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5 Ways to Start Maximizing Human Capital
Human capital management is a complex undertaking that requires the coordination of planning, implementation, and assessment across all departments of an organization. Whether you are a dedicated human resources professional, a recent graduate with a master’s degree in management, or simply want to help your company optimize its workforce, here are a few ideas that can support the process.
1. Create a Network of Employee Profiles
In growing or large organizations, it’s common for employees to never meet, know each other’s names, or connect faces with names. An internal network of employees where they can post their profiles helps build connections, familiarity, and community, which can contribute to organizational culture and engagement. Such profiles can also be a useful tool for recording, storing, and accessing information about employees’ backgrounds, experiences, and skills, providing managers and leaders with insights into specific skills and knowledge they can leverage and cultivate in their workforce.
2. Research Your Culture
Your culture isn’t what you say it is—it’s what everyone in the organization says and does. Learning more about what your culture is really like can help you develop an effective employee engagement strategy and provide insights into areas that need to change or improve. Some organizations hire consultants to do a deep dive into culture using established research methods, but you can also accomplish this informally by conducting interviews with employees or observing interactions and processes as they occur. Keep in mind that it’s important to promote an environment in which employees feel safe speaking openly.
3. Reframe Performance Reviews
There has been a movement away traditional performance reviews within human resources management in recent years, and for good reason: many employees dread them, and all too often they’re artificial and ineffective meetings that simply check off a box. But when a review is reframed as an annual check-in and summary of feedback that’s provided throughout the year, reviews can serve to record and clarify understandings between managers and reports, as well as function as goal posts for specific objectives. Performance reviews can also be reframed as opportunities for employees to discuss their own career interests and goals, and how those might be aligned with the overall organizational strategy.
4. Differentiate Talent and Redefine Leadership Potential
It’s all too easy for organizations to focus mainly on top performers when they think about human capital. But every member of your workforce has something to offer—that’s why you hired them. By considering each employee as an individual, looking at their strengths, unique talents, education and certifications, and potential for professional development, you can gain a larger, more detailed picture of your workforce that can shape and inform your strategy.
In addition, consider expanding your concept of what qualities effective leaders have. People tapped for leadership often outwardly display similar qualities: being extroverted, assertive and organized, for example. Limiting your idea of leadership means that you may shortchange your organization by overlooking more reserved or unassuming employees who are respected, conscientious, and innovative.
5. Make Human Capital Management a Priority for All Managers
Effective workforce management isn’t only HR’s responsibility—it’s the responsibility of every manager to ensure that they coach their reports, evaluate their output and cultivate their potential. These are tasks that managers should engage in weekly, if not daily. This hands-on approach can ultimately contribute to a macro view of human capital management that aligns with strategic objectives.
The online MS in Strategic Human Resource Management degree from Saint Joseph’s University provides you with the skills and knowledge to optimize your workforce. To learn about this master’s in management program, request more information or call (866) 758-7670 toll free to speak with an admissions representative right away.