These policies include knowledge management, resourcing, talent manage- ment, performance management, learning and development programmes, and reward and recognition processes. It ensures that HRM policies and practices are developed to attain this end. HCM points the way to achieving human capital advantage by highlighting where and how investments in people generate the highest returns. It clarifies the returns that can be obtained in terms of increased profitability, productivity and overall effectiveness arising from the deployment, development and engagement of the people the organi- zation needs to achieve its goals. It identifies those aspects of people management that demonstrably have the greatest bearing on business performance. Human capital management focuses the attention of an organization’s leadership team on the strategies it should adopt as outlined below to increase the added value they obtain from people. This is the process of human capital measurement and reporting that is considered separately in the next two sections of this chapter. Human capital management is concerned with measurement, reporting measure- ments and drawing conclusions about the significance of the outcomes of measure- ment as a guide to future action.
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