How a company manages talent may be the single most important factor in sustained competitive success. Today's best human resources departments not only support strategic objectives, but also actively pursue ongoing, integrated plan for furthering the organizations performance. In many company, especially those that rely more on employee information, creativity, knowledge and service rather than on production machinery, success depends on the ability to manage human capital.
Human capital refers to the economic value of the combined of knowledge, experience, skills and capabilities of employee. To build human capital, HRM develops strategies for finding the best talent, enhancing their skills and knowledge with training programs and opportunities for personal and development. Compensation and benefits are provided to support the sharing of knowledge and appropriately reward people for their contributions to the organizations.
Strategic Human Resource Management
The rapid change and uncertainty in today's business environment bring significant new challenges for human resource management. Some important issues are becoming an employer of choice, addressing the needs of temporary employees and part-time workers and acknowledging growing employee demands for work or life balance.
Finding the Right People
HR managing the talent by developing some programs and activities including training and performance appraisal. Training and development programs represent a planned effort by an organization to facilitate employee's learning of job-related skills and behaviors.
Type of Training and Development Programs:
On-the-Job Training
- An experienced employee is asked to take a new employee "under his/her wing" and show the newcomer how to perform job duties. OJT has many advantages such as low costs for training facilities, materials or instructor fees. OJT is the fastest and most effective means of facilitating learning in the workplace.
Coprporate Universities
- In-house training and education facility that offers broad-based learning opportunities for employees and frequently for customers, suppliers and strategic partners as well.
Promotions from Within
- This way helps companies retain and develop valuable people. Promotions provide more challenging assignments, prescribe new responsibilities and help employees grow by expanding and developing their abilities.
All managers need to be skilled in the basic of HRM. With today's flatter organizations, manager throughout the organization play an active role in recruiting and selecting the right employees, developing effective training programs, designing appropriate compensations systems or creating effective performance appraisal procedures. HRM professionals acts to guide and assist line managers in managing human resources to achieve the organization's strategic goals.
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