...one of an organization’s intangible assets. It is basically all of the competencies and commitment of the people within an organization i.e. their skills, experience, potential and capacity. Other examples of intangible assets include: brand, software, design, working methods and customer relationships. The human capital asset captures all the people oriented capabilities we need for a business to be successful. It’s important to remember, however, that individuals are only an asset insofar as they choose to invest their human capital in an organization. Some people find the term Human Capital somewhat mechanistic, but human capital is not about describing people as economic units, rather it is a way of viewing people as critical contributors to an organization’s success. This then throws the spotlight on how businesses invest in their human capital asset, in order for it to add value. For any commercial organization, this is an important component to understand. If a company understands how its human capital contributes to their business success, it can then be measured and managed more effectively. Human capital management is a reciprocal relationship between supply and demand: employees, contractors and consultants invest their own human capital into business enterprises and the business enterprises need to manage the supplier. Any organization interested in its performance will naturally ask how well they are managing this asset to ensure maximum return on their investment...
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...Executive Summary 4 HR Scorecard – The Birth 5 HR Scorecard 6 Indicators of HR Scorecard 8 Balanced Scorecard 10 Relation between HR Scorecard & Balance Scorecard 11 Designing HR Scorecard 12 The Implementation 14 Sample HR Scorecard 15 Primary Research Industry Example: The Taj Group 16 Industry Example: NTPC 17 Pros & Cons 18 Conclusion 19 References 20 Executive Summary This project is based on finding the rationale behind the development of HR Scorecard and the reasons behind its successful implementation in companies worldwide. HR Scorecard is a tool used by the organization to match HR deliverables with the strategic aspect of the business. It provides a platform to measure HR performance and efficiency and how it can be molded to adapt to the ever-changing strategies of the company. First the strategy of the business is identified and the basis of that, KPIs of HR Scorecard is designed. Implementation of HR Scorecard involves complete acceptance of the system by the employee as well as the employer. Also it requires the development of a flexible system, which can be revised and reformed according to different scenarios. Overall Performance of Company The Company’s capacity to implement strategy Strategically Focused Employees Performance Measurement System HR Strategic Alignment Knowledge Management System HR Scorecard helps to highlight the role of the HR as that of the Strategic Business Partner. HR department can contribute...
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...A Dissertation Report On “Putting HR on Balanced Scorecard” (A Case Study of Verizon) (SUBMITTED TOWARDS PARTIAL FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT) (Approved by AICTE, Govt. of India) ACADEMIC SESSION (2008-10) Under the guidance of: Submitted by: Supervisor Name Your Name Lecturer (college name) Roll: - PGDM-08/012 College Address PREFACE There is a famous saying “The theory without practical is lame and practical without theory is blind.” Alignment of the Human Resource with the overall strategy of the company is a very big and toughest challenge for the company. Human resource is an important part of any business and managing them is an important task. Our institution has come forward with the opportunity to bridge the gap by imparting modern scientific management principle underlying the concept of the future prospective managers. To the emphasis on practical aspect of management education the faculty of College Name has with a modern system of practical training of repute and following management technique to the student as integral part of PGDM. ACKNOWLEDGEMENT “It is not possible to prepare a project report without the assistance & encouragement of other people. This one is certainly no exception.” On the very outset of this report, I would like to extend my sincere & heartfelt obligation towards all the personages...
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...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 in the competitive world. In this modern world, where company’s competitive advantage is its employees, their HR has to act as a strategic partner, According to Herzberg views competent employees are the hygiene factors and high performance work systems are motivator in this today’s business...
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...Executive Summary The world these days is continuously moving quick getting along a few progressions in our lives, society and many others. In other part associations do envelops from time to time those encounters which are for a few absurd and along these lines difficult to overcome new circumstances. Human capital management is the compelling utilization of HR in other to improve authoritative execution. This part in association is an awesome beginning stage, to effortlessly deal with the route individuals with respond contingent upon nearing change circumstance. The managing of the human capital will provide a platform for the organization to deal with certain issues and challenges that faces the organization on the daily basis. Organization has since long adopted for a successful set of strategies which will define the success of the organization not only for the short term but also for the long term development of the companies. Different case studies are involved in this research as it will provide an insight that how important is the managing of the human capital within the organization as with the performance of these staff will lay the importance for the organization success in terms of the efficiency and effectiveness for their day to day business activities. The research below will also understand and signify how organization are evolving their strategies and how the employees and staff in the organization are coping up with the new set of strategies...
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...“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...
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...HR Policy and Turnover Rate CHAPTER 1 INTRODUCTION This chapter includes: 1.1 Background to the study, 1.2 Rational of the study, 1.3 Problem of the study, 1.4 Objectives of the study, 1.5 Hypotheses of the study. 1 HR Policy and Turnover Rate 1.0 INTRODUCTION 1.1 Background to the study It 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...
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...HWWhy do you think it is important for HR to be a strategic partner to the business? 1. I think it is important for HR to be a strategic partner to the business for many reasons. The first would be the fact that HR is suppose to have its best interests in the organization they are supporting so in order to maxamize how much the company succeeds the HR department should stratagize and work together with the company to have goals set and to make sure they are both on the same page. HR should be viewed as an organziation’s asset that if used correctly could not only help keep the company and their employees focused on their goals but also be a key player in the company’s success. If they work together they can create adequate programs while also being an asset in the design and development process of that organization. Alone a company or organization can only go so far but with the help and proper implementation of an HR department they can achieve more than they could have imagined. The HR department when used correctly can help with things like expansion of the business , the implementation of new products or services and even new technologies or applications. What benefits do you think the employees derive from this arrangement? 2. There are many benefits that the employees derive from this arrangement. First and foremost they could gain training and development being implemented. This gives the employees a chance to not only excel in their current position but if set up correctly...
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...Human resource is now becoming more and more important than it used to be. Human resource management refers to the policies, practices, and systems that influence employees’ behavior, attitude, and performance. In a company, a HR department is solely responsible for outplacement, labor law compliance, record keeping, testing, unemployment compensation, and some aspects of benefits administration. These factors all play critical roles in companies’ success. But I suppose that the top 3 areas of HR should be recruitment, benefits and strategic planning. Recruitment is the process of attracting, screening, and selecting a qualified person for a job. Employees are the most important component of a company. They are the greatest assets of a company. So HR department should be responsible to pick out those people who are most qualified and have competency to accept the job. Especially nowadays as globalization becomes more and more prevalent, many companies would like to hire people that have more skills. What’s more, in order to attract those qualified applicants, HR departments should establish regulations and awards. Also HR departments should have professional enrollments and orientation processes. Benefits include life and disability insurance, retirement plan administration, accident, sickness and cancer insurance and so on. Employees need a good environment to ensure their works and lives. HR departments offer these benefits could boost employee morale and motivation...
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...mentoring, and guidance. Plus, they maintain incredible amounts of knowledge in order to ensure compensation and benefits, affirmative action, safety and health, equal employment opportunity, and employee and labor relations all work in harmony. Human Resources is continually evolving on many diverse levels, facing challenges – both internally and externally – that cause them to constantly engage, adjust, realign, and/or refocus to safeguard associate morale and confidence in the company they work for. After all, “human assets (HR associates) are the only ones capable of managing all the other assets (employees) to accomplish organizational goals” (Youssef, C.M. 2012). We’ve learned how HR planning is “the process of managing an organization’s most valuable asset – its people”. HR must ensure there are not too few – or too many – workers; and they must assist managers with employees and jobs so that the organization works harmoniously in reaching its goals. HR must carefully analyze and review jobs, fill those positions with talented individuals that come from a pool of applicants, continually work with management to ensure proper training and knowledge are complete and in place, offer compensation either through pay incentives or reward-based programs, and keeping abreast of all personnel files and benefits, including retirement, insurance, or severance packages. All individual tasks must work cohesively to ensure the organization’s goals are not only met, but met within any...
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...Submitted by: SECMAT HR CONSULTING June 15, 2011 Table of Contents Company Type and Ownership Mission Statement Vision Guiding Principles Goals and Objectives Generic Strategy SWOT Analysis Marketing Mix 4P’s Income statement Conclusion PowerPoint Slides Company Type and Ownership “SECMAT HR Consulting” will be established as a General Partnership company based in Washington D.C, originally by 6 partners of SECMAT team. About General Partnership In business, when you hear the word partnership, it generally refers to a general partnership. In a general partnership, there are two or more partners. Each is liable for any debts or judgments taken on by the business. There is no limited liability, which means all the partners’ assets can be taken in a lawsuit or be targeted to settle debts should the partnership become insolvent. Any partner can be sued for the full amount of business debts. Another attribute of the general partnership is that every partner has so-called “agency powers,” which means any partner can bind the entire business to a contract or business deal. The benefits of the general partnership are structure and control. Unless by other agreement, profits are shared equally amongst the partners. In most cases, there is a contract of some sort which outlines how profits and losses will be divided. In a general partnership, each partner has an equal...
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...discussion of the key differential factors associated with the models and a critique of the issues and tensions organizations face. The best answers will introduce the strategy process behind the models, planning, competence and the flow from the business strategy. They will be able to focus around the vision of the organization the values and how this is worked through with better examples. 2. How are Human Resource Departments responding to the challenge of SHRM? Answers will use the Ulrich or similar framework and assessing the challenges HR faces with respect to becoming strategic actors and business partners. They will be able to offer more contemporary information / discussion updating progress toward becoming business partners and change agents with some examples beyond the basic module guide. This will offer a critical and challenging view point. They will offer a comprehensive update on what it means to measure HR value added, develop the function around consultancy and basic service functions and be able to offer more on audit and the relationship with other line managers; advisory, policy and support etc. 3. Outline the main principles of Human Resource Planning. Answers must be confident on the requirement for better longer term planning as a central focus for a strategic approach. They will be clear on the longer term view of skills planning against business change as the key. They may also pick up on the importance of scenarios as a planning...
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...Resource activities - the formal hr policies developed by a company as well as the actual ways these policies are implemented in the daily practices of supervisors and managers. Human Resource Certification Institute (HRCI) - the best-known certification provider for HR professionals. Human Resource code of ethics - a code that states that hr professionals must regard the obligation to implement public objectives and protect the public interest as more important than an employer’s preferences. Human Resource Management (HRM) system - a system developed by an organization to understand, create, coordinate, align, and integrate all of their policies and practices. Human resources - all of the people who currently contribute to doing the work of an organization, as well as those people who potentially could contribute in the future and those who have contributed in the recent past. Intangible human assets - an organization’s assets, comparatively social in nature, that include such organizational characteristics as an employer-of-choice reputation, the depth of employee talent and loyalty, and the ability to innovate and change. Multinational corporations (MNC’s) - firms with operations in multiple countries. Social media - a set of technologies and communication channels targeted at forming and enabling a potentially massive community of participants to productively collaborate. Society of Human Resource Management (SHRM) - an association for HR professionals in the united states...
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...Introduction……………………………………………………….pages 3-4 The Problem: HR is not aligned with strategic planning……….....pages 4-7 The Solution: Aligning HR with organizational strategy………....pages 7-12 Conclusion…………………………………………………………pages 12-13 References……………………………………………………….…page 14 John P. Righeimer Maverick Energy PH: 815-498-3855 2 Introduction Most organizations view the department of Human Resources (HR) as an administrative function and ignore the need and opportunity to align it with its strategic plans. In circumstances where HR is included in the strategy of an organizatio n, its alignment does not go beyond a forecasting function. The main reason that HR is not aligned with the strategy of an organization is that it does not hold a seat at the strategic planning table. The irony with HR being left of out of strategy planning is that by its nature, HR is about people, which is the core of an organization and its strategic plan. The HR function not aligned with an organization’s strategy. My hypothesis is that it is hard to measure HR success and thus it is considered “soft” and not important in the strategy development. What gets measured gets done and/or receives the authority to contribute to an organization’s strategy. HR is often viewed as the organization’s “cop”, ensuring that benefits are properly administered and hiring/firing is handled to the letter of the law. In contrast to the HR administrative function, strategic HR practices are more contemporary concepts. Consequently...
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...Why it is important for companies today to make their human resources into a competitive advantage. Explain how HR can contribute to doing this? In most businesses today, there are two main components, which are the people and the machinery to produce a products or services. The most important assets are the employees. The better the employees (efficient, smart, creative and etc.), the better the business. As stated in Karl Marx postulated on the labor and its relation to capital, basically the only real assets in the business are the people as they are able to create all things from natural resources. All things created started within the brain of man, therefore, all wealth should be distributed on an equal basis (last part of this postulate, "equal distribution" is wrong or a fallacy as all people are not equal in what they produce or contribute). Since HR is an important asset to any business, its play a role in contributing a competitive advantage to the business by providing its expertise in the areas such as: * Organizational development – by creating the value to meet customer satisfaction and developing a unique culture * Compensation and benefit * Managing change and facilitating training and development * Recruitment and selection of staff * Employee relations – by communicating with employees on any issue or concern, Furthermore, HR is also very important in building the capacity and capability of its people to achieve their full potential...
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