Human Resources
With today's workforce becoming increasingly diverse and organizations doing more to maximize the benefits of the differences in employees, Human Resource managers are evolving from the "old school" sideline 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. People have always been central to organizations, but their strategic importance is growing in today's knowledge-based business world like never before. 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 order to "compete through people", an organization has to be able to do a good job of managing their human capital: the knowledge, skills, and capabilities that add value to the organizations. Managers must develop strategies for identifying, recruiting, and hiring the best talent available. Develop these individuals in ways that are specific to the needs of their individual firms, encourage them to generate new ideas while familiarizing them with the company strategies, invite information sharing, and rewarding collaboration and team work. The basis on which compensation payments are determined, and the way they are administered, can significantly affect employee productivity and the achievement of organizational goals. Establishing compensation programs require both large and small organizations to consider specific goals. Employee retention, compensation distribution and adherence to the budget must be carefully weighted against the overall organizational goals and expectations. Compensation must reward employees for past performance while serving as a motivation tool for future performances....
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