business drivers and HCM. Additionally, I have developed a template for future HR that will help me complete my work step wise. This planning will help me to make a commitment in future regarding my job.
The recommendation for improving the Human Capital Manage is to share the responsibilities among the other employees. Additionally, the HCM can be improved by creating employee development plans. On the other hand, the HCM will be measurable by following the strategies of Human resource that will help to improve the business value. Human Capital Management can be made more effective by gathering more knowledge and skills by performing the Gap Analysis. On the other hand, spending more time on the Human Resource strategy will help to develop the process of employee management of the particular organization. Therefore, by providing training and monitoring regarding the innovative skills will help to achieve the organizational value.
Hence it can be concluded, Human Capital Management helps to develop people’s engagement in the work. Additionally, Human Capital Management can be defined as the human resources or the human capital that deals with the organizational benefits. Additionally, the articles IDS and CIPD have provided me with knowledge regarding the HCM. On the other hand, while working in the field I have gathered knowledge and skills to develop the strategy of human resources. Therefore, the importance of the intellectual capital and the elements of the intellectual capital have also helped to increase the knowledge regarding HCM. Hence, HCM helps to increase the knowledge, skills and the productivity of the organization that further help to develop the economy.
Blanco-Mazagatos, V., de Quevedo-Puente, E. and Delgado-García, J.B., 2018. Human resource practices and organizational human capital in the family firm: The effect of generational stage. Journal of Business Research, 84, pp.337-348.
Boon, C., Eckardt, R., Lepak, D.P. and Boselie, P., 2018. Integrating strategic human capital and strategic human resource management. The International Journal of Human Resource Management, 29(1), pp.34-67.
Campbell, B.A., Kryscynski, D. and Olson, D.M., 2017. Bridging strategic human capital and employee entrepreneurship research: A labor market frictions approach. Strategic Entrepreneurship Journal, 11(3), pp.344-356.
Hadi, T.P. and Tola, B., 2019. The Effect of Transformational Leadership and Work Motivation on Innovative Behavior. IJHCM (International Journal of Human Capital Management), 3(2), pp.100-108.
Irtyshcheva, I., Trushliakova, A. and Sirenko, I., 2020. Strategic Human Capital Management In The Context Of Digitalization. Baltic Journal of Economic Studies, 6(5), pp.178-183.
Kianto, A., Sáenz, J. and Aramburu, N., 2017. Knowledge-based human resource management practices, intellectual capital and innovation. Journal of Business Research, 81, pp.11-20.
Kimbu, A.N., Ngoasong, M.Z., Adeola, O. and Afenyo-Agbe, E., 2019. Collaborative networks for sustainable human capital management in women’s tourism entrepreneurship: The role of tourism policy. Tourism Planning & Development, 16(2), pp.161-178.
Kucharčíková, A. and Mičiak, M., 2018. Human capital management in transport enterprises with the acceptance of sustainable development in the Slovak Republic. Sustainability, 10(7), pp.2530-2550.
Voronkova, O., Semenova, Y., Yrievna, A., Ostrovskaya, E. and Gribanovskaya, S., 2020. Improvement of the Human Capital Management Methods. Revista Inclusiones,14(8), pp.541-550.
Wendi R. Bukowitz, Ruth L. Williams and Edward S. Mactas (2004) Human Capital Measurement, Research-Technology Management, 47(3), pp.43-49
Zeb, A., Abdullah, N.H. and Javaid, M., 2018, July. Impact of human capital management practices on employees’ job performance. In Journal of Physics: Conference Series (Vol. 1049, p. 012020). IOP Publishing.