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Three Types Of Human Capital Management

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c. Human Capital Management
In recent years, Human Capital management or HCM has become a popular term in the management domain. The concept of HCM has its foundation in HRM as it seeks to analyze, measure and evaluate how people policies and practices create value for businesses. In other words, while both HRM and HCM consider employees as crucial resources, HCM is more quantitative in nature. It works on the premise that human beings as assets must bring some incremental and quantifiable value to businesses through their skills, knowledge and abilities. Due to such advantage, organizations ought to invest in these assets, nurture and develop them. Therefore, in the domain of analytics, the term HCM is found to be more frequently used as …show more content…

They are descriptive statistics, prescriptive analytics and predictive analytics. These three types have varied applications and advantages.
a) Descriptive statistics refers to characteristics of data through a summary of the data points and is one of the oldest form of analytics. For instance, a count of how many times a web user visited a website is a descriptive statistic. In terms of statistics, descriptive statistics also includes details of data such as its mean, standard deviation, variance etc. Such details help to understand the nature of data.
b) Predictive analytics is the most widely used form of analytics. It uses data analysis techniques such as predictive algorithms to predict what is about to happen next. Its advantages in planning ahead for future possibilities has made it a popular technique in many organizations, especially in field of consumer behavior. For instance, purchase recommendations made by online sale portals (e.g. Amazon, Flipkart) to users is done based on their past purchases. Such recommendations have led to almost 30% of Amazon’s …show more content…

An example can be the application of analytics by retail organizations to understand customer behavior, loyalty programs, promotional offers and discounts etc. Banks have been seen to use analytics to segment customers using analytics based on credit usage, risk profiles etc. A reason for such wide spread adoption of analytics in these industries is the availability of large volumes of data which can be subjected to a variety of techniques for understanding and interpretation. There are other areas of management such as Human Resources where use of analytics is at a nascent stage and is hoped to become widely used in years to

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