Human Resource Is The Most Important Asset of An Organization
Assets, defined as a ‘valuable thing’ by Oxford Dictionaries, are key success determinants of any organization. The perception of value in an organization, brand or product, merits customer adoption while supplementing organizational goals that could, in the long term, determine financial sustainability and success of a company.
The idea that human resources, employees across all levels of an organization, as the most important asset is increasingly staking its claim in the 21st century business landscape.
The business environment has continually, in the past and present, shaped the way in which countries are governed, how companies strategize and the way economies shift. Increasingly, developed countries are moving away from past economic structures such as manufacturing, into a knowledge-based system that encapsulates modern day advances in technology and science (Aubert, 2004).
The 21st Century Business Environment
Without a doubt, the Internet has been a main driver in structuring the modern day economy. Advances in Internet technology has contributed to important functional changes affecting companies across the world.
Internet interconnectivity has made the world smaller, allowing companies, small and large, quick knowledge access into understanding and entering different markets across the globe. This in turn, has spearheaded the ideology of an inter-networking, inter-connected world or in short, globalization.
Added to this, the open knowledge framework made available through the Internet has also contributed to a conducive, creative environment that has significantly, in a short span of time, enhanced technological breakthroughs.
With globalization and technology being key driving forces behind the 21st century business environment, a rising company success determinant has increasingly been brought to the fore, its competitive advantage (Aubert, 2004).
Never in time has a company’s competitive advantage been more critical. With the rise of globalization and technology came increased competition, increased demands for new products and services along with a shorter product lifespan and segregation of target consumers.
Sustainable Competitive Advantage
In order to tackle this trend, emphasis placed on traditional tangible assets such as financial and physical assets are gradually shifting towards intangible assets (Noe et al, 2010).
Drucker (1999) suggests that the most valuable asset of a 21st-century institution, whether business or nonbusiness, will be its knowledge workers and their productivity.
Such an emphasis is in direct correlation to knowledge-based economies, where intangible assets such human knowledge and skills are desirable and is seen as advantageous in the competitive environment (Brinkley, 2005).
However, it is important to note that as Jackson et al (2003) suggests, intangible resources, in the form of human capital, are most critical and critical competitive advantage due to it being difficult to imitate.
Human Capital as a Strategic Function
Understandably, businesses are now seeing human assets as capital, which are important strategic functions in achieving organizational goals and success.
Due to the change in nature of gaining a sustainable competitive advantage as previously discussed, fulfilling human resource needs is becoming a rising issue as the eclectic business environment demands businesses to continually evolve while meeting the needs of consumers across widening income gaps.
This has contributed to the demand for workers who are not only skilled and knowledgeable, but are also critical creative thinkers who are able to solve and provide quick, timely and effective solutions to gain competitive advantage for rising trends (Armstrong, 2006).
Inevitably, this had led to Talent wars where companies are recognizing the value of human capital, and that...
...We know that manpower is playing a very important role in the entire organization as well as in economic. Why is the manpower very affecting toward every organization? Humanresource can be defined as labor as well as all the employees within the entire organization regardless of rank. Humanresource is a resource provided by labor. Peoples whoever working in a company consider employee including of higher management such as general manager and operation manager. For every organization needed labor in order to maintain the productivity of every sector. Meanwhile, organization must require professional to manage the labor, we call that humanresource management. Humanresource management is to maintain and manage in the labor sector of an organization. Humanresource department is a group of professional that doing labor management such as recruitment, labor welfare, academic and research of staff training, management of performance appraisal of staff, benefits and compensation and employee relationship.
When comes to humanresource, it is also discuss about productivity in every sector of an organization. Nowadays, we understand that technology is growing rapidly in past decade,...
...many organizations like to emphasize on gaining a competitive advantage in the market. The advance equipments, new technology, good marketing strategic, excellent customer services and many other elements can be the factors to build up for the advantages. However, humanresource is still the mostimportant element to determining the success or failure of an organization. Without their support, theorganization daily business function will not be done well and ready. Humanresource is always related to one organization profitability and their ability cannot be replaced by machines. As is discussed by Hargreaves and Jarvis (1998: 3)
The skills, knowledge and experience of each individual contribute to the growth of organizations, communities and nations. Such valuable human talent can be thought of in terms of human capital and is one of the primary requirements for national economic development. 138
Strategic humanresource management is playing an important role as organization development in today’s competitive market. Organizations recognise the importance of focusing on the human factor to contribute ideas in order to improve the productivity. They design the recruiting plan to approach talent peoples,...
HumanResource Management: Strategy and Policy (HRM2001S) Assignment 1Human Resource is the mostimportantasset of an organisation |
Soh Wei Sheng Fabian
Student Number: 12262455
Submission Date: 6 Jun 13
Statement of Authorship
I declare that all material included in this essay/report/project/dissertation is the end result of my own work and that due acknowledgement have been given in the bibliography and reference to ALL sources be they printed, electronic or personal.
Assets can be defined as "tangible and intangible resources of a firm which can be drawn upon by a the firm when required to achieve its objective(s)" (Ray and Ramakrishnan, 2006). Tangible assets include financial and physical assets such as machineries and manufacturing plants while examples of intangible assets are branding, company reputation, technological know-how and humanresource (Noe et al., 2012).
Humanresource is the mostimportantasset of an organisation. Using studies which showed that effective use of humanresources contributed to better corporate performance and/or productivity, this essay attempts to show that this intangible asset is a key driver in the...
...Question: Write a short essay that discusses the following statement, using references and examples to support your answer.
“HumanResource (employees) is the mostimportantasset of an organization.
Throughout the years, the importance of employee have increasingly emphasized in organizations. With today's workforce becoming increasingly diverse and organizations doing more to maximize the benefits of the differences in employees, HumanResource managers are evolving from the old school side-line player to the front-line fighters. Organizations are relying on managers to get the people who get the job done, and of course, make the company money. An organization's success increasingly depends on the knowledge, skills, and abilities of its employees. Particularly as they help establish a set of core competencies which distinguish one organization from its competitors. When employees' talents are valuable, rare, difficult to imitate and organize, an organization can achieve a sustained competitive advantage.
In Singapore, where there are no natural resources, human capital is one of the main resources that the country depends on to attract foreign investors. In 1965, Singapore was officially separated from Malaysia. This called for...
In this fast moving day and age, organizations place emphasis on having that competitive advantage above all others in the market. The important elements that contribute to this added advantage stem from technology, marketing strategy, excellent customer service and many more. However, humanresource is still the mostimportant element/asset in an organization that links back and is the core to those elements mentioned. The success or failure of an organization is largely dependent on the calibre of the people working therein. Bontis et al (1999) suggests that undeniably humanresource in the organization is the combination of knowledge, intelligence, skills and expertise which provide each organization with its distinctive character. Furthermore, to ensure the long-term survival of an organization, it is through proper motivation that encourages humanresource, change, innovation and the capability to learn. We will discuss further the importance of humanresource, how it can impact an organizations performance as well as certain strategies organizations can implement to address this issue.
The Importance of HumanResource
The abilities of...
Humanresource is the mostimportantasset of an organization. It refers to an employee/worker particular skills and knowledge to contribute to the organization. The success or failure would depend on the caliber of the people working in the organization. In most industry, manpower is needed to operate all area of business units in anorganization. Regardless of the operative, administrative or management level, they are the ones who are ensuring the daily operations run smoothly and planning ahead to prepare for any uncertainties ahead.
In an organization, employees are segregates into operational roles and administrative roles. Operational roles are mostly handling with day to day task like operating machineries, physical picking of goods, helpdesk support or on-site supervising, depending on the specialization of industry. While administrative roles are more on handling customers enquiries or request, preparing documents, reports and order processing. They are either trained during their on job training or having industry working experience to be able to execute with their daily task. It is important that a veteran worker needs to be able to execute daily task with high efficiency and accuracy in their job, as well as provide guidance to the new employees in the organization....
...Question : “HumanResource (employees) is the mostimportantasset of an organization.”
Traditionally, humanresource focused mainly on administrative functions and process personnel management. However, due to technology advancement, administrative tasks have reduced. The role of humanresource has shifted and seems to be taking up more responsibility in company strategic planning and development. This theory has been supported in the work of Noe et al (2010, p.719)
Durai (2010, p.109) stated, “Employees are the precious asset of an organization”. In view of this statement, humanresource planning plays an important role to optimize the utilization of its asset in term of cost and productivity. Involvement with company’s strategic planning will allow humanresource department to have a broader view of employees’ skill requirement and deployment. Ineffective planning will cause a hindrance to employee satisfactory and organization success.
In this paper, we will study how the theory of compensation management, job rotation, recognition and training will motivate employees. Correspondence to these theories, organization will gain in productivity and profit once the...
This essay will provide a definition to HumanResource (HR) and determine whether HR is the mostimportantasset in the organization. The first part of the essay will discuss the importance of humanresource and how is it is essential to the success of any organization. The second part will identify the impacts on the performance of an organisation.HumanResource (HR) and HumanResource Management (HRM)
Oswin (2011) states that humanresource is a term used to describe the individuals who make up the workforce of an organization. Rouse (2011) defines humanresources as the people who work for the organization; humanresource management is really employee management with an emphasis on those employees as assets of the business. In summary, all organization are made up of men and women to take up positions to do specific task and directly manage by humanresource management.
No matter what organization there are out there in the business world, neither technology nor machines can out beat the importance of having qualified men and women to do the task. (Dashgarzadeh et al (2012) states that...