Human capital planning is the process of evaluating and deploying members of a workforce in a way that makes the best possible use of their skills and talents, while also providing opportunities for those employees to acquire additional skills and experience. Within this aspect of human capital management, there is the need to understand the economic value that each employee brings to the company, make sure there are opportunities for worker education and advancement, and relate the need to cultivate human resources while also paying close attention to the needs of the company in terms of production. Human capital planning of this sort calls for accurately assessing the existing skill sets of employees, understanding their potential for further development, and matching those skill sets and development potential with the production factors relevant to the company operation.
One of the key tips with any type of human capital planning effort is to properly assess the skills sets currently exhibited by employees. Doing so makes it possible to manage the placement of employees in the best possible labor positions, which in turn helps to increase productivity. At the same time, proper placement based on current skills sets also means that the employee has the opportunity to feel competent and efficient with his or her work responsibilities, a factor that often helps to support satisfaction in the workplace.
While proper placement based on current skill sets is important to human capital planning, the task of providing educational opportunities for qualified employees is also important. Doing so makes it possible to groom certain employees for advancement within the company, based on indications that with some additional training and development, those employees can provide more benefits to the company. Making this type of investment in employees also helps to strengthen employee loyalty and increase the chances that those employees will remain with the employer for an extended period of time, making it possible to recoup costs and ultimately earn returns from that investment of time and resources into those employees.
Human capital planning can also be enhanced by making sure employees have the chance to participate in their own ongoing development within the company structure. This means making sure there are communication avenues for employees to proactively request additional training, be included in work-related study groups, and even have the opportunity to participate in mentoring or apprentice programs when and as appropriate. As a result, those employees have the chance to increase their value to the employer, who can in turn recognize that worth with additional benefits.