Secrets to success: human capital management strategy

Abstract

PurposeThe purpose of this paper is to detail four elements that drive human capital management (HCM) strategies that get business results.Design/methodology/approachAnalysis of APQC’s Open Standards Benchmarking® data and human capital management best practices case studies reveals how to establish the groundwork and successfully execute an HCM strategy.FindingsA successful HCM strategy requires specific groundwork and execution to support workforce performance. In terms of groundwork, HR must display strategic competence and business insight. Then, HR must establish a solid implementation infrastructure and follow-up with a comprehensive results assessment.Originality/valueMany HR professionals understand what needs to go into an HCM plan for compensation and benefits, long-term workforce strategy, succession, diversity, learning, retention and HR technology updates and upgrades. This paper details how best-practice organizations successfully build and implement such plans and what tangible results an HR function can expect from adopting the four detailed best practices.