Human Capital Management: a New Approach to People
Publication Type:Journal Article
Source:HRM Review, Volume 9, Number 7, p.62-66 (2009)
Human Capital Management (HCM) treats people management as an important strategic issue that aims at value-creation by effective utilization of human resources to achieve business goals. It involves five strategic domains: leadership capital, structural capital, workforce capital, cultural capital and intellectual capital. HCM is broader in scope than human resource management. HCM involves several steps: developing a HCM strategy, developing measures to monitor the execution of the strategy, benchmarking the strategy, implementing the strategy and reporting on achievement. Implementing excellent HCM maximizes value added at each stage and ensures that people become the basis for competitive advantage in an environment, where all other sources of competitive advantage have become less important.
Cite this Research Publication
Related Research Publications
- INCORPORATING STRATEGIES OF KNOWLEDGE MANAGEMENT PRACTICES FOR ATTAINING A COMPETITIVE ADVANTAGE IN ENGINEERING EDUCATION.
- Impact of intellectual capital on firm value: a panel data analysis of Indian IT firms
- Mission Statement Analysis of Selected Public Sector and Private Sector Banks in India
- Role of Strategic Management and Strategic Leadership in Promoting Inclusive Rural Development
- Glyphosate Resistance of C3 and C4 Weeds under Rising Atmospheric CO2.