The recent scenarios such as cut-throat competition, agile workforce, global economic downturn, and the requirement for sustainable performance are the reasons why the C-Suite leaders are re-evaluating their human capital strategy.
But how to improve the human capital strategy in your organization?
- The first step is to create the employee profiles as they are a quick and fast way to have a name to the face. Now everyone is free of the stress which is involved with getting to know their colleagues. Now building these profiles can be useful for the human capital management. Now managers and supervisors can collect and store the data such as employee surveys, performance reviews, and disciplinary actions all in one place. Having a primary storage location makes it easier to access the data faster.
- Having a steady and dependable performance appraisals is the key to the organization’s human capital strategy. The performance review involve a lot of constant feedback that include peer reviews, self-analysis, and assessment by the manager or supervisor. To ensure that the reviews are effective, the first step is to make sure they are timely and should occur on a quarterly basis. Timely feedback has better impact on employees. Many companies finish their performance appraisal with a focus on the employee’s weaknesses only. To maximize the potential of the human capital, you must also be highlighting the employee’s strength. It is actually helpful in optimizing the performances.
- Did you know that there are almost 2 billion Android users in the world? This number is only going to increase. As per several report, there will be 6 billion smartphone or android users by the end of 2020. Give your employees an opportunity to work from home along with a flexible schedule that will improve the overall performance and productivity. Having mobile tools help the employees to have the access to information such as performance reviews, and customer feedback. These tools are great for removing barriers like time and location.
- Incorporate your human capital strategy with the overall business strategy. Ensure the objectives match the goals that you have for the business. The purpose of human capital management is to solve any particular business problem. Ask questions like how to improve the productivity? How to increase the sales despite an economic downturn? How to align the organization’s and workforce’s value?
- You must train the leaders to notice any difference in employee’s performance in order to manage the human capital effectively. It is important to recognize and measure the differentiation in the employees’ performance. The supervisor or manager must know what is the criteria before evaluating the performance. This represents the effectiveness of the human capital strategy.
- The dramatic shift in today’s global workforce has created age-related issues which means one-size-fits-all approach is obsolete.
- Each person is different and the leaders must acknowledge this by managing every individual differently! Additionally, the development plan of every employee has to be tailored accordingly to his or her capabilities. To bring the most out of the human capital management, the system must resonate effectively by adapting to the workforce.