Human Capital Management Strategies in the Post COVID Era

Abstract

COVID-19 pandemic has adversely affected both developed and developing countries and all industrial sectors across the globe. As a result of some cost cutting measures adopted by firms employees found regression in their career. This led to demotivation and dissatisfaction among employees. This calls for reengineering of human resource practices and managing human capital more effectively and intelligently. Human capital management (HCM) refers to the set of human resource management practices that enhance the value of employees to the organization. The important elements of Human Capital management include Organizational vision and values, Strategic Goals and objectives and HCM leadership team. Success of HCM depends on effective management of human capital data, human capital initiatives and human capital development. Changing business environment conditions demand HR professionals to go in for intensive re-skilling. Most of the organizations are using data analytics to integrate employee data from various divisions of the organization across the world to improve performance management, employee engagement and leadership development programs. In all modern organizations, HR teams are going through different phases of HR transformation. The HR practices that perfectly optimize the workforce competencies of one organization may not be best fit for another organization. Each organization has to find the right competencies to focus on with regard to talent acquisition, talent management and talent optimization. HR professionals need to enhance their skills to make best use of the predictive analytics to make intelligent employee decisions.