The shift in the U.S. economy from a manufacturing powerhouse to a service-driven economy has placed a great emphasis on human capital planning within organizations in order to remain competitive in a new global economy. The link between critical business strategy and the successful implementation of strategy has been well documented in the literature. This article examines the literature surrounding human capital, human capital planning, and the implications for human resource development (HRD). The results of the review and synthesis of the literature are provided, and the implications for HRD scholars and practitioners are reported in detail. The research reports an in-depth justification and rationale for the incorporation of human capital planning into practice and research to determine the impact on HRD interventions and organizational performance through the use of a model and process for human capital planning. (Contains 2 figures.)