{"id":80680,"date":"2023-01-02T08:37:29","date_gmt":"2023-01-02T08:37:29","guid":{"rendered":"https:\/\/arielle.com.au\/?p=80680"},"modified":"2026-01-08T07:10:09","modified_gmt":"2026-01-08T07:10:09","slug":"what-is-hcm-human-capital-management","status":"publish","type":"post","link":"https:\/\/arielle.com.au\/what-is-hcm-human-capital-management\/","title":{"rendered":"Ultimate Guide To Human Capital Management For 2026"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\n<p>Companies that don&#8217;t view employee lifecycle through a strategic lens of Human Capital Management (HCM) struggle to attract, develop and retain talent. What is HCM, then, and how can it help you increase workforce productivity?<\/p>\n\n\n\n<p>Human Capital Management (HCM) is the process of attracting the right talent and managing it effectively. <\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>In 2026 it&#8217;s no longer seen as a simple admin function but a key driver of business value.<\/span><\/div><\/div>\n\n\n\n<p>Today we\u2019ll explore how you can develop an effective HCM strategy that helps you make more intelligent workforce decisions.<\/p>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/calculate-and-improve-net-profit-margin\/\">How To Calculate Your Net Profit Margin<\/a>).<\/strong><\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Is HCM (Human Capital Management)?<\/strong><\/h2>\n\n\n\n<p>Key to Human Capital Management (HCM) is the view that employees are valuable long-term assets of an organisation.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"790\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management-1024x790.jpg\" alt=\"what is human capital management\" class=\"wp-image-88717\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management-1024x790.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management-300x232.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management-768x593.jpg 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management-1536x1186.jpg 1536w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/06\/what-is-human-capital-management.jpg 1640w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The philosophy stands in stark contrast to human resources practices of 1990s, when employees were seen as disposable cogs in capitalism&#8217;s relentless march of progress.<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Modern HCM emphasises the need to invest strategically in the development of employees to drive engagement and business value.<\/span><\/div><\/div>\n\n\n\n<p>A well-executed HCM strategy aligns the goals of your employees with larger business goals, creating a working environment where employees feel:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Fulfilled.<\/strong><\/li><li><strong>Supported.<\/strong><\/li><li><strong>Engaged.<\/strong><\/li><li><strong>Challenged.<\/strong><\/li><\/ul><\/div><\/div>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/best-payroll-software\/\">Best Payroll Software In Australia<\/a>)<\/strong>.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Practices Are Included Under The HCM Umbrella?<\/strong><\/h2>\n\n\n\n<p>Exact components of HCM will vary from one business to another, but you can expect to see these 7 central themes:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Talent Acquisition: <\/strong>Evaluate your company&#8217;s labour needs, then attract, hire and onboard the best talent.<\/li><li><strong>Learning and Development: <\/strong>Create a culture of continuous learning and provide employees with development opportunities.<\/li><li><strong>Performance Management: <\/strong>Set clear expectations and implement systems for providing feedback via formal and informal performance reviews. Identify capability gaps and create a culture that views feedback as an opportunity for growth, rather than a source of unwelcome criticism.<\/li><li><strong>Compensation and Benefits: <\/strong>Create a holistic rewards program that includes salary scales, bonuses and benefits for each role.<\/li><li><strong>Succession Planning<\/strong>: Define a strategy for passing on leadership roles to new employees. Create processes for identifying and developing leadership talent.<\/li><li><strong>Payroll.<\/strong> Record working hours and overtime accurately. Ensure employee payments are accurate, timely and compliant with local laws.<\/li><li><strong>Reporting &amp; Analytics. <\/strong>Make data-driven decisions across HR and wider business functions. (e.g., leverage employee data and predictive analytics in your cloud-based HCM software to inform workforce planning decisions).<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>A Brief History Of HCM.<\/strong><\/h2>\n\n\n\n<p>\u2018Human capital\u2019 was probably used for the first time by the economist <a href=\"https:\/\/scholar.harvard.edu\/files\/goldin\/files\/goldin_human_capital.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Irving Fisher in 1897<\/a>. Since then, it has regularly appeared in academic, business and popular writing. A brief timeline:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>The early days: <\/strong>Adam Smith (one of the first economists to theorise about capitalism) described elements of human capital in his book <a href=\"https:\/\/oll.libertyfund.org\/title\/smith-an-inquiry-into-the-nature-and-causes-of-the-wealth-of-nations-cannan-ed-vol-1\" target=\"_blank\" rel=\"noreferrer noopener\"><u>\u2018An Inquiry into the Nature and Causes of the Wealth of <\/u><\/a>Nations (1776).\u00a0<\/li><li><strong>Global popularity: <\/strong>Economists and Nobel Prize winners Gary Becker and Theodore Schultz popularised the term \u201chuman capital\u201d, which gained international traction.\u00a0<\/li><li><strong>The role of technology:<\/strong> Since its inception in the 1990s, human capital management software (often referred to as HRIS or HRMS) has improved business communication and sped up decision-making.<\/li><li><strong>Modern usage: <\/strong>Today, economists claim that we have entered \u201c<a href=\"https:\/\/angle.ankura.com\/post\/102guy3\/enter-the-golden-age-of-human-capital-management\" target=\"_blank\" rel=\"noreferrer noopener\"><u>The Golden Age of HCM\u201d.<\/u><\/a><\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Are The Benefits Of <strong>Effective<\/strong><\/strong> <strong>Human Capital Management?<\/strong><\/h2>\n\n\n\n<p>Implementing an effective HCM strategy, augmented by top-tier human capital management software, can streamline HR processes, improving the efficiency of your entire workforce.<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Improve candidate experience:<\/strong> Companies with strong HCM practices offer less intimidating, more efficient talent acquisition and onboarding processes. (Are you still hurting your brand by putting your candidates through 7 interview stages?)<\/li><li><strong>Enhance <a href=\"https:\/\/arielle.com.au\/employee-engagement\/\">employee engagement<\/a>: <\/strong>Ensures that everyone in the business is aligned around the same mission while reducing unhealthy conflict and turf wars.<\/li><li><strong>Stop top talent falling through the cracks:<\/strong> Prevents high achievers from leaving the company by challenging and compensating them at the right levels.<\/li><li><strong>Enhance compliance:<\/strong> Reduces workplace lawsuits and <a href=\"https:\/\/arielle.com.au\/what-is-a-genuine-redundancy\/\" target=\"_blank\" rel=\"noreferrer noopener\">unfair discrimination claims<\/a>.<\/li><li><strong>Streamline HR functions<\/strong>: Human capital management can reduce the workload of HR managers by consolidating disparate HR systems and automating manual processes.<\/li><\/ul><\/div><\/div>\n\n\n\n<p><strong>(Related: <a href=\"https:\/\/arielle.com.au\/best-hris-software\/\">Best HRIS Software In Australia<\/a>).<\/strong><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Can Technology Improve Your HCM Strategy?<\/strong><\/h2>\n\n\n\n<p>HCM (Human Capital Management) software is cloud-based HR software that brings all components of an HCM strategy together in a single system.<\/p>\n\n\n\n<p>Handling companywide HR processes, HCM software is an organisation&#8217;s &#8220;single source of truth&#8221; for all things related to workforce management:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>HRIS Systems: <\/strong>focus on keeping administrative employee records. Sometimes include payroll management and benefits administration.<\/li><li><strong>HRMS Systems:<\/strong> offer everything that HRIS systems do, plus a suite of comprehensive HR features such as performance management and time management.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Is HCM Different To HRM?<\/strong><\/h2>\n\n\n\n<p>Although often used interchangeably, Human Capital Management (HCM) and Human Resource Management (HRM) differ:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Human Capital Management (HCM)<\/strong>:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Focuses<\/strong> on strategically nurturing an organisation&#8217;s workforce as a business asset.<\/li><li><strong>Views<\/strong> employees as crucial contributors to the organisation&#8217;s success.<\/li><li><strong>Aims<\/strong> to maximise the value of human capital through development, training, and retention.<\/li><li><strong>Emphasises<\/strong> the importance of measuring and tracking the ROI of human capital investments.<\/li><li><strong>Aligns<\/strong> human capital strategies with overall business strategy.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Human Resource Management (HRM):<\/strong><\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Focuses<\/strong> on the administrative management of an organisation&#8217;s workforce.<\/li><li><strong>Aims<\/strong> to ensure compliance with legal and regulatory requirements.<\/li><li><strong>Emphasises<\/strong> the importance of managing employee relations, compensation, and benefits.<\/li><li><strong>Aligns<\/strong> HR policies and practices with organisational objectives.<\/li><\/ul><\/div><\/div>\n\n\n\n<div class=\"wp-block-create-block-tip-block tip-wrapper\"><div class=\"row\"><div class=\"col-md-12\"><div class=\"card-wrapper\"><div class=\"card-title\"><div class=\"icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M7.5 14.33a5 5 0 1 1 5 0v4.17h-5v-4.17Zm4.25-1.3-.75.44V17H9v-3.53l-.75-.44a3.5 3.5 0 1 1 3.5 0Z\" fill=\"#656E83\"><\/path><path d=\"M9.25 1v2h1.5V1h-1.5ZM5.53 4.47l-1.5-1.5-1.06 1.06 1.5 1.5 1.06-1.06ZM15.53 5.53l1.5-1.5-1.06-1.06-1.5 1.5 1.06 1.06ZM1 10.75h2v-1.5H1v1.5ZM17 10.75h2v-1.5h-2v1.5Z\" fill=\"#656E83\"><\/path><\/svg><\/div><h3 placeholder=\"Tip Title Goes Here\">Expert Tip.<\/h3><\/div><div class=\"card-content\"><p placeholder=\"Tip Content Goes Here\">Overall, HCM is more focused on long-term strategic planning and development of employees, while HRM is more focused on the day-to-day management of human resources.<\/p><\/div><\/div><\/div><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"784\" src=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/01\/what-is-hcm-1024x784.jpg\" alt=\"what is HCM\" class=\"wp-image-80936\" srcset=\"https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/01\/what-is-hcm-1024x784.jpg 1024w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/01\/what-is-hcm-300x230.jpg 300w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/01\/what-is-hcm-768x588.jpg 768w, https:\/\/arielle.com.au\/wp-content\/uploads\/2023\/01\/what-is-hcm.jpg 1500w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The 3 Key Challenges Of Human Capital Management.<\/strong><\/h2>\n\n\n\n<p>To manage human capital is to manage multiple personalities and communication styles. We\u2019ve unpacked the most common roadblocks below.&nbsp;<\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Problem 1: Retention Isn\u2019t Front Of Mind.<\/strong><\/h3>\n\n\n\n<p>Finding and keeping qualified employees is a significant challenge for organisations in 2026, with <a href=\"https:\/\/www.reuters.com\/markets\/australias-unemployment-rate-needs-rise-curb-inflation-top-cbanker-2023-06-20\/\" target=\"_blank\" rel=\"noreferrer noopener\">unemployment still at historic lows<\/a>.<br><br>Companies must:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Offer<\/strong> salary packages in line with market expectations.<\/li><li><strong>Foster<\/strong> a positive workplace culture.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Problem 2: Performance Management Isn\u2019t Ongoing.<\/strong><\/h3>\n\n\n\n<p>Effective management involves setting expectations and regularly evaluating employee progress against them.&nbsp;<\/p>\n\n\n\n<p>Human capital management professionals must work with hiring managers to ensure that success metrics are continuously communicated and employees are told when they&#8217;re falling short of expectations.<\/p>\n\n\n\n<p>We suggest:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Checking<\/strong> that every department has up-to-date key performance indicators (KPIs).<\/li><li><strong>Managers<\/strong> are skilled at <a href=\"https:\/\/arielle.com.au\/how-to-improve-team-performance\/\" target=\"_blank\" rel=\"noreferrer noopener\">creating and managing high-performance teams<\/a>.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Problem 3: People With Disabilities And Minorities Aren\u2019t Prioritised.<\/strong><\/h3>\n\n\n\n<p>Is your workplace behaving in an inclusive way, or is it projecting an illusion of inclusivity?<\/p>\n\n\n\n<p>Do more than repeating Acknowledgement of Country before each meeting and displaying pronouns in email signatures:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Disability &amp; Remote Work:<\/strong> Over 2.1 million working Australians <a href=\"https:\/\/www.jobaccess.gov.au\/employers\" target=\"_blank\" rel=\"noreferrer noopener\"><u>live with a disability<\/u><\/a>, and those who work remotely require assistance <a href=\"https:\/\/arielle.com.au\/work-from-home-disability\/\" target=\"_blank\" rel=\"noreferrer noopener\">creating remote-work-friendly workspaces<\/a>.<\/li><li><strong>Religion: <\/strong>Consider offering employees who practice different religions access to prayer spaces.<\/li><\/ul><\/div><\/div>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Is The Future Of HCM?<\/strong><\/h2>\n\n\n\n<p>Human capital management strategies of the future be augmented by artificial intelligence to streamline workforce management functions in radically new ways.<\/p>\n\n\n\n<p>Imagine never having to write a job description and post a job ad using your HCM software again. Instead, you&#8217;ll simply say to your AI-powered digital HR assistant:<\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>&#8220;I need to hire a new salesperson by the end of June, 2026&#8221;.<\/span><\/div><\/div>\n\n\n\n<p>The HCM software will:<\/p>\n\n\n\n<div class=\"arrow-wrapper\"><div class=\"arrow-list\"><ul><li><strong>Already<\/strong> know the full context around the word &#8220;salesperson&#8221;, as it relates to your business, including competencies and predictors of success.<\/li><li><strong>Search<\/strong> on Google and LinkedIn for someone who meets the criteria, creating a shortlist of 10 candidates.<\/li><li><strong>Find<\/strong> contact details of each candidate and invite them to a quick preliminary interview.<\/li><li><strong>Book<\/strong> the interview dates.<\/li><li><strong>Create<\/strong> a list of interview questions that are likely to test for competencies it deemed critical.<\/li><li><strong>Conduct<\/strong> interviews using a combination of voice-to-speech, Google Meet and AI-generated video.<\/li><li><strong>Assess<\/strong>, score and rank candidates&#8217; responses.<\/li><\/ul><\/div><\/div>\n\n\n\n<p>The final step? <\/p>\n\n\n\n<div class=\"indent-wrapper\"><div class=\"indented-text\"><span>Present you with a final shortlist of the 3 best candidates.<\/span><\/div><\/div>\n\n\n\n<p>Five years ago, HCM capabilities like these were bordering on science fiction.<\/p>\n\n\n\n<p>As of January 2026, 70% of them are already able to perform using ChatGPT and Google Gemini. A company that integrates into a single, AI-enabled Human Resources Information System (HRIS) will create a talent management system of the future.<\/p>\n\n\n\n<p>Stay tuned.<\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Final Thoughts On Building A Human Resources Management System.<\/strong><\/h2>\n\n\n\n<p>Human Capital Management (HCM) is a set of business-wide practices that range from talent acquisition to benefits administration and payroll.<\/p>\n\n\n\n<p>Often augmented and enabled by HCM software, they help organisations improve their productivity and retain employees by reforming old talent management practices.<\/p>\n\n\n\n<div style=\"height:12px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Steven<\/p>\n\n\n\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:27px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 5<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>Companies that don&#8217;t view employee lifecycle through a strategic lens of Human Capital Management (HCM) struggle to attract, develop and<\/p>\n","protected":false},"author":3,"featured_media":80682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[222,8],"tags":[],"class_list":["post-80680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resource-management","category-leadership"],"acf":[],"yoast_head":"<!-- This site is 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