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Seven elements of Human Capital Strategy

Wed, 05/15/2013 - 14:17

HR does a lot of different stuff – can we get it all to work together??

The integration of the seven elements of a Human Capital Strategy and Plan

Last week we spoke about what happens when you do not have a fully integrated Human Capital Strategy and Plan. You wear yourself and everyone else out dragging your Human Capital versus having it work for you!

This week we will cover the seven elements of a Strategy and Plan.

Plan: the tactical plans of what skills we need when, where and the associated cost.

Attract: what avenues we will use to attract the required talent.

Invest: analyze new skills and competencies that we must develop in our people and through what medium.
 
Deploy: placing employees into the organization, establishing the employee connections and maximizing the opportunity for success.

Engage - Culture - Values: determine the norms, principles, and behaviors that make up our company and how we reinforce them in the organization.

Performance Management – Future Leaders: establish how we will measure/reward success and identify future leaders.

Retain: agree on the strategies and processes that will be used to retain the employees that perform to the desired level.

The most important part of any wheel is the hub. In this case - “Measure and Align”. The Strategy and Plan must include concrete objectives that results can be measured against. As with all management issues, we must determine what is working and what is not. Where do we need to invest, divest or reallocate. Which initiatives are giving us Value and an acceptable Return on Investment and which are not?
The seven elements are extremely interactive – more on that next week.

Clark Ingram, MBA, SPHR, CEBS, CPCU is the principal of People Profits which is a financially oriented Human Capital Strategy and Planning firm based in the OKC metro area. www.PeopleProfits.com. ©2012 People Profits, LLC