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Primary Blog/Human Capital Planning/Human Capital Planning: Do You Have a Plan?

Human Capital Planning: Do You Have a Plan?

Monday, October 24, 2022

As companies begin to grow and gain success, it can be difficult to anticipate what positions they’ll need to add in order to sustain their growth. This is where being proactive about planning your growth comes in. The companies that are behind the curve are often identifying their needs too late, once a large problem has presented itself and then are rushed to find someone to bring in a solution and get them back on track. As you can imagine, this can totally derail growth and stall forward movement.

So what does Human Capital Planning entail?

  • ​Organization Planning - Creating an organization chart, detailing current job descriptions, identifying gaps and skill sets that are needed currently or will be needed in the future.
  • Budgeting - Knowing the exact costs of each position (salary, benefits, taxes, training, etc), as well as what you can afford to spend on additional HR needs and offers current employees raises or bonuses.
  • ​Training - Determining the skills that require improvement and taking steps in order to help employees get necessary training.
  • Management - Creating company policies and procedures to provide support for leadership, training, and communication across the organization.

Human Capital Planning is an incredibly important part of running an organization because it has a huge impact on a business by aligning actions with best practices. It is directly correlated with the income a business can generate. As such, it shouldn’t be left to HR Departments unless they have significant experience in it.

Human Capital Planning is a true leadership involved function and requires that the company be willing to put significant time and effort into investing into their growth and working toward their future goals.

Copyright 2022 - Jacob Darr - All Rights Reserved