What actually does HCM mean?

In simple words, HCM offers a new approach to human resource management that goes beyond the basic HR functions. It is a set of all activities that are performed at every stage of the employee lifecycle with modern IT tools. The core objective of HCM is to build a workforce that is productive and increases business revenue.

What functions does human capital management entail?

These are functions that are related to an employee lifecycle, such as attracting, recruiting, training, development, and retaining employees.

What objective does human capital management tend to achieve?

The HCM process tends to optimize the employee lifecycle in a way it delivers the maximum ROI.

What are the important components of HCM strategy?

Here are these components: Performance and Talent Management, Human Resource Management, Time and Labor Management, Employee Benefits Administration

Is payroll also included HCM?

Yes, payroll management is also an activity performed in HCM.

Which are the three core dimensions HCM is based on?

HCM is based on the following dimensions: Talent Acquisition, Talent Management, Talent Optimization

Which are the examples of HCM software?

There are several HCM software examples like Zoho, NetSuite, Sage, Gusto, etc.

Human Capital Management (HCM): What, Why and How?