This study researches whether the ePortfolio is a suitable instrument for human capital management in the business environment. The implementation of ePortfolio systems in five different organizations is analyzed. It considers whether ePortfolio implementations were successful, and relevant critical success factors were identified. For the latter purpose, a theoretical framework for analysis was compiled from the literature. The results show that the ePortfolio proved to be a useful tool for HCM purposes in two cases. The ePortfolio enabled these organizations to enhance their talent management and performance appraisal practices. Three out of five cases failed, reaching a bare minimum of their company goals and objectives. To explain these findings, the implementation processes in each of the five cases was analyzed by means of a compiled theoretical framework of critical success factors. The empirical results led to a revision of the framework, identifying eleven critical success factors. These factors revolve around linking the ePortfolio with business objectives, carefully identifying information requirements and selecting a suitable system, actively managing the implementation by appropriate and dedicated staff throughout the organization, and ensuring that employees have ownership over their ePortfolio profiles.