What is an M.S. in Human Capital Management?

You have probably heard of Human Resources Management as it pertains to a necessary function of successful businesses, but most people are unfamiliar with the term Human Capital Management.  Most individuals in the business world view the bottom line of their entity’s financial statements as the ultimate determinant of their professional success. The more money the business is making, the more satisfied they are with both their own performance and their employees’ performance, regardless of what the non-financial costs of making that money may have been. This kind of business strategy is completely unsustainable, though. Such a company or organization’s employees would likely have been the biggest victims of this approach, as it almost certainly would have required great outlay and personal sacrifice on their part. This creates a toxic work environment, leading to employee attrition and turnover, which gets expensive in a hurry and begins to eat away at the business’ profitability. However, companies that value their employees and consider the non-financial costs of their actions through human capital management will not only be more successful in the long run but will also gain a far more positive reputation than their indifferent counterparts.

A Brief Introduction to Human Capital Management

Human capital management is little more than a different name for human resource management. Human capital managers are charged with a variety of different tasks within a company or organization. These include but are not limited to interviewing job applicants and hiring new employees, ensuring that the entity complies with new and existing employment and labor laws, creating and overseeing training programs for new employees, assessing employees’ workplace performances, managing the organization’s culture and serving as the entity’s primary liaison in negotiations with employees’ representatives involving the employees’ collective bargaining agreement if one exists. Having such wide-ranging responsibilities requires human capital managers to be well-rounded business professionals who are able to switch gears and adapt to changing circumstances with quickness and proficiency.

A Brief Introduction to Master of Science in Human Capital Management Programs

A master of science in human capital management (MS HCM) is a graduate-level degree that will prepare you for a career as a human resource and human capital management professional. You must obtain a bachelor’s degree to be eligible for such a program, although it need not be in any particular area. Having some business background could be helpful but is by no means required. The typical MS HCM curriculum includes courses that give in-depth coverage to areas such as organizational behavior, financial management, information technology in the business world, business ethics, quantitative decision-making models, research methodology and process, employment and labor law, stakeholder theory and many others. Most also offer specific concentrations, the class requirements for which are completed after the introductory core of courses. Students must also generally complete an independent research project, which serves as a capstone for the program, before they are eligible for graduation. The degree can be obtained online or in a more traditional manner through completion of on-campus classes, assignments and exams.

Resource: Top 15 Most Affordable Online Masters in Organizational Leadership Degrees 2014

Conclusion

People are a business’ most important asset. Obtaining a Master of Science in Human Capital Management will provide you with a career in which reminding others of this truism in many different ways will be your professional duty.