Compare between human capital and human population.
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Some may view this as a wording change, etc., but the term HCM (and thereby the solutions and processes that govern it) puts a different focus on people in different ways than HRM.
Today, almost no one wants to be referred to as a fungible “resource”. (Whether they want to be referred to as a “capital investment” is debatable, and only time will tell if the term HCM really sticks.) Still, HCM is generally considered to be a more strategic way of managing people. There is much more focus on viewing the people as an organization’s foremost asset. Thus, there is consensus on continuous training and retraining of people. For the same reason, there is a lot of focus on continuous feedback to those people (instead of a yearly “performance review” of those machines).
In a certain sense, this transition from HRM to HCM coincides with the transition of manufacturing economy era to an information economy era.
Hope answer will be helpful to u ....plz mark it as brainalist one...
Some may view this as a wording change, etc., but the term HCM (and thereby the solutions and processes that govern it) puts a different focus on people in different ways than HRM.
Today, almost no one wants to be referred to as a fungible “resource”. (Whether they want to be referred to as a “capital investment” is debatable, and only time will tell if the term HCM really sticks.) Still, HCM is generally considered to be a more strategic way of managing people. There is much more focus on viewing the people as an organization’s foremost asset. Thus, there is consensus on continuous training and retraining of people. For the same reason, there is a lot of focus on continuous feedback to those people (instead of a yearly “performance review” of those machines).
In a certain sense, this transition from HRM to HCM coincides with the transition of manufacturing economy era to an information economy era.
Hope answer will be helpful to u ....plz mark it as brainalist one...
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What is a basic difference between human capital and human development?
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Snehal Biswas, been here for a quarter of a century. I know a thing or two...
Answered Dec 13, 2016 · Author has 2.7k answers and 1.4m answer views
Question asked: What is a basic difference between human capital and human development?
Human capital treats humans as just another resource, like land and building (fixed capital) or inventory (variable capital). It was coined by Economist Theodore Schultz in the 1960s, and it was proposed that like any other capital, human capital could be improved by investing in education and training.
Human development is the overall process of widening humans’ skills and giving them to opportunity to grow, whether in an organisation or at a personal level. It goes beyond human capital in that human capital was concerned mainly within the confines of an organisation, while human development leads to giving people the freedom to choose where and how they want to live/ work.
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5 ANSWERS
Snehal Biswas, been here for a quarter of a century. I know a thing or two...
Answered Dec 13, 2016 · Author has 2.7k answers and 1.4m answer views
Question asked: What is a basic difference between human capital and human development?
Human capital treats humans as just another resource, like land and building (fixed capital) or inventory (variable capital). It was coined by Economist Theodore Schultz in the 1960s, and it was proposed that like any other capital, human capital could be improved by investing in education and training.
Human development is the overall process of widening humans’ skills and giving them to opportunity to grow, whether in an organisation or at a personal level. It goes beyond human capital in that human capital was concerned mainly within the confines of an organisation, while human development leads to giving people the freedom to choose where and how they want to live/ work.
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