Human capital is considered the competency, ability, skills, or knowledge a worker brings to the workforce. An employee's Human Capital Management Solutions to the economic value of their employer. Capital management gives Human Resource Directors better strategies to utilize their workforce through talent management, hiring, and retention strategies. It also makes allowance for employees who receive more training or work experiences which increases their capital worth.
Help Federal Agencies
To help federal agencies make better use of their human capital, the Office of Personnel Management has set a certain amount of expectations for federal agencies. The OPM has developed initiatives to help agencies hire the best employees, develop a sense of respect within their workforces, set higher expectations from workers, and effectively honor the services contributed by their workers.
The Director of the OPM has also announced web-based initiatives to help train human resource professionals to implement the flexible initiatives designed to help agencies meet hiring goals. Human resource professionals can receive educational materials on how to streamline the hiring process, adopt a merit system, and how meet legal requirements.
To effectively implement the human capital reforms all federal agencies need to update their workforces to meet the new standards. They need to develop a planning process to link human capital efforts to the goals and missions of their agencies.
They need to learn how to design and use their capital systems to demonstrate a relationship between workforce performance and agency outcomes. All federal agencies are also expected to implement safeguards for the fair and equal treatment of their employees.
These initiatives are expected to give human resources the tools necessary to streamline and implement strategic level initiatives in their workforce's development. Human resource has tools to help employees balance work and family, receive training and development, and employers can learn how to implement current regulations and policy directives. The new initiatives are also in place to make it easier for citizens who wish to serve as federal employees.