Human Resources Management Homework Week 1

Chapter 1 Question 1

I do think people are an organization's most valuable assets because people bring human capital to the organization. One would think that nowadays in times with so much technology, we would not need people as much in a company, but the truth is that without people a company or organization would not be able to succeed. Human capital is one of the most valuable assets a company could have. Having good employees and investing in them will ensure a company will keep growing and succeeding. The primary reason for the need of people in an organization is that, people are the fuel of an organization to run, maintaining the organization's structure and so forth. Without people, an organization will not exist and will never accomplish their function. Then, numerous grounds can be linked to the importance of human capital. (Becker) I also think that cultural diversity could be an asset to an organization because each person brings unique experiences and perceptions. Each employee in a diverse workplace possesses unique strengths, knowledge and skills derived from their culture, and when managed properly it can influence the strengths and complement the weakness of each worker to make a greater workforce.

Chapter 2 Question 2 Some of the forces that influence a firm's strategy are the company's rival, new entrants, substitutes, and supplies. The factors that usually influence a firm's competitive strategy vary, as mentioned above, but most of the time are changes in competition and customer demand. Competition will increase the supply of comparable or alternative products thus forcing the firm to differentiate to avoid commoditization. Change in customer wants and demand can cause a firm to suddenly have a glut of unsold inventory.