...will continue to see a profit, retain its employees and hire new talent to perhaps increase its manpower and production. Shawn’s Approach In an effort to restructure AGC, there are a number of things that have to be taken into consideration. Since Shawn has just joined the team, his presentation has to be informative and insightful. One of the first steps would be to define human capital management, its importance and a structure that needs to be implemented. As with any organization, certain policies and procedures need to be implemented and followed. A strategic plan would be the first place to start. This is simply “a company’s plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage”. (Dessler). The framework for the strategic plan is also important because this will allow the board to determine the strengths as well as weaknesses that may be present within the organization. Once this has been determined, the restructuring process can begin. Since there has been little to no communication amongst management/employees each department will need to hold a meeting to determine how organizational structure should be established internally. A question to ask would be where does AGC stand currently in the market as well as financially? Before reconstructing, the importance of the change must be communicated and understood in such a way that resistance from John and other board members...
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...First define and then compare and contrast Human Resource Management (HRM) with Human Capital Management (HCM) by building upon class content and discussion. Human Resource management is the process of managing individuals within an organization, using the policies, practices and systems that influence the employees. Human Capital Management is the managing of individuals based on their skills, training, experience, intelligence, relationships and insight. Human resource management (HRM) is the management of an organization's most valued assets, the individuals who are employed by the organization, while human capital management HCM is related it varies slightly. An example of HRM is anything involving the day to day operations of an organization, whether that is recruiting employees, or signing up employees for benefits. HCM involves managing the organizations employees through the use of data, surveys; put simply the measurements used to gauge a company’s success based on how the employees are managed. An example would be the human resource department initializing performance management reviews, then using the data collected to create a consensus of the finds. HRM and HCM both have their place and organizations. Although they are related they are not necessarily interchangeable. If an organization is look for better insight into their employees HCM would be better to use than HRM. Some authorities would posit that human capital is a sub-set of intangible assets that...
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...Human Capital Management Plan 2004–2008 United States Copyright Office | Contents 1 Message from the Register of Copyrights Copyrights Copyrights 3 Introduction Human Capital Framework · 3 Framework Our Mission · 4 Copyright Office Strategic Plan Mission, Goals, and Objectives · 5 Business Process Reengineering · 5 Current Organization and Workforce · 5 Reliance Upon Library of Congress Human Resources Services · 6 7 Part 1 · Strategic Alignment 7 Part 2 · Organizational Alignment and Workforce Planning 9 Part 3 · Talent 15 Part 4 · Results-Oriented Performance Culture Performance Culture 17 Part 5 · Leadership and Knowledge Management 19 Performance Measures and Evaluation 19 Appendices a: Stakeholder Roles and Responsibilities · 19 b: Implementation Framework · 21 Message from the Register of Copyrights I am pleased to present the Copyright Office Human Capital Management Plan for 2004–2008. This Plan has been developed as a companion to the Office’s Strategic Plan and links our human capital planning to the Office’s strategic policy and management objectives. It emphasizes the importance of human capital management to the successful accomplishment of our mission. In every organization, people are the most valuable resource. This is especially true at the Copyright Office, which is fortunate to have a seasoned, dedicated, and professional workforce that is customer-service oriented. The Office has a unique mission, and I am gratified when I work with...
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...Overview Human capital management is a standard way of relating to people as a resource and how to manage that resource. The focus is on how to organize and provide specific information on workforce acquisition, management, and optimization. There are specific areas that help enable human capital management and they are core administrative support, strategic human capital management support, and other. The core support is comprised o personnel administration, benefits administration, payroll, portal/employee self-service, and service center. The strategic support is made of workforce planning, competency management, performance management, compensation planning and strategy, time and expense management, learning, recruitment, onboarding, contingent workforce management, and organization visualization. Other is made up of reporting and analytics and workflow. Let’s first define Human Capital that is the totality of talent that is found in an organization. It includes employee’s skills and behaviors and the ability to see beyond what is obvious in the work environment. It involves innovation, critical thinking, negotiation, conflict resolution, problem solving, team building, and interpersonal competencies. It basically represents the investment that people make in them that can enhance their productivity. (Olaniyan & Okemakinde, 2008) AGC has a variety of human capital management problems and they start with intercultural communication issues, political and regulatory...
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...SAP Information Sheet SAP ERP Human Capital Management SAP Enterprise Learning Quick Facts Overview © 2013 SAP AG or an SAP affiliate company. All rights reserved. Boost Productivity and Employee Satisfaction with SAP® Enterprise Learning Quick Facts Overview Summary SAP® Enterprise Learning is a comprehensive enterprise learning environment in which business and learning processes can be managed and integrated. It helps ensure that employees have the right skills and qualifications by enabling course content management, providing classroom training and e-learning, and managing learning processes. Objectives • Overcome shortage of qualified, trained people in key roles • Address the development needs of a global, mobile, multigenerational workforce • Ensure that training costs, usage, impact, and effectiveness are all transparent • Adhere to regulatory compliance requirements Solution • Collaborative resources to keep worker skills current • Support for a comprehensive learning approach • Learning units based on a learner’s personal data • Modular, reusable learning content • Quick identification of information needed Benefits • Tailor-made learning opportunities for key contributors • Retention of key talent and increased employee satisfaction • A skilled workforce with better training • Reduced risk of regulatory noncompliance • Integration of the software with existing enterprise resource planning software • Streamlined processes Learn more Call your...
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...CRITICAL REVIEW ON STRATEGIC MANAGEMENT ON HUMAN CAPITAL IN NEW ECONOMY Zubaidah binti Haji Harun Email address : zupian@yahoo.com PhD Candidate,Faculty of Business Management, Universiti Teknologi MARA, 40450, Shah Alam,Selangor ABSTRACT New economy can be meaning of many way. It can be defines knowledgebased economy, globalize economy, digital economy. When economy need knowledge more than other tangible assets, the human resources are become the vital resource and assumed as an asset to an organization. Knowledge workers or called human capital have different characteristics contrast to non-knowledge workers. To be competitive advantage in present marketplace, human capital should be treat as a capital to an organization and must be managed significantly and neatly. Human Resource Department becomes an important part to deal with a lot of challenges in managing human capital in new economy. Keywords : New economy; Knowledge – based economy; Human capital; Knowledge Management; Intellectual Capital INTRODUCTION In this 21st century, the global economy was shift to new economy or be known as knowledge – based economy (k-economy) There is no longer agricultural and industrial economy but we are now entering to knowledge society which is work is linked to knowledge and learning. The rise of the new economy, the knowledge component of products and services has increased dramatically in importance and has become the dominant component of customer value. There are two types...
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...MEANING OF INTELLECTUAL CAPITAL This is the intangible value of a company, and is measured as the difference between the enterprise value of a company and the market value of its tangible assets. Intellectual capital is knowledge that can be exploited for some money-making or other useful purpose. The term combines the idea of the intellect or brain-power with the economic concept of capital, the saving of entitled benefits so that they can be invested in producing more goods and services. Intellectual capital can include the skills and knowledge that a company has developed about how to make its goods or services; individual employees or groups of employees whose knowledge is deemed critical to a company's continued success; and its aggregation of documents about processes, customers, research results, and other information that might have value for a competitor that is not common knowledge. Classification of Intellectual capital • Human capital- The value that the employees of a business provide through the application of skills, know-how and expertise. It can be defined as all the unique ideas, skills, and knowledge that an individual owns and contributes to an organization. • Structural capital- Structural capital is the structures and mechanisms that help support employees and includes procedures, routines and everything that is left in the organization. It includes processes, intangible assets like patents, and trademarks, as well as the organization’s image, information...
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...teams: A human resource capital architecture // International Journal of Human Resource Management, 2005, 16(9), p1583-1599 // ISSN: 0958-5192 Globalization has organically introduced Global Virtual Teams (GVTs) and made them an essential part of any rapidly expanding international companies. GVTs, which are groups of people working together even though they are geographically separated, have the potential to be catalysts in effectively utilizing a company’s human resources (HR). Even though GTVs show great promise, problems associated with an interconnected global work force are amplified and new issues have arisen which include difficulty working with individuals from differing cultures, decreased ability for members to build social/cultural capital within a team, difficultly to asses performance, and GVTs cannot convey informal rules or norms which in turn would lead to an increase in misunderstandings and confusion. GVTs value-creating competencies can be broken down into: self-related competencies, team context-related competencies, and vision-related competencies. These competencies, if bundled together effectively, will foster a sustainable competitive advantage over the firm’s global rivals. Another determining factor in how to efficiently use an organizations competencies would be the balance between the development of a firm knowledge base and the knowledge shared by collaborating GVT members, or the management of corporate HR architecture. Human capital needs to...
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...Planning and Enterprising Management Individual assignment Word account: 1940 Student name: Chen Yang ( Clarence) Student number: 22039659 Module leaders: Mike Cudzich-Madry, Dr Andrew Hird Submit date: 14 November The recognition of new opportunity is the significant unique behavior for entrepreneurs or managers to ascertain a new business. More especially, Haugh’s (2005) points out that “opportunity recognition is at the very heart of venture creation; some scholars regard opportunity recognition as the basis of entrepreneurship.” It means opportunity recognition is one of the ability to evaluate how entrepreneurs successful in venture creation. Also, opportunity recognition means the perceiving possibility of starting a new business and leading to considerable profit. There are two types opportunity recognition ‘internal perspective’ and ‘external perspective’. Internal perspective means entrepreneurs should make sure that problems and needs identified before make a decision which is risky, but external perspective denotes they should make the decision to start a venture precedes opportunity recognition. Most of entrepreneurs looked at three methods of discovery opportunity recognition ‘active searching’, fortuitous discovery’ and ‘opportunity creation’. However, social capital and human capital might be affected on opportunity recognition when entrepreneur creates a new business. This paper is going to discuss how human capital and social capital influence on each method...
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...Daria Sociology B2 Human Capital Theory What is human capital? According Schultz (1993), the term “human capital” has been defined as a key element in improving a firm assets and employees in order to increase productive as well as sustain competitive advantage. To sustain competitiveness in the organization human capital becomes an instrument used to increase productivity. The theory of human capital is rooted from the field of macroeconomic development theory (Schultz, 1993). Becker’s (1993) classic book, Human Capital: A Theoretical and Empirical Analysis with special reference to education, illustrates this domain. Becker argues that there are different kinds of capitals that include schooling, a computer training course, expenditures on medical care. And in fact, lectures on the virtues of punctuality and honesty are capital too. In the true sense, they improve health, raise earnings, or add to a person’s appreciation of literature over a lifetime. Consequently, it is fully in keeping with the capital concept as traditionally defined to say that expenditures on education, training, and medical care, etc., are investment in capital. These are not simply costs but investment with valuable returns that can be calculated. Uluslararası Sosyal Arastırmalar Dergisi The Journal of International Social Research Volume 2 / 8 Summer 2009 The Relationship between Human Capital and Firm Performance Human capital is getting wider attention with increasing...
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...STRATEGIC HUMAN CAPITAL USING BLUE OCEAN STRATEGY® (2-DAY WORKSHOP) Introduction Today’s business managers of any sized organization are facing the challenges of human capital especially after the economic depreciate. In order to get rid of the crisis, organizations need a comprehensive, coherent and timely strategy on promoting, measuring and assessing innovations in human capital strategy. As such, it has been a drastic difference in the focus of professionals to train and retrain their skill-set through higher education. This is particularly important in challenging times like now. The need to change, innovate and respond appropriately is no longer a luxury. It is a necessity for survival and relevance. The role of Human Capital is important and significant because of the positive correlation to economic growth and societal development. Hence, UCSI Blue Ocean Strategy® challenges these old paradigms and offers the Strategic Human Capital Using Blue Ocean Strategy® 2–Day Workshop. Through the workshop, participants will learn the skills they need to align human resources goals and budgets with their organizational mission. In addition, participants will also understand the role of metrics and data in identifying desired outcomes and measuring progress toward the identified outcomes. Objectives * To introduce Blue Ocean Strategy® systematic methodology in Strategic Human Capital Planning and Execution. * Master the new business administration of strategic human capital...
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...interest in Intellectual Capital (IC) has been the core factor it is being developed rapidly (Juma and Paine, 2004; Bontis, 2001). IC was first being acknowledged in 1995 by Skandia when it published the world’s first IC yearly report (Edvinsson and Malone, 1997). Definition of Intellectual Capital (IC) There have been tremendously abundant definitions of IC (refer to Appendix 1). In general it may seen synonymous with knowledge capital and asset, intangible and visible assets (refer to Appendix 2). This also includes human capital, information assets as well as the enclose value of organisations (Bontis, 2001; Tseng and Goo, 2005). Itami (1987) refers IC as organisation’s intangible assets that consist of experience, customer relationship and information, organisation’s repute and culture and intellectual property. This consistent with what mentioned by Stewart (1997) where IC comprises intellectual material that is able to generate wealth. The closest definition of IC would be from Roos et al. (2005) where IC is said to be the non-physical besides non-monetary capitals controlled by organisations that leads to value formation. According to Stewart (1997), there are three components for IC, which are human capital, structural capital as well as relational capital (refer to Appendix 3). Components of IC Human capital happens to be the capital, embedded in a person’s mind and stays together in a person. When a worker quits, the human capital that includes skills, innovativeness...
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...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 of Intellectual Capital Intellectual Capital (IC) are an increasingly important part of running...
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...the first wide scale economic activity. It serves as the sustenance of mankind, the oldest most reliable energy source for human beings; food production. Throughout the ages agriculture as we know it has changed. As economies developed from subsistence to trade and developed trading economies so has agriculture. Currently, in today’s world, we see agriculture as an important industry to any nation. It serves as one of, if not the most, powerful poverty reduction sectors in any nation. This is so because agriculture dominates the rural areas; which are notorious for being resource immobile, isolated and poverty stricken. Henceforth, implications for agriculture and its development becomes an important concern for every nation. Labour being an important factor of production, and one which is most variable in the short run, an analysis on its influence in agricultural production seems almost mandatory. In this sector of interest, the labour available tends to diverge from those of other sectors, in terms of characteristics. Labour in agricultural production is characterized by “a high age of agricultural workers & low levels of educational attainment”(A.Bailey, 2012). This signifies relatively low levels of human capital in the industry and hence restricts the sector from utilizing skilled labour. What is human capital? Human capital can be referred to as the set / stock of skills an individual possess that can be rented out to employers. These skills...
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...Human resource accounting Human Resource Accounting is a method to measure the effectiveness of personnel management activities and the use of people in an organization. Historical cost approach This approach is developed by Brummet, Flamholtz and Pyle but the first attempt towards employee valuation made by R. G. Barry Corporation of Columbus, Ohio in the year 1967. This method measures the organization’s investment in employees using the five parameters: recruiting, acquisition; formal training and, familiarization; informal training, Informal familiarization; experience; and development. The costs were amortized over the expected working lives of individuals and unamortized costs (for example, when an individual left the firm) were written off. Limitations * The valuation method is based on false assumption that the dollar is stable. * Since the assets cannot be sold there is no independent check of valuation. * This method measures only the costs to the organization but ignores completely any measure of the value of the employee to the organization (Cascio 3). Replacement Cost approach This approach measures the cost of replacing an employee. According to Likert (1985) replacement cost include recruitment, selection, compensation, and training cost (including the income foregone during the training period). The data derived from this method could be useful in deciding whether to dismiss or replace the staff. Limitations * Substitution of replacement...
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