Chapter 14, Problem 1RQ

What is human capital management (HCM)?

Summary Introduction

To explain: Human capital management (HCM).

Human resource (HR) management and Payroll process:

Human resource management is about the basic human management functions in an organization and its associated activities. It also speaks about the relationship between human resource management activities and the payroll process. It also depicts the importance of HR activities in the decision making of the top management.

Explanation of Solution

Human capital management (HCM):

It is defined as the process of hiring, handling, training, scheduling, allocating, motivating and retaining the workers in the organization. It realizes that human resources are a strategic asset for an organization rather than seeing it has an administrative expense. Human capital management touches all the people present in the organization irrespective of their roles in the organization.