Human Capital Management | HCM Software Guide

4.1
Human Capital Management | HCM Software Guide

Human Capital Management | HCM Software Guide

Recently, the U.S. government realized the need to transform its workforce to meet its increasing fiscal imbalances, security threats, global interdependence, and its need to overhaul a regulatory oversight in structure.

It devised a series of initiatives to help agencies plan more strategically and become more results oriented to accomplish the new federal hiring goals. As a result, all federal agencies will need to transform its workforce, or human capital, through capital management programs.

Human Capital

Human capital is considered the competency, ability, skills, or knowledge a worker brings to the workforce. An employee's HCM software contributes to the economic value of their employer. Capital management gives Human Resource Directors better strategies to utilize their workforce through talent management, hiring, and retention strategies. It also makes allowance for employees who receive more training or work experiences which increase their capital worth.

Amount of Expectations

To help federal agencies make better use of their human capital, the Office of Personnel Management has set a certain amount of expectations for federal agencies. The OPM has developed initiatives to help agencies hire the best employees, develop a sense of respect within their workforces, set higher expectations from workers, and effectively honor the services contributed by peopleguru.com.

Performance

To effectively implement the HCM software reforms all federal agencies need to update their workforces to meet the new standards. They need to develop a planning process to linkHCM software efforts to the goals and missions of their agencies.

They need to learn how to design and use their capital systems to demonstrate a relationship between workforce performance and agency outcomes. All federal agencies are also expected to implement safeguards for the fair and equal treatment of their employees.

The Final Verdict

These initiatives are expected to give human resource the tools necessary to streamline and implement strategic level initiatives in their workforce's development. Human resource has tools to help employees balance work and family, receive training and development, employers can learn how to implement current regulations and policy directives. The new initiatives are also in place to make it easier for citizens who wish to serve as federal employees.