...concentration upon scare human capital as cited by Bartlett and Ghoshal (2002). There is no doubt that financial capital is most important tools for an organization to grow and expand but capital by itself does not create wealth. The strategic capital of the current society is the human resource. Knowledge has become the key factor of every modern organization. A knowledge employee is able to create an idea without capital, knowledge is brain power. As cited by Drucker (1993) the most important, and indeed the truly unique, contribution of the 20th century was the fifty-fold increase in the productivity of the manual worker in manufacturing. The most important management needs to make in the 21st century is similarly to increase the productivity of knowledge work and knowledge worker. As such, human resource is the most essential asset a modern organization should have. Definition of Human Resource Human Resource involves establishing policies, practices, system and administrative management that focus on employees’ behavior, attitudes and performance. In short, human resource targets an organization most valuable resource which is its employees. These are the employees whose day to day operations are to generate revenue for the organization and work towards the common goal of the organization. With poor Human Resource Management, an organization is unable to sustain in the competitive market. Strategic Management In today’s competitive market, organization must engage in...
Words: 772 - Pages: 4
...its Human Resources. The people that make up a company are that organization’s unique and biggest asset. Human resources are the set of individuals who make up the workforce of an organization, business sector or an economy. We can say that the people who make up a company's workforce its human resources are considered to be an asset to the company. They give unique position to their own companies. If we want to reach the final destination of the organization, human resource is the road for it. If we look at the developed countries we can see that they’ve a strong position in the world because they know how to properly utilize their work force. But in our country the human resource sector is still running behind of the other countries. This is happening because we’ve enough work forces but we don’t know how to utilize them, we have not enough HR departments in every company in our country. The multinational companies are ruling in our country because they are using the human capital efficiently but the local companies still need fight with them as they haven’t set a formal HR department in their organization. It is the human resources who are operating the whole organization. A company is more likely to be successful if it manages all of its resources. Effective HR departments allow and encourage the company’s employees by investing on the employee to get their best, which in turn contributes to the success of those companies. We believe that Human Resources are the most important...
Words: 537 - Pages: 3
...–H4020 Human Resource Accounting HUMAN RESOURCE ACCOUNTING UNIT – I The Non accounting of human resources and the change occurring therein, of an organization may provide a poor picture of the profits and profitability of the organization. Likert Objectives of the Study: This unit aims to provide a basis for the conceptual framework of Human Resource Accounting. An attempt is made to highlight the following aspects. Development of the Concept of HRA An Historical Score Card Meaning and Definition of HRA Importance Objectives of Human Resource Accounting Limitations of Human Resource Accounting HRA for managers & HR Professionals Investment in Human Resources Quality of Work Force and Organizations’ Performance Efficient use of Human Resource Enumerating the Assets Calculating the Market Value of Assets Human Capital. 1 MBA –H4020 Human Resource Accounting INTRODUCTION To ensure growth and development of any orgnisation, the efficiency of people must be augmented in the right perspective. Without human resources, the other resources cannot be operationally effective. The original health of the organization is indicated by the human behaviour variables, like group loyalty, skill, motivation and capacity for effective interaction, communication and decision making. Men, materials, machines, money and methods are the resources required for an organization. These resources are broadly classified into two categories, viz., animate and inanimate (human and physical)...
Words: 55189 - Pages: 221
...Functions of Human Resources BUS 303 Human Resources Management Instructor September 22, 2014 This paper gives a full depiction and dissection of the Human Resource Management (HRM) capacity. Main topics discussed are: Compensation and benefits, EEO and affirmative action, human resources development, safety and health, human resources planning, recruitment, and selection; compensation and benefits, and employee and labor relations. Included in this paper are also subsidiary points examined including: the fundamental capacities of Human Resource Management, arranging and anticipating human asset necessities, recruitment and determination, evaluation, assessment and worker inspiration. The connections between fruitful business and Human Resource Management are analyzed and in addition how Human Resource Management procedures could be consolidated into business methods to enhance benefit. The historical backdrop of the improvement of human asset administration might be followed back to the early 1900s. Human asset director’s unique capacity was to fundamentally deal with the relationship in the middle of organizations and worker's guilds. Galbraith and Nathanson were among the first association scholar to examine unequivocally the idea of human assets systems in the setting of key administration (Mathis & Jackson, 2011). They created a model for the human asset administration work that partitioned the human asset administration capacity into four fundamental sub...
Words: 2059 - Pages: 9
...HUMAN RESOURCE ACCOUNTING UNIT – I The Non accounting of human resources and the change occurring therein, of an organization may provide a poor picture of the profits and profitability of the organization. Likert Objectives of the Study: This unit aims to provide a basis for the conceptual framework of Human Resource Accounting. An attempt is made to highlight the following aspects. Development of the Concept of HRA An Historical Score Card Meaning and Definition of HRA Importance Objectives of Human Resource Accounting Limitations of Human Resource Accounting HRA for managers & HR Professionals Investment in Human Resources Quality of Work Force and Organizations‟ Performance Efficient use of Human Resource Enumerating the Assets Calculating the Market Value of Assets Human Capital. INTRODUCTION To ensure growth and development of any orgnisation, the efficiency of people must be augmented in the right perspective. Without human resources, 1 the other resources cannot be operationally effective. The original health of the organization is indicated by the human behaviour variables, like group loyalty, skill, motivation and capacity for effective interaction, communication and decision making. Men, materials, machines, money and methods are the resources required for an organization. These resources are broadly classified into two categories, viz., animate and inanimate (human and physical) resources. Men, otherwise ...
Words: 54154 - Pages: 217
...“Human resource is the most important asset of an organisation.” Human resource management (HRM) is an approach to the management of people, based on four fundamental principles. First, Human Resources (HR) are the most important assets an organisation has and their effective management is the key to its success. Second, this success is most likely to be achieved if the personnel policies and procedures of the enterprise are closely linked with, and make a major contribution to, the achievement of corporate objectives and strategic plans. Third, the corporate culture and the values, organisational climate and managerial behaviour that emanate from that culture will exert a major influence on the achievement of excellence. This culture must, therefore, be managed which means that organisational values may need to be changed or reinforced, and that continuous effort, starting from the top, will be required to get them accepted and acted upon. Finally, HRM is concerned with integration - getting all the members of the organisation involved and working together with a sense of common purpose. Human Resources describe the department of a business or company that basically focuses on the best interests of its employees. It is crucial to the success of any business to implement HR techniques to its day-to-day operations as a means of providing the best possible working atmosphere for employees and managers, and also protecting the best interests of the company and increasing productivity...
Words: 929 - Pages: 4
...In an organization, it’s the people that carry out many important work activities. Managers and HR professionals have the important job of organizing people so that they can effectively perform these activities. This requires viewing people as human assets, not costs as for organization. Looking at people as assets is part of contemporary human resource management and human capital management. No organization can function properly without the presence of human resource deparment.This is because human resource department of an organization performs a variety of function or activities that are essential for an organization. The most important function of a human resource department is to hire the right people for the benefit of the organization.Hiring and firing are opposite faces of the coin and for an organization where expansion phase is in progress, there are always more chances for induction of staff rather the deduction but even then sometimes the bitter pills are to be swallowed. Human Resource Department based on the ongoing expansion and vacant positions, invites applications and short list the best stuff for further process. If the human resource department fails to hire the people with the right skills, then the organization performance will be adversely affected by this. For the selection of the staff the Human resource department implements the recruitment plan to provide an opportunity to unemployed people to assess their skills and abilities by applying for a job...
Words: 1112 - Pages: 5
...is considered that Human resource policy plays an important role for improving the quality of an organization. Like any other organization human resource policy and their implication and management procedure are important for Bangladeshi Private Universities. Turnover is another important factor of an organization and Bangladeshi Private Universities are not except for these. Though Bangladeshi Private Universities established in the time of 1992 to present but research are few related about the Bangladeshi Private Universities. Human Resource Policy, Human Resource Management and Human Resource Development are used in the Bangladeshi Private Universities. Previous literature showed that some research is entitled by the Human Resource Management and Turnover Intention (Mohd H R Joarder and Dr. Mohmad Yazam Sharif 2011). Their topic is entitled “The Role of HRM Practices in Predicting Faculty Turnover Intention: Empirical Evidence from Private Universities in Bangladesh”. The study found faculty compensation, supervisory support and job security as statistically significant predictors of faculty turnover intention. Previous literature showed about the topic “Role of Private Universities in Human Resource Development in Bangladesh” (Brig Gen A N M Shawkat Jamal 2002). The study found private universities in Bangladesh contribute in human resource development but it is heavy costly. But no research is found related with Human Resource Policy. Though Turnover...
Words: 9086 - Pages: 37
...Assets and Risk Management Michael Young 29 October 2015 Abstract One of the most important responsibility in any organization is to protect the assets and seek ways to harden systems by performing test and implementing Intrusion Detection Systems (IDS). With the increase in attacks by hackers most organizations use vulnerability, threat, and exploit assessment to help keep their systems protected. A risk exist when threats are able to exploit vulnerabilities. It is understood there will always be a risk and threat. The technology used to infiltrate systems today has advanced significate over the years. I believe companies do not invest enough money in testing their systems regularly. In this paper I will talk about two (2) risk assessment methodologies and the key approaches to identifying threats relevant to an organization. I will also discuss the different types of assets that need protection. Lastly, I will explain the relationship between access and risk, and identify the tradeoffs of restricting access to the organization’s assets. Assets and risk management are essential components to a successful organization. Risk Assessment A risk assessment can save you time and resources if you follow the procedures, and utilize the resources available to conduct your assessment. The two preferred methods used to identify threats are reviewing historical data and threat modeling. The technique used often depends on the environment and resources available. Some companies...
Words: 1196 - Pages: 5
...INFLUENCING IN A COMPETITIVE WORLD BY MARIA MEMON BBA 5C SUBMITTED TO:MS SALEHA HAROON "In a global competitive world, you gotta win. When you win, you give back." ~ Jack Welch~ Human Resource management or the personnel management, in a sense means getting things done by its people. It is an essential role that is eventually played by every manager. HRM is basically about how one manage its people in a effective way in order to gain more productivity and HR means ‘human resource’ that show the people viewed as a resource in an organization, if effectively managed can bring productivity and can be a competitive advantage for an organization. Before putting an argument on how HRM is influencing in a competitive world we need to realize that HR is more than maintaining personnel functions. Corporate and economic development dictated that businesses to remain competitive, needs to view HRM as an evolutionary function. In this essay certain issues and challenges have been discussed that influence HR to remain competitive in this modern world. Firstly it is told about employees are the competitive advantage of a company and to manage it effectively is the primary goal of an organization. This essay is also about how workforce diversity can bring positive and negative impact on organization it is also about how rapid technological changes and globalization had bring challenge for HR professional. The basic point on which this essay focus is about how HRM is actually influencing...
Words: 3116 - Pages: 13
...1. Introduction - The role of Human Resource During the early 20th century, the primary role of human resource is a care taker. Primarily they are involve in record keeping of the employee personal information, the most administrative job scoop. Hence during that period of time most human resource personnel is not required to go through formal training. Moving forward to 21st century, the primary role of human resource has been shift from a care taker to strategic planner which is vital for all companies. Not only they are required to maintain employees' record, in addition human resource personnel is required to think of strategy and ways to bridge between the employee and company management. Not only they are required to go through formal training, experience plays an important part as well. In modern days, human resource is known as a "people" profession. Their main asset are human and intellectual capital. As a human resource personnel, they are required to plan and execute plans to retain talent at the same time they have to ensure that human resource strategy is in line with their organization strategy. The foundation of an organisation is employee, in other words is intellectual capital in this main asset of an organisation. Even though in 21st century most company is moving towards machinery and technology but all these is build on intellectual capital. According to most researches, not only Human resource increase employees' capabilities in discovering business...
Words: 905 - Pages: 4
...rising, it is also the responsibility of an organization’s human resource team to analyze and ensure they recruit the most appropriate candidate for the job. Organisations have been seeking, attracting and retaining the best talents available in order to overcome the competitive challenges that they are facing today. Apart from achieving the strategic goals and objectives of an organization, human resource management (HRM) also plays a part in the output of a company performance as it lays down strategic decisions, policies, as well as systems, that may affect the most important asset in the organization, its employees (Armstrong, 2008, p.5). In this assignment, it will reference to Ritz Carlton that is one of the most successful organizations that have acknowledged their human resource (employees) as the most important asset to achieve goals and objectives. The focus on human resources into recruiting, selecting and development has aided them to achieve several worldwide recognition awards such as the gold standard of hospitality (The Ritz-Carlton Hotel Company, 2011). Recruitment and Selection Hellriegel and Slocum (2007, p.161) states that Ritz Carlton knows the type of employees they are looking for in every job position, and is careful to only employ those who display the skills and behavior required to accomplish the job. Ritz Carlton has always been successful in selecting and recruiting the most suitable talents to their organisations that will fit into their...
Words: 1164 - Pages: 5
...HUMAN RESOURCE ACCOUNTING Definition Assigning, budgeting, and reporting the cost of human resources incurred in an organization, including wages and salaries and training expenses. Measurement in HRA The biggest challenge in HRA is that of assigning monetary values to different dimensions of HR costs, investments and the worth of employees. The two main approaches usually employed for this are: 1. The cost approach which involves methods based on the costs incurred by the company, with regard to an employee. 2. The economic value approach which includes methods based on the economic value of the human resources and their contribution to the company’s gains. This approach looks at human resources as assets and tries to identify the stream of benefits flowing from the asset. The methods for calculating the economic value of individuals may be classified into monetary and non-monetary methods. Monetary Measures for assessing Individual Value a) Flamholtz’s model of determinants of Individual Value to Formal Organizations According to Flamholtz, the value of an individual is the present worth of the services that he is likely to render to the organization in future. As an individual moves from one position to another, at the same level or at different levels, the profile of the services provided by him is likely to change. The present cumulative...
Words: 1913 - Pages: 8
...© Copyright by Institute of Organization and Managment in Industry „ORGMASZ” Vol 1(1); p. 37 - 45 Year 2008 10.2478/v10061-008-0005-y Intellectual Capital Measurement Methods Jolanta Jurczak* Introduction Evolution of economy has caused important changes in activity of companies on the global market. Nowadays we are observing a growth the importance of intellectual resources as an effective tool for increasing corporate competitiveness. This fact has caused the need to manage companies and to measure their performance in a new way. Measuring Intellectual Capital is essential and very important in order to compare different companies, to estimate their real value or even to control their improvement year by year. Also to improve the way in which companies manage its intellectual resources that generate value and give back some benefits in consequences maximizing advantages for the company. Authors like Kaplan and Norton (1996), Stewart (1997), and Kerssens (1999) use phrases like “If you can’t measure it, you can’t manage it” to justify the search for new Measurement Methods.1 But to measure Intellectual Capital is necessary to determine exactly what the Measurement Methods are, which are the best and which the company should choose to evaluate its assets in proper way. Properly using Intellectual Capital Measurement Methods can cause the creation of competitive advantage and in consequence create development of the whole company at the present day. The Concept and Classification...
Words: 4159 - Pages: 17
...TRAINING AND DEVELOPMENT Training and Development The importance of training and development depends on human resource development. Training is the most important technique of human resource development. Training develops human skills and efficiency. Trained employees would be a valuable asset to an organization. Organizational efficiency, productivity, progress and development depend greatly on training. Organizational skills like viability, stability and growth can also be achieved through training. Training and development in healthcare are extremely important. There are many different workplaces that healthcare workers are found to need training and development and it varies. There are large and small medical practices, hospitals, therapy centers and testing facilities that all require employees to be skilled in specific tasks as well as administrative functions. Interpersonal skills among the staff are also necessary for the organization to be effective and serve the patients. Dealing with patient’s health and financial issues are also part of a healthcare worker’s skills. The importance of training and development to a larger extent depends on human resource development. Training is most important technique of human resource development. Training develops human skills and efficiency. Trained employees would be a valuable asset to an organization. Organizational efficiency, productivity, progress and development to a greater extent depend on training. Organizational...
Words: 749 - Pages: 3
