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Date4/16/2021 7:15:43 AM
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It is probably heard from someone in a leadership position that our employees are the greatest asset. While most of us would agree, what does it actually mean when we refer to people as “assets”? Does this mean they have economic value like buildings, inventory, or equipment? Renovations to a building will generally increase the building’s value, and inventory that sits on a shelf for months will generally decrease in value. But how do you impact the value of an intangible asset like an employee?

The practice of human capital management, or “HCM” for short, has become increasingly prevalent in the last few decades, for a couple of reasons. One is that people recognize that an organization’s workforce is its greatest asset. Human capital management system is a system that derives value from things like the worker’s experience, skills, knowledge, and abilities. Human capital is an intangible asset, unlike tangible assets like buildings and equipment. However, both tangible and intangible assets, like human capital, have economic value.

These kinds of companies offer human capital management services that can help organizations better manage their workforce. The human capital management software includes a variety of features to help manage different aspects of the employee experience. This can include recruiting and onboarding elements, benefits administration, time and attendance, payroll process, data reporting, and other related functionality.

Sofcom provides human capital management solutions that caters directly to the unique needs of the health and human services industry. Sofcom is able to provide a tailored HR and Payroll solution that combines a unified software platform with exceptional service from start to finish.
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