Human Capital Management
Today’s firms are constantly striving for higher profit margins by reassessing their processes, technology and structure to become more efficient and scalable. The key component in achieving and driving such change successfully is Human Capital Management (HCM). By focusing on HCM, companies can improve their potential for growth, advancement and transformation.
GMG’s practice offers talented individuals with experience in applying proven skills and strategies to better incorporate HCM into an organization’s plan for growth. HCM goes beyond the classical HR functions to include a diverse workforce, management training and the ability to adapt to globalization, metrics and resource sourcing.
The Dodd-Frank Wall Street Reform and Consumer Protection Act has been the focus of commentary since its passing. One aspect of Dodd-Frank that has not been examined in great detail is the requirement that various federal agencies set up Offices of Minority and Women Inclusion. Section 342 of Dodd-Frank empowers these Offices of Minority and Women Inclusion to examine the diversity practices of their respective contractors and subcontractors, and to make referrals to the Office of Federal Contract Compliance Programs in some instances where deficiencies are found.
Effectively managing a diverse talent pool, will not only allow for compliance with Section 342 of Dodd-Frank, but also provide a range of benefits including:
- Positive impact on the financial performance (McKinsey) – A hidden Revenue Source
- Further attract and retain a diverse talent pool serving as firm role models
- Become “Employer of Choice” – Building Reputation in the Marketplace
- Serve the Firm’s needs of Globalization of the business – emerging markets
- Leverage existing marketplace trends of creativity and innovation (i.e. Generation Y/Millennials representing the largest part of US population among existing 4 generations)
- Support corporate social responsibility – reduce the risk and cost of claims
- Drives innovation and fosters competitiveness
- Opens the door for building Diversity as a product
Creating and effectively managing a diverse workforce has become non-discretionary. A more diverse workforce has differing needs that will necessitate the creation of new strategies to attract, develop, and retain staff. GMG’s approach to Human Capital management will provide assistance, services and experience to the HCM organization’s challenges associated with Diversity, thereby directly improving:
- Internal training
- Alternative sourcing