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Benefits Of Partnering With An HCM Company

Why Partnering With An HCM Company Matters

How are you currently managing your human capital competencies in your organization? If you’re like many small business owners, chances are, human capital management isn’t currently making it to the top of your priority list. This can prove a costly mistake. Understanding the concept of human capital management, as well as the benefits associated with an HCM company partnership can help you understand how to best leverage the most critical component of any organization: its employees.

The Beginnings Of Human Capital Management

While some entrepreneurs think human capital management is only a recent trend, the concept has roots dating back over 70 years ago. Theodore Schultz, an agricultural economist went to Alabama to interview post-war farmers in the region. While the U.S. was currently experiencing an economic boom, Schultz chose to visit farmers who were still dirt poor. Schultz quickly realized that while these farms were economically depressed, the farmers themselves seemed happy and uplifted. When he asked the families how they could remain so upbeat despite being financially restrained, he was told, “You’re wrong, Professor. We’re not poor. We used up the farm to educate our four children through university, remaking fertile land and well-stocked pens into knowledge of law and Latin. We get pleasure from this different wealth in educated children. We are rich.” The answer surprised him as he realized then that it’s not just about revenues, products, and services; at the very core of any enterprise, people have a value of their own.

Benefits Of Partnering With An HCM Company

Schultz officially coined this concept “human capital” and its premise remains the same today, 7+ decades later. Most companies that recognize power of human capital include it as a core asset focus that incorporates categories such as content, organizational, and intellectual. While human capital often feels intangible, its impact within an organization is undeniable.

The best way to identify and leverage your human capital assets is to partner with a professional HCM company. A qualified HCM company comes with the experience needed to not only pinpoint your existing human capital management needs, but also help you develop a plan to enhance how employees feel valued while working for your business. A professional HCM will work with your team to create a plan for streamline various procedures as well a building an outline of how your recognition of employee value is actually a core corporate differentiator.

Some Key Functions That Will Be Evaluated During Your Partnership May Include:

  • Personnel administration
  • Benefits
  • Payroll
  • Paid Time Off
  • Recruiting
  • Onboarding
  • Performance Reviews
  • Compensation Strategies

These are just some of the many existing procedures your HCM company can help streamline and enhance to ensure your organization operates at maximum capacity. A professional provider will not only help you identify strategies, but will also help you integrate them into your current infrastructure to minimize operational disruptions. Want to hear more? Contact The Payroll Company today to learn more about our human capital management solutions.