The Challenges Faced By The Managers Of Companies With Other Areas Of Their Business Essay

Human resource departments today have a more distinct, calculated position within organizations, and human resource strategy influences the bottom line. “One of the challenges for HR leaders is convincing executive leadership teams that human capital is one of the most important resources in which the company can invest” (Mayhew, 2014, p.). Subsequently, “this return on investment is an essential part of the argument for including HR as part of an overall business strategy” (Mayhew, 2014, p.). Human resource departments utilize the information given to them from company executives and leaders, coupled with their respective expertise on all things personnel, and they plan and implement staffing concerns for the betterment of the organization. From preparing job analysis, to comparing inventory and forecasting, it is the responsibility of human resources to consider the objectives of an organization and fulfill those goals while operating the specific planning relative to HR.

With the ever increasing pace of change in the world, today’s market leader can be out of business tomorrow if the organisation fails to adapt to the changes around it. One of the key assets of each organisation is its human capital, i.e. the knowledge, skills and abilities of its staff. If the organisation is to adapt,

All organizations have the common objective of being successful and nowadays due to competition that is not an easy achievement. The most important capital that companies have is the human capital and, to be successful, is essential for the organizations to focus on people.

In this individual assignment I have chosen “HUMAN CAPITAL DEVELOPMENT” as my topic. In this assignment I discussed human capital development as it is related to Human Resource Management.

i. It has been stated that one of the most important forms of capital is human capital. While all the other forms of capital help us in different ways, human capital is an actual investment in humans and our ability to learn.

Contemporary globalization of businesses and growing global market competition has made effective human resource planning as one of the major strategies to forge ahead and remain proactive. It can be said that an organization 's success lies to a great extent to the knowledge, skills, creativity, and dedication of its workforce. Every aspect of an organization needs human capital to drive its activities or operations to achieve individual strategic goals and objectives towards its purpose of existence, growth, and competitive status. Companies can compete at all levels of the marketplace through improved commitment not only through creativity, innovation, and research, but also human resource development (Truong, Heijden, & Rowley, 2010). In this regard, the human resource planning is needed to ensure a systematic analysis of human resource needs so that the right quantity and quality of employees are always available when required. Fundamentally, organizations are looking for the best people that would help drive them to their desired destination of achieving their missions. Therefore, it is important to develop human resource strategies to support organizational strategies, through measures such as forecasting human resource requirements, and effective strategic staffing. Technically, an organization 's mission, goals, and objectives drive its strategy and human resource (HR) and staffing strategy in an interactive manner. The purpose of this

The human resource department recognizes the importance of having the right human capital as a means to attain organizational objectives and we can establish our values depend on hiring and retaining skilled and effective staff members. This plan provides steps to follow to ensure highest quality of employees.

People are biggest asset for every organization and, therefore, to draw, motivate, and preserve the most skilled employees and assign them to jobs for which they are exceptionally well suited is a responsible job for human resource. Therefore, human resources management is done in all type of organizations. Profound management of people is equally indispensable in success of organizations as the sound management of production, finance, and other operations. The human resource management field postulates the infinite diversity of people and their dynamics (McKenzie & Traynor, 2002). To get into this career field, one must have the required education degree by completing many different courses, and have the experience along with skills and

How well a business manages its assets and resources predicates its overall success. Companies that spend financial resources foolishly are apt to find themselves in bankruptcy. Companies that work capital equipment resources beyond the machine’s capabilities or for other than intended purposes are apt to experience downtime and/or lose the equipment to failure. The same premise holds true for a company’s human assets. However, unlike other company assets, which depreciate over time, human assets appreciate over time when managed properly. The article, Importance of Human Resource Investment for Organizations and Economy: A critical Analysis, explains the importance of managing human assets as follows:

In an era of increasing competitiveness, globalization, economic rationalization, deregulation, technological revolution and changing workforce there is an ever-increasing need for human resource management to be able to capitalize on the special challenges that this changing environment brings. For a company to be able to successfully keep ahead of the competition, human resource management is seen to be a significant contributor.

Human capital plays a considerable role in the economic environments. It is not cash, assets, but it is people, which are the critical differentiators of a business enterprise (Fiz-enz, 2000). It is an organisation’s possess individual tacit knowledge (Nelson and Winter, 1982). There are four factors involved by human capital: genetic inheritance, education, experience and attitudes about life and business (Hudson, 1993). All of these factors are intangible and can be invaluable. Human Capital is a source of innovation and strategic renewal, such as improving personal skills, re-engineering new process or just daydreaming at the office (Hudson, 1993). According to Figure 1 (Bontis, 1998), Human Capital is about the intellect of human. It is an internal control and development

There are several important reasons of human resource planning that business organisation carry out regardless their size and it is important for the continuity of any business organisation to plan. However, in many business owners may not include human resource planning at the beginning of their business but later realise the importance of human capital and no business can survive without having competitive human capital.

This assignment is a portfolio, based on three current topics in Human Resource Management. The common theme of all the media articles I reviewed is the recognition of people as an asset by the organisations to achieve their strategic goals and objectives. It is observed that organisations are directing their efforts to recruit, retain and develop this asset.

Human capital management plays an important role in the recruitment process. It is essential for hiring, managing, training high performing employees. Human capital management is important for hiring the right talent, orienting him/her to the organization, making a new employee feel comfortable, training employees in order to constantly upgrade their skills, retaining employees and making employees self sufficient and prepare them for adverse conditions.

Human Resources constitute as one of the most imperative components of any organization, be it small scale business or a large conglomerate. Some of the key functions of the Human