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Importance of human resource
Importance of human resources
+role and impact of employee training and development on organizational performance
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The terms to describe employees in an organisation have changed from “personal” to “human resources” and of late, “human capital”. Human capital is an acknowledgement that people in an organisation and business are of an important asset who plays a big part in the development and growth of an organisation. It can be said, that the importance of human capital is tantamount to other assets within an organisation such as buildings, financial gains and machineries. It cannot be denied that people’s skills, abilities and knowledge contribute highly and productively to the performance and success of an organisation. Hence, organisations allocate big sums of money and time to offer appropriate trainings to their staffs, treating it as an investment to the organisation in the long run. Inevitably, people in an organisation are required and expected to maintain an organisation’s existence and growth.
In situations where organisations place focus and interest only on competition and financial return, neglecting individuals within the organisation can bring about many challenges. In result, having capable and good people who are always motivated and passionate in an organisation makes a significant difference. In addition, updating staffs with the latest technology and knowledge keeps them to perform better. The value and contribution of people in an organisation must be recognised by organisations. Treat each person in the organistaion importantly. People in an organisation should be valued as an asset than an expense. Every effort of people should be taken and valued formally or informally to further develop their skills and abilities to provide great contribution to the organisation. Organisations that invest in training for their emp...
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...f salaries and wages of each level to arrive at the asset value. Replacement cost method values the human resources based on the cost that would take to replace the organisation’s existing human resources. Lastly, economic value method states that the future revenues of the organisation are directly connected to the human resources. Therefore, the present value of future profit is calculated by applying factor taken to be the value of the human resources assets.
Works Cited
Stockley, D. Human Capital Concept. Retrieved from http://derekstockley.com.au/newsletters-05/018-human-capital.html
Brocaglia, J. Human Capital Risk Managers Specoalizing in Information Security Recruiting. Retrieved from http://www.altaassociates.com/pdf/06-AUG-CC.pdf
Sardhar, M. Valuation of Human Resource. Retrieved from http://www.citehr.com/94178-valuation-human-resources.html
A. The Human Resources Framework The human resources framework is one of the four framework approaches identified by Bolman & Deal; this frame regards people’s skills, attitudes, energy, and commitment. The human resource frame defends the ideas that organizations can be stimulating, rewarding, and productive (Bolman, & Deal, 1991). The human resources framework focuses on leadership styles of support, advocate and empowerment, and provides efficient and transformative change for your organization by addressing human issues, leading to greater accomplishment of goals and better individual, team, and organizational performance. The leaders increase participation, support, share information, and transfer decision making down to employees in the
As jobs are becoming more technical every year and innovations are arising with new job opportunities, finding employees that meet a business’ requirement is becoming more difficult (Nickels (290-346). This is why it is important to have a career that arises and evolves that meets this innovating world: Human Resources. Human resources plays a big part into a business’ success from hiring new employees, to employee retainment, and ensuring employees are trained to meet the evolving businesses requirements (Nickels (290-346). Human Resources is quickly evolving to become one of firm’s most critical professions in the industries market business.
The training and development of employees in William Hill is imperative for the performance or the company as they are in a competitive market. William Hill has to inform workers to be aware of surroundings in the area that they work. Training and Development Training Training is essential for both employees and employer if they want to be effective within the organisation and also for a company like William Hill to stay competitive within their market. The reason why training is important to employees is to enable them to achieve their maximum potential in their current position, it is needed also to develop them to create further opportunities within the organisation because employees are likely to be better educated and become multi-skilled. Training should be ongoing within William Hill in developing the employee’s skills within the business.
Whether an organization consists of five or 25,000 employees, human resources management is vital to the success of the organization. HR is important to all managers because it provides managers with the resources – the employees – necessary to produce the work for the managers and the organization. Beyond this role, HR is capable of becoming a strong strategic partner when it comes to “establishing the overall direction and objectives of key areas of human resource management in order to ensure that they not only are consistent with but also support the achievement of business goals.” (Massey, 1994, p. 27)
There are many functions of Human Resource Management, one of the most integral parts revolves around the process of acquiring human capital and the methods used to retain, motivate, and compensate employees. There are many factors involved in the overall process, to include the following: a job analysis, recruitment and selection, hiring the best candidate, evaluating and compensating them appropriately. Each part of the process affects the other, from ensuring that you have an accurate job description to determining the appropriate level of compensation.
When you think of investments you may think of stocks, bonds, mutual funds, savings accounts, CD's, and etc. There is some other way that you can invest. You can invest in your life through various things whether it is volunteer or paid. That is called human capital and that is "the stock of knowledge and skill, embodied in an individual as a result of education, training, and experience that makes them more productive" (1). I have invested in my life in a variety of ways and I will talk about this in the next few paragraphs.
Organizations’ other resources can be hired, retained and discarded at any time but human resources needs special treatment. It needs to be carefully hired, deserve an extra effort to retain it and requires training & development to upgrade and improve its capabilities. Other resources depreciate with the passage of time but when the human resource gains more and more experience, it becomes more beneficial for the organizations. These characteristics have brought human resources to be the central element for the success of an organization. (Mohammed, Bhatti, Jariko, and Zehri, 2013, pg. 129, para. 2)
In recent times, Human Resource Professional has faced a growing number of challenges in responding to the needs of the contemporary workforce and attempting to win “The War for Talent”. These include globalisation, increasing workplace diversity, technological change and an aging workforce among others. This essay will attempt to show that the three most pressing concerns the Human Resources Professional faces today in satisfying the needs of the contemporary workforce are those, of addressing skill gaps, ensuring employee wellbeing and adapting to increased workplace diversity. Companies will need, to address these three areas; in order to become “Employers of Choice”, meet the needs of their employees and achieve their Strategic Human Resource objectives and ultimately succeed in “The War for Talent”.
In today's complex business environment; traditional approaches like monetary incentives are not the only prime motivators. In addition to expecting financial incentives for their performance, employee's expectations are much more. Appreciation, recognition and opportunities for personal growth; must be catered for to harness maximum productivity. Furthermore in an era where change is imperative for the organisation's survival, highly motivated employees, represent flexibility and show willing to change; a vital component for the success of any organisation.
Human resource is the most valuable and unique asset of an organization. The successful management of an organization’s human resource is an exciting, dynamic and challenging task , especially at a time when the world has become a global village and economies are in a state of flux. The lack of talented resource and the growing expectation of the modern day employee has further increased the difficulty of the human resource function.
Organizational success or failure is dependent on a myriad of variables that can be challenging to measure and interpret. Success or failure can simply be luck and timing or an orchestrated and deliberate effort. As new technologies allow organizations the ability to rapidly measure and assess its internal and external environmental factors, more efficient strategies can be quickly implemented. The focus of this literature review is specifically on one of these mentioned variables. The paper will detail the relationship that Human Resources (HR) practices have with an organization’s strategic goals and vision.
Human resource management is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business. The terms "human resource management" and "human resources" (HR) have largely replaced the term "personnel management" as a description of the processes involved in managing people in organizations. Human Resource management is evolving rapidly. Human resource management is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce. (1)
Human resources have become the politically correct way of addressing Earth’s most valuable resource… the human being. There is a long history of attempts to achieve an understanding of human behavior at the work place. From the early 1890, academicians and practitioners developed theories and practices in order to explain and influence the behavior of employees at the work. The Human Resource Glossary by William R. Tracey defines Human Resources as: “The people that staff and operate an organization”. The people that work within an organization are subject of common analysis for political economics, economics, corporate business and psychology. In political economics and economics, the employees are taken into consideration as one of the four production factors: Labor, while in the corporate world they are known as Human Resource or Human Capital and it is not referring to the people within an organization as physical matter, but what those people bring and contribute to organizational success. Sometimes it is called intellectual capital when it reflects creativity, knowledge, skills and motivation. The authority level that deals with it, it’s called Human Resource Management.(SITE1) The original term, Personnel Management was used to describe “the specialist management function which determines and implements policies and procedures which affects the stages of the employment cycle” (BOOK). It first appeared in the early years of the 20th Century and it had an administrative nature, dealing mostly with payroll, employment law and handling related tasks. The term of Human Resource Management is the result of the famous Hawthorne experiment of Elton Mayo of the Harvard School of Business Administration. This experiment was meant to demonstrate the connection between theory and practice of Personnel Management with Psychology. The term began to be used in the 1950s, to designate the expansion of traditional personnel management to include modern psychology. (Site 2) The term defines a managerial perspective which argues the need to establish an integrated series of personnel policies to support the organizational strategy (Buchannan, 2004). A number of authors stress the difficulties of identifying clear differences between personnel management and HRM, and maintain that the most obvious change is a “re-labeling process” (Legge, 1989) Some experts, such as Lowry (1990) and Fowler (1987), argue that there is no major difference between human resources and personnel management going further by suggesting that “HRM is the continuing process of personnel management”.
Training is an integral part of any organization’s development and is an ongoing process. Training programs will vary according to the position held within a company. “Training is a learning experience that seeks a relatively permanent change in individuals that will improve their ability to perform on the job” (DeCenzo & Robbins, 2007, p. 223, para. 1). Good organizations can be linked with the training and development of good employees. Any organization’s success in growth and innovation is dependent upon the talent, motivation, and leadership of its employees. Efforts made to recognize the value of each employee and the job he or she performs will contribute to a workplace environment that inspires, supports, and rewards employee development.
The Importance of the Human Resource Function Human resources are the backbone of any business. It deals with the most important resource in the business – people. For any business to achieve its objectives they must plan their resources and one of their key resource is people. They need to get the right people and develop. them well in order to meet the organisation’s aims successfully.