Times have changed, with employees no longer being a disposable resource, but a capital asset.
Owners of small businesses have to keep a watchful eye on their bottom line and think of proactive ways of making their business both efficient and cost-effective. Earlier on, business owners only had to invest in HR administrative tasks like managing payroll, putting up the right motivational posters on the wall, filing the correct employee paperwork or providing a healthcare plan. But things have changed, with business owners now having to invest on people, also known as Human Capital Management (HCM). The scenario has changed with business owners and their HR personnel having to do more than just paperwork and take part in human-centric work activities like training, recruitment, onboarding and taking care of resources before, during and even after the process of recruitment.
Human capital management does not get rid of the administrative tasks. It just enhances those tasks while investing in the human element of your organization. Here are some reasons why you must invest on human capital management.