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1/7/2018 What are the Differences between HCM and Talent Management?
Let's take a closer look at what HCM and Talent Management are and how companies can benefit from
each one.
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Human Capital Management
Human Capital Management (HCM) combines business intelligence and workforce management
activities to make the most of a company's human capital. By taking a human capital management
approach, companies can make the most of their people and ideas to achieve business goals, from
growing market share to reducing costs. Ultimately, HCM also often involves focusing on increased
productivity and better business processes.
Human Capital Management also embraces the use of technology such as time and attendance
reporting and applicant tracking systems, payroll and benefits administration, and employee review
software to support this approach. Integrated systems can provide managers with data needed to make
strategic business decisions and can serve as the basis for developing, implementing or updating
human capital strategies.
Talent Management
Talent Management is one component of a company's HCM strategy. TM concentrates on a company's
people, but it's more focused on the day-to-day activities needed to ensure the success of a company's
HCM strategy. Specific activities may include recruiting, leadership development, succession planning,
compensation management, and performance management. The underlying question of talent
management is how to recruit, retain, promote, and train a company's most talented workers.
Each area of talent management is focused solving a specific problem. What are you doing to manage
performance reviews? Who is the best fit for this sales manager role and how do you locate that
candidate? How do you improve your overall recruiting process? What kind of training do your leaders
need? Ultimately, talent management requires a system that reveals and nurtures the most talented
people throughout the company's hierarchy and across departments.
Focusing on HCM and TM allows companies create an environment where there's an end-to-end cycle
that makes the most of your company's talent. There's a focus on recruiting the best people for the job,
training them, being clear about expectations and performance, and finding long-term opportunities for
them to grow. When this process is supported by advanced technology and a strategic focus within the
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1/7/2018 What are the Differences between HCM and Talent Management?
company, employees are more likely to have a great career experience and the business is more likely
to reap the rewards of their ongoing investments in human resources.
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