HUMAN RESOURCE

Human Resource

Human Resource

Introduction

To be able to evaluate and understand both these disciplines, it is vital to study them individually. In today's world, it is not possible to achieve anything without the incorporation of organizations, which are the greatest invention of the twentieth century. Human resource is essential to operate this organization requiring Human resource management to aid in their effectiveness. Although effectiveness and efficiency are there, they can be increased tenfold by the effective utilization of policies, compensation, training, proper selection, guidance, coaching, good leadership, motivation and the likes. Considering the different factors that are to run an organization effectively, it requires Human resource management (Abuznaid, 2006).

Human Resource Management

Many forces affect businesses and the business environment and how they operate today. These range from globalization to increased competition, to changing age and competency profile of the current workforce. As an enabler for the knowledge economy, information technology can also be considered a driving force (Yupeng, 2004). While these forces may affect companies in varying degrees over time, some organizational realities remain unchanged. Management will always want to leave a healthy organization for the next generation, and this may entail investing in and maximizing various assets. The increasing recognition of “human capital” as an asset with a significant impact on sustained competitive advantage is driving the transformation of various companies' HR function. To date, two approaches have been developed to try to explain the relationship between HRM practices and firm performance: one is "universal" approach and other is "contingency” approach (Bozeman, 1994). The comprehensive approach postulates a direct relationship between the various HRM practices (best practices). In contrast, the contingency approach assumes the impact of HRM practices on company performance depends on their consistency with the overall strategy of the company. The chapter is on the contingency of approach of HRM. In accordance with the contingency approach's organization performance model: the compensation effect plays a very significant role, depending on the target incentive effects of valence and expectation of the product. The human element is the only element capable of proper use of elements of production, available from the financial resources, machinery and equipment, raw materials and time. Therefore, the attention to this element in the modern era, has led to the development of concepts management personnel in terms of the role and competence of the organizations of contemporary economic and the transition from the traditional role to the role ...