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Human Capital Roles Of People, Organizational Aspects, Valuation

1057 words - 4 pages

The terms to describe employees in an organisation have changed from “personal” to “human resources” and of late, “human capital”. Human capital is an acknowledgement that people in an organisation and business are of an important asset who plays a big part in the development and growth of an organisation. It can be said, that the importance of human capital is tantamount to other assets within an organisation such as buildings, financial gains and machineries. It cannot be denied that people’s skills, abilities and knowledge contribute highly and productively to the performance and success of an organisation. Hence, organisations allocate big sums of money and time to offer appropriate trainings to their staffs, treating it as an investment to the organisation in the long run. Inevitably, people in an organisation are required and expected to maintain an organisation’s existence and growth.

In situations where organisations place focus and interest only on competition and financial return, neglecting individuals within the organisation can bring about many challenges. In result, having capable and good people who are always motivated and passionate in an organisation makes a significant difference. In addition, updating staffs with the latest technology and knowledge keeps them to perform better. The value and contribution of people in an organisation must be recognised by organisations. Treat each person in the organistaion importantly. People in an organisation should be valued as an asset than an expense. Every effort of people should be taken and valued formally or informally to further develop their skills and abilities to provide great contribution to the organisation. Organisations that invest in training for their employees develop effective employee relations. In addition, include employee in decision making of organisation help to increase the value of their human capital and reduce employee turnover.

Organisations are now placing more emphasis on developing and retaining their people. Derek Stockley, who works as a human resource trainer, defines human capital as “recognition that people in organizations and businesses are an important and essential asset who contribute to development and growth, in a similar way to physical assets such as machines and money.” In addition, attracting and retaining good employees is a challenge now as combination of the change in business practices and the change in employee attitudes. Organistaions are now looking to acquire good talent and growing workforce of individuals, who also value intangibles. On the other hand, technology professionals have to step out and develop a more holistic and people-oriented environment. Nobel Prize-winning economist Gary S. Becker, who coined the term “human capital,” says that “the basic resource in any company is the people. The most successful companies and the most successful countries will be those that manage human capital in the most effective and...

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