Before you begin with your reading,
- What is Human Capital?
- What is Knowledge Management?
- What are some of the elements of Human Resources you are familiar with?
- What are those specialists responsible for in your organization or an organization you are familiar with?
What is Human Capital?
Human capital refers to the stock of knowledge acquired through training, education and experience.. Human capital also refers to all abilities, skills, health and knowledge that people invest in and acquire throughout their lifetime. Organizations develop human capital by promoting organizational learning, information sharing and knowledge development within the organization.
The human capital theory stipulates that investments in education and training enables individuals to become more productive. Through education and individuals, individuals develop skills, knowledge and experiences that make them more employable. A good example of developing human capital is when an organization spends money on sponsoring employees to pursue higher education. Governments also develop human capital of a nation by providing subsidized college education to stimulate the economy.
What is Knowledge Management?
Knowledge management is a deliberate process of acquiring, sharing, and using knowledge to improve job performance in an organization. The three facets of knowledge management are: accumulating knowledge, storing knowledge, and sharing knowledge. Accumulation of knowledge involves development of knowledge over time through training, information technology, collaboration, and practice. The knowledge that has been acquired over time is then stored and then retrieved when needed and shared across the organization to promote learning and development of employees.
What are some of the elements of Human Resources you are familiar with?
Some of the elements of human resources in an organization include: recruitment and selection, work safety, employee training, compensation, and performance management. Recruitment and selection is an important element in acquiring the right employees who have the required skills and qualifications to perform a task. Performance management and training and development are also used to improve the knowledge and skills of employees so that they can be able to perform their tasks effectively. Human resource management also involves the element of compensation to reward employees for their work.
What are those specialists responsible for in your organization or an organization you are familiar with?
Human resource specialists are responsible for developing human resource policies and strategies within an organization. They identify the most appropriate methods of recruiting, training, and motivating employees to improve their productivity, reduce turnover, and achieve organizational objectives.