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What should I include in the Human Capital Management plan of my business?

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The potential inclusions within a human capital management plan are varied and numerous, so it’s impossible to list all of them within this general article. There are, however, certain points of emphasis that should be included within any plan. A Watson Wyatt report that examined hundreds of companies determined that improvements in several sections of human capital management can lead to a one-third increase in market value. Four of those categories are listed below and should serve as starting points for the development of any human capital management plan:


  • Excellence in recruiting: Your plan should first identify possible methods for the discovery of talented recruits. Ask yourself how you might establish criteria for such recruits and how you might consistently find those recruits. Additionally, you’ll want to develop a systematic approach for the attraction of those recruits to your company. Ask yourself precisely what it is your company has to offer, and how you might make that information highly visible to recruits.
  • Straightforward rewards and accountability: Understandably, most employees are concerned with their compensation and possibilities for promotion. Consequently, your plan should identify ways in which you can clearly spell out the answers to those concerns. Moreover, many employees actually desire accountability for their actions on the job, so your plan should help you clearly define accountability standards within your business.
  • Flexible and friendly workplace: It’s simply common sense that an employee who believes that his job offers flexibility, and who enjoys his job in part because of the atmosphere at work, is more likely to be productive. Include within your plan provisions that will grant employees as much flexibility as possible and encourage a positive work atmosphere.
  • Intelligent use of resources: You’re probably accustomed to using your standard business resources in as prudent a fashion as possible, but remember that the human capital of your business is also a resource. As such, your plan should detail parameters for placing employees in the best possible situation to succeed.



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