What is a Human Capital Plan?
A human capital plan is a strategy that outlines how an organization can best invest in its people. It outlines the objectives, the methods of achieving them, and the measurements that will be used to assess the success of the plan. It is designed to help an organization maximize the effectiveness of its human resources and ensure that their goals are met. It is an important tool for any organization, as it allows them to assess the impact of their human capital investments.
What's included in this Human Capital Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Human Capital Plan template for?
The Human Capital Plan template is designed for Human Resources managers and teams who want to create an effective strategy to manage their business’s human capital. The template provides a structure which can help managers plan, develop and monitor the effectiveness of their human capital investments. It also provides a framework to help organizations measure the success of their human capital strategies.
1. Define clear examples of your focus areas
A focus area is a specific area of your organization that you want to concentrate on. Your focus areas should be specific and measurable. Examples of focus areas could be recruitment, training, performance management, leadership development, employee engagement, or organizational culture. These are just a few examples, but you should tailor your focus areas to your organization's specific needs.
2. Think about the objectives that could fall under that focus area
Objectives are the specific goals that you want to achieve when it comes to each focus area. Each objective should be specific and measurable. Once you have identified your focus area, you should determine what objectives you want to achieve within that area. These objectives should be SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
Examples of some objectives for the focus area of Recruitment could be: Increase talent pool, and Increase retention rate.
3. Set measurable targets (KPIs) to tackle the objective
KPIs (Key Performance Indicators) are measurable targets that you set to help you track your progress towards achieving your objectives. They should be specific, measurable, and achievable. Examples of KPIs could be increasing the number of candidates in the recruitment process, decreasing employee turnover rate, or increasing employee satisfaction rating.
4. Implement related projects to achieve the KPIs
Projects are the specific actions that you take to achieve each KPI. Projects should be tailored to each KPI and should be realistic and achievable. Examples of projects could be implementing a recruitment strategy, implementing a retention strategy, or implementing a satisfaction survey.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade Strategy Execution Platform helps organizations create and manage their strategic plans. With Cascade, you can quickly create a plan, track your progress, and measure the effectiveness of your strategy. Cascade provides you with the tools you need to ensure that your human capital plan is successful and that your objectives are met.