What type of programs or processes can be used to manage an organizations human capital and its worth? This is a human capital management question/HR

Management of human capital can be broadly defined as the process an organization hires, trains, develops, and retains its employees in such a way that they contribute more and more towards the growth of the organization. In others words, management of human capital is the continuous growth of employees and getting the best out of them.
There are various processes an organization can use to effectively manage its human capital. These are as follows:
1. Employee engagement programs: Employees should be given work based on their expertise and interests. This brings out the best out of them. The work-place environment should be such that employees are motivated to give their best every single day. An employee should have a strong emotional connect with the organization. There are various employee engagement initiatives which organizations world over have taken. Eg. Google provides platforms such as encouraging people to spend a portion of their time in projects of their own interest and providing patent bonuses. The exceptional employee benefits and facilities coupled with high flexibility help employees in striking the right balance between work and life.
There can be numerous initiative, big and small, which organizations can implement. Some examples are Team outings, Mentorship programs, socialization, encouraging personal projects, fun at work, learning clubs and so on
2. Regular training programs: It is very important for organizations to continuously upgrade employee skills with time. This helps in the best utilization of employee knowledge and makes employees a very important resource to the organization. Training programs should be meticulously planned with inputs from employees as well as their managers such that training is useful for both the employee and the organization. Well planned training programs would increase employee efficiency and thus organizational output. Many organizations now are not just following internal training programs, but also sponsoring the higher education of their employees.
3.Well defined Job responsibilities: A clear job responsibility is crucial to get the best out of an employee. Hence Key responsibility areas(KRAs) should be designed to match employee experience, interest and qualifications. KRAs like training programs have to be designed carefully for each and every employee of the organization. With a clear KRA, an employee is always cognizant of his responsibilities and works towards them. In absence of a well defined KRA, an employee may get confused on what exactly his responsibilities are.
4. Employee Motivation programs: Motivating employees keeps their energy very high and brings out their best performance. Organizations do have programs like Employee of the week, month, quarter, a year where employee names are announced in front of the entire organization for the good work they have done. Such things take employee motivation to very high levels. They will keep pushing themselves to perform their best and get rewarded by the organization. the rewards could be monetary or even a token of appreciation. An employee who is rewarded also becomes a source of inspiration for other employees who also want to get appreciated and rewarded.
5. Open forums: Open forums help in creating a transparent atmosphere within the organization. An employee feels that he is not unheard and can talk to his seniors freely. Such forums help employee share feedbacks, ideas, suggestions, problems freely with their seniors. Through such discussions, employees become more attached towards the organization. They feel a part of the organization which helps them in working more efficiently. Some of the great innovations have come out from employees in open forums world over.
6. Performance monitoring programs: Tracking employee performance is also very important for an organization to manage its human capital. Employee performance should be regularly reported to their managers. There should be regular discussions between employees and their managers so that managers are well aware of their subordinate’s progress. Any lapse in performance would be immediately known to the manager who can then take required steps to address the issue. The employee also would have a chance to share any issues which he might be facing, to his manager. Such programs would help create a bond between employees and their managers, leading to better performance from the employees.
Above are some of the programs an organization can use to manage its human capital. They all result in creating an atmosphere where employee continually gives his best to the organization. Organizations can efficiently manage their human capital through such programs and get the highest productivity out of their employees.
 
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