...“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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...| | | |Assessment Submission Form | | |Student Name |Sathiswaren | |Student Number |12256746 | |Assessment Title |“Human Resource* is the most important asset of an organization.” | |Course |Bachelor Of Science in Logistics Management | |Lecturer |Dr. Chang Chen Sheng | |Tutor (if applicable) |Dr. Chang Chen Sheng | |Date Submitted |14-11-2012 | |OFFICE USE ONLY | | |Date Received | | |OFFICE USE ONLY | ...
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...| | | |Assessment Submission Form | | |Student Name |Sathiswaren | |Student Number |12256746 | |Assessment Title |“Human Resource* is the most important asset of an organization.” | |Course |Bachelor Of Science in Logistics Management | |Lecturer |Dr. Chang Chen Sheng | |Tutor (if applicable) |Dr. Chang Chen Sheng | |Date Submitted |14-11-2012 | |OFFICE USE ONLY | | |Date Received | | |OFFICE USE ONLY | ...
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...of Human Capital Management (HCM) ………………………... 4 – 5 3. Benefits of Human Capital Management (HCM) …………………………… 6 3.1 Extracting the best out of employee …………………………………. 6 3.2 Hire the right candidate ……………………………………………… 6 3.3 Flow of information …………………………………………………. 6 3.4 Training and skills development …………………………………….. 7 3.5 Importance of soft skills and personal development ………………… 7 4. Differences between Human Capital Management (HCM) and Human Resource Management (HRM) ……………………………………… 8 4.1 Nature of relationships ……………………………………………….. 8 4.2 Relation of power and management ………………………………….. 9 4.3 Leadership and management role …………………………………….. 9 4.4 Contract of employment ……………………………………………… 9 4.5 Pay policies and job design …………………………………………... 10 – 11 5. Human Capital Management (HCM) drivers …………………………………. 12 – 13 6. Human Capital Management – A global context ……………………………… 14 – 15 7. Human capital in Malaysia – A government effort ……………………………. 16 7.1 Workplace transformation ……………………………………………. 16 – 17 7.2 Workforce transformation ……………………………………………. 17 – 19 8. Conclusion ……………………………………………………………………... 20 9. List of references ………………………………………………………………. 21 10. Appendices …………………………………………………………………… 22 INTRODUCTION Today's business environment requires a complete re-think of the traditional human resource...
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...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 cultures, values...
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...Introduction To Human Resource Management ↓ Every business unit needs human resource (manpower) for the conduct of different business activities. In fact, no organisation can exist or operate efficiently without the support of human resource. Such human resource includes top level managers, executives, supervisors and other subordinate / lower level staff / employees. A business organisation has to estimate its future manpower needs and adjust its manpower planning and development programmes accordingly. This is called 'staffing' function of management. Human resource management is also described as personnel management or manpower management. According to Edwin Flippo, "Personnel Management is the planning, organising, directing and controlling of the procurement, development, compensation, integration and maintenance of people for the purpose of contributing to organizational, individual and social goals". Various areas such as recruitment and selection, wage payment and industrial relations are covered under human resource management. Meaning of Human Resource ↓ In an industrial unit, large number of persons are employed in order to conduct various operations and activities. This is treated as human resource or manpower employed. A business unit needs material resources as well as human resource for the conduct of various activities. Of all the "M"s in management (such as Materials, Machines, Methods and Money) the most important "M" stands for Men i.e., manpower...
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...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...
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...Research paper 6106 BUEG Business Management Fiona Brothwick 496048 Are people the main asset of a business? Abstract This paper investigates are people the main asset of a construction business and is motivation one of the most important factors affecting human behaviour and performance within the industry. This paper aims to review Maslow’s hierarchy of needs and Herzberg’s two factor theory and see how it employees motivation in today’s organisations. Introduction A common phrase used by management with companies in the modern working world is that '...people are a company’s most valuable asset”. Twenty five years ago this was not the case and the complete opposite was thought. Businesses appeared to operate despite the best attempts of the workers to take high salary increases for less and less work put in. The corporate world was seen to be 'them and us', referring to the management and the workforce. Massive Changes have taken place since then which cover a large number of different topics associated to people in all varieties of business organisations such as; * Communication * Motivation * Labour Relations * Job design Communication within the construction industry is a team effort embracing the client quantity surveyor architect and son on all with the main objective to get the job done has human beings. People management in organisations is changing more rapidly than any other area of a business. Old views and assumptions are being overturned...
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...Introduction: This assignment will look at a Human Resource Management problem of recruitment and retention process in Primary Care. The writer will look at the current recruitment process, which has recently been less than conducive to attracting the right applicant to the ever changing, varied and often stressful roles within the Primary Care setting. Recent events have resulted in high workload and stress levels for existing colleagues and staff due to the lack of retention of newly recruited staff who have been unable to cope with the ever increasing demands on clinical and administration/reception staff and leave. Staff are recruited to post, but then do not stay very long, this is having an immense impact on the remaining staff as they have used time to train the new recruit and then have to take over again the workload the new recruit would be doing when they leave. The essay will define what Human Resource Management is and how recruitment and retention can be improved to meet the needs of the ever changing Health Care system. A vacancy is a valuable opportunity to look at the needs of a practice and how the present workforce meets those needs. It is an ideal opportunity to integrate a new individual to enhance the workforce and gain a more effective team to lead and manage. It has been clear from recent experiences that recruitment is an issue at the practice as the last four recruits have only stayed within the practice for an average of 4 months before leaving...
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...Human Resource Accounting Human Resource Accounting (HRA) means to measure the cost and value of the people (i.e. of employees and managers) in the organisation. It measures the cost incurred to recruit, hire, train and develop employees and managers. HRA also finds out the present economic value of its employees and managers. After measuring the cost and value of its employees and managers, the organisation prepares a report. This report is called HRA Report. It is shown to the top level management. It can also be shown to the employees, managers and outside investors. Methods of HRA There are many different methods of HRA, some of which are:- 1. Actual Cost Method, 2. Replacement Cost Method, 3. Standard Cost method, etc. Advantages of HRA Benefits, objectives, advantages of human resource accounting HRA:- 1. Information for manpower planning HRA provides useful information about the cost and value of human resources. It shows the strengths and weakness of the human resources. All this information helps the managers in planning and making the right decisions about human resources. Thus HRA provides useful information for Manpower Planning and Decision Making. 2. Information for making personnel policies HRA provides useful information for making suitable personnel policies about promotion, favourable working environment, job satisfaction of employees, etc. 3. Utilisation of human resources HRA helps the organisation to make the best utilisation of human...
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...Learning Organisations Moving towards a learning organization is something done BY people, not something done TO people or FOR people by someone else. So, the role of HR has to be in encouraging, facilitating, and supporting a move towards learning organizations. HR can never accomplish this themselves. Then, if executives want to move towards a learning organization, they should direct their operating units to do so, and direct HR to move into a supportive role. If it's the other way around, where HR gets the responsibility, it never works. Knowledge management (KM) "any practice or process of creating, acquiring, capturing, sharing and using knowledge, wherever it resides, to enhance learning and performance in organisations (Scarborough 1999). Knowledge management involves converting knowledge sources by classifying related information then circulating to make the information to take place. Not all information is knowledge or all knowledge is important. According to Blackler (1995), "knowledge is multifaceted and complex, implicit and explicit, physical and mental, verbal and encoded". He also categorises knowledge in four as: embedded (technological - collective), enculturel (Values, beliefs - collective), embodied (practical knowledge - individual), and embraced (theoretical understanding - individual). Contrast on Blackler, Nonaka (1991) proposes that knowledge could be either individual or collective, cannot be both. Yet another argument comes from Scarborough and Carter...
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...difficulty in adopting an investment approach to human capital management is the level of risk involved.” Critically examine this view from the perspective of a Human Resource Management professional. (I got 14out of 15) As the business environment continues to evolve organisations are increasingly adopting an investment perspective towards managing human capital. The adoption of an investment approach to HR management requires human resource to be viewed as assets. It also entails the value of these assets and their associated risks and returns to be accurately measured. However, it is easier said than done for management to view their people as assets, and even more so, implement the investment approach to HR. An organisation’s ability to supporting an investment perspective depends on, among other things, how investment-oriented the company is. Several factors influence this and one of these is the attitude towards risk. This is very critical due to the high risk level associated with HR investments. One of the most distinct characteristics of HR investment as compared to other investments is that it is not owned by the company and this presents a major problem to strategic HR. People can choose to leave the organisation, or more precisely the managers, taking critical skills with them, and thus, the company would not be able to realise the returns from its investment. This manifests a high level of risk; hence, as most commonly risk-averse in nature, managers would be...
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...Assessment 1: Discuss the ways strategic human resource management (SHRM) could contribute to organisational performance in the next five years. Human resource management (HRM) is the function within an organisation that focuses on its most valued asset – its personnel. HRM is one of the most important functions in any business and is detrimental to the company’s overall success. It has taken quite a while for HRM to be adopted into the business strategy as organisations were unwilling to accept or change their ways. Their focus was on economic growth for the company. However researchers such as Hezberg, Maslow and Lewin revealed that employee performance was influenced by their social and emotional needs and their desire for interesting work. This is when the shift began for companies to not only focus on economic growth, but to satisfy the needs of their employees in order to improve performance and productivity which will bring greater success to the company. Human resource management has a number of key policy areas including recruitment and selection, job analysis and design, workforce planning, performance management, training and development and career planning. It is through these policies that we can understand the concept of strategic human resource management (SHRM). SHRM explicitly links these policies, practices and systems to enable the achievements of an organisations strategy and goals. In my understanding, SHRM represents an attempt to methodically manage...
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...Human Resource Management: Context, Concept and Doundaries UNIT 2 THE CONCEPT AND FUNCTIONS OF HUMAN RESOURCE MANAGEMENT Objectives After reading this unit, you should be able to: l l understand the meaning and concept of human resource management; and explain the functions of HR, and responsibilities and new roles of HR practitioners. Structure 2.1 2.2 2.3 2.4 2.5 2.6 2.7 Introduction Concept of HRM Objectives of HRM Human Resource Functions Summary Self Assessment Questions Further Readings 2.1 INTRODUCTION Human resource management (HRM) is an approach to the management of people, based on four fundamental principles. First, human resources 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...
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...Chartered Institute of Personnel and Development Human capital reporting An internal perspective a guide 1 – a CIPD guide for personnel professionals to help them identify, collate, analyse and communicate data on human capital Written by Jim Matthewman and Floriane Matignon of Mercer Human Resource Consulting Acknowledgements The document draws on the perspectives, experience and measurement methods set out in the recent book by Haig R. Nalbantian, Richard A. Guzzo, Dave Kieffer and Jay Doherty, Play to Your Strengths: Managing your internal labour markets for lasting competitive advantage (New York: McGraw Hill, 2004). We are grateful to members of the CIPD Human Capital Working Party who provided input and advice: Greg Aitken, Head of Employee Research and Measurement, Royal Bank of Scotland Group Ron Collard, Partner, PricewaterhouseCoopers Andrew Mayo, Director, Mayo Learning International Tim Miller, Group Head of Human Resources, Standard Chartered Bank Tony Palmer, Head of the Marple Partnership Vicky Wright, Partner, Human Capital, Ernst & Young Human capital reporting Human capital reporting: an internal perspective 3 Human capital reprting Contents Preface 4 Introduction 6 Step 1 – Setting human capital management in context 10 Step 2 – Getting started: gathering and collating the data 21 Step 3 – Measuring human capital: tools and methodologies 27 Step 4 – Reporting the data:...
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