HUMAN CAPITAL MANAGEMENT AND MENTORING

The workforce has evolved; and many companies aren’t yet aware of the dramatic changes that have taken place. The best organizations are linking people strategy to business strategy. They engage all of their workers, integrate talent and human resource technologies, and function with speed, clarity and consistence. In an organization that supports human capital management (HCM), employees are viewed as assets with quantifiable value that can be increased using specific management techniques. Human capital management is an approach to employee staffing that perceives people as assets (human capital) whose current value can be measured and whose future value can be enhanced through investment. An organization that supports HCM provides employees with clearly defined and consistently communicated performance expectations. Managers are responsible for rating, rewarding and holding employees accountable for achieving specific business goals, creating innovation and supporting continuous improvement. In the back office, HCM is either a component of an enterprise resource planning (ERP) system or a separate suite that is typically integrated with the ERP. In recent years, the term HCM system has begun to displace human resource management system (HRMS) and HR system as an umbrella term for integration of both employee records and talent management processes. The records component provides managers with the information they need to make decisions that are based on data. Talent management can include dedicated modules for recruitment, performance management, learning, and compensation management, and other applications related to attracting, developing and retaining employees. At BP Karl, we have been involved in the implementation of these innovative trends and new outlook of human resources. We have championed this in several institutions where we were invited to be part of the turnaround strategy. The mere fact that employees are valued and put as part of the cost strategy yields motivational effects within the workforce. The entity then values this workforce by appropriating a reward/ remuneration strategy that is fit and considerate of the need to retain and promote the best. This in general and abridged terms is the Reward and Sanctions strategy.