Traditional HRM consists of people and profit management. In the recent decades, HRM has transitioned into human capital management (HCM), focusing on people, planet and profit management. HCM views employees as assets who should be talent managed and supported to innovatively produce and perform through talent opportunities. HCM and talent management strategies promote multiple intelligences and enable multitalented potential to meet individual, organisational, economic and societal needs. Since 21st century humans seek meaningful employment that purposefully contribute to all sectors of society, businesses need to go beyond HR, innovatively exploring how all employees can be developed, thus transforming their high potential into entrepreneurship ventures. Can organisations transition HRM to HCM providing talent creation opportunities, while strategically aiming towards transforming employees into self-managing talent entrepreneurs? The proposed HRM-HSM Transitioning Model with five key steps and roles for HR, line managers and employees may hold the answer to this question, as explored in this conceptual chapter.
Part of the book: Beyond Human Resources