Content area
Full Text
ABSTRACT
Recent discussions among HR practitioners in higher education have focused on Human Capital management; specifically, the concept of developing a college or university Human Capital management approach balanced between planning and action. Human Capital management as a planning tool looks very similar to workforce planning, but where HR will experience a real opportunity for contribution to the organization is in the quality of implementation supporting the plan. This paper emphasizes global HCM strategic initiatives and challenges that can help realize an institution's Human Capital goals and contribute to performance that will build future institutional capacity. In this paper the author has tried to carve out the strategies to attract and retain the best Human Capital of the organization. With this paper the author has also tried to establish the relation between the Human Capital management and global challenges in the organization.
INTRODUCTION
HCM
Human Capital Management global strategy recognizes that global organizations must achieve a dynamic balance between scale and local responsiveness. Whilst an organization may operate in many countries it is still a single business entity and as such certain values will reside at its core and require central control. Certain factors will be critical in achieving competitive advantage, as will certain key individuals. Maintaining a consistent brand and reputation will typically be crucial to continued success. As a result an organization operating in many countries potentially may need to act in a manner that runs counter to the cultural values of a particular locale in order to remain profitable and adhere to its core values. Multinationals enjoy benefits of scale and scope in all functional areas and can optimize business processes based on worldwide availability of resources. Modifying HR practices on a country by country basis increases design, implementation and maintenance costs. If each country functions with different management practices then costs will be higher than if practices are standardized. Standardization is also critical to enable control and monitoring of performance against common metrics.
LITERATURE REVIEW
The concept of Human Capital management was derived from World War II (Cappelli, 2008), however its strategic importance has been realized when McKinsey consultants group claimed the human resource as "War for Human Capital" in late 1990's (Scullion and Collings, 2010). This war for Human...