Definition of Human Capital Management system

Human Capital Management – Definition and Basic Concept  October 5, 2014 – 03:21 pm

Human capital management (HCM) is a term used to explain the principles of managing employees. The term originates from a paper titled,‘Economic Development with Unlimited Supplies of Labor’,by AW Lewis. It was here that the term was used for the first time.

By ‘human capital’ it is meant the employees; they are the assets of any organization and hence,similar to the funds invested which is termed as ‘capital investment’,the people who contribute in running an organization are referred to as ‘human capital’.

By ‘management’ it is meant methods which are used to ensure that the human capital contributes optimally for the growth and development of the organization where they work. This is done using various methods such as:

-      paying incentives for harder or better work performance;

-      keeping the employees morale high by creating a highly comfortable work environment;

-      awarding promotions,increments,monetary rewards;

-      keeping the employees motivation at optimum levels;

-      offering extra benefits and perks for those who work with commitment and dedication and so on.

Source: HR Solution UK

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