Team Building

In: Business and Management

Submitted By tsanjeevkumarmba
Words 1997
Pages 8
Human Capital Management Trends in Global Economy
Challenge for Human Capital Management?
In recent years there has been significant change in the way labor is pooled across the globe. The influences of technology and growth have effectively caused industry leaders to have to change their focus from the brute force of labor (factor of production of traditional Economics) to the actual quality of the workers available globally (Global Outsourcing). This has produced a shift in tactics for those who manage Human Resources. It is now pertinent to devise strategies to develop the working population by educating them and developing their technological skills so that they can contribute to the organization requirements adequately. High mobility of workers globally (The knowledge or technical workers), wage differentials across countries, borderless business models and cultural fusion problems are some issues involved in HCM.
Transforming employee into productive asset
It is important today that organizations understand the value of increasing a laborer's output capability by investing in, and adding worth to, his or her abilities, rather than finding a mass of laborers who are willing to work yet who are unqualified to excel in today's highly technological business environment. Simply put, the idea is that, contrary to the old HR theory that emphasized people as the most fundamental asset to a company, Human Capital Management, or HCM is focused on the right kind of people to get the job done.
Our first and foremost objective is the transformation of a worker into a resource that is competitive. The entire Human Resources industry is scrambling to keep up with this trend, and the most successful are those who proactively seek to mold new labor into an asset that is potentially profitable to a company.
Those who achieve high levels of success in managing human…...

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