Why are human resource important I need essay
Answers
Answer:(i) Proper Utilisation of Resources:
Human resources are considered important type of resources for attaining economic development of a country. Among various types of resources, human resources are the most active type of resources. Qualitative and quantitative development of human resources is very much required for the proper utilisation of natural resources of the country.
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Thus the human capital formation according to Prof. Meier is “the process of acquiring and increasing the number of persons who have skills, education and experience which are critical for the economic and political development of the country.”
(ii) Increased Productivity:
Human capital has been playing an important role in the economic development of a country. Schultz, Kenderick and Harbison have made some important studies recently so as to point out that a major part of the growth of national output in USA can be attributed to increased productivity which has been mostly realised out of capital formation.
In this connection Prof. Galbraith was of the view that “we now get the larger part of industrial growth not from more capital investment but from investment in men and improvements brought about by improved
Slow growth in underdeveloped countries is mostly resulted from lack of investment in human capital. These countries are suffering from lack of critical skills required for its industrial sector and also face the problem of surplus labour force in its farm sector. Thus human capital formation is very much required for the economic development of the underdeveloped countries.
In this connection, Prof. Myint observes that, “It is now increasingly recognised that many UDCs may be held back, not so much by a shortage of savings as by a shortage of skills and knowledge resulted in a limited capacity of their organisational framework to absorb capital in productive investment.”
Thus the underdeveloped countries are suffering from shortage of technically trained and highly skilled and educated persons and the developed countries are maintaining high level of investment on the development of manpower resources.
Accordingly Prof. Meier observed that, “While investment in human beings has been a major source of growth in advanced countries, the negligible amount of human investment in UDCs has done little to extend the capacity of the people to meet the challenge of accelerated development.”
Thus in order to attain an all round development of the country, the human capital formation through adequate volume of investment on human development is very much important under the present context of development.
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Answer:
Human resources (HR) is the umbrella term used to describe the management and development of employees in an organisation. Ultimately, it’s all about increasing employee performance.
Traditionally HR focused on hiring, firing and the old-school annual pay review. These days HR has been positively reframed, covering a much wider remit. Basic functions of HR include recruitment, and onboarding, managing payroll and benefits, holiday management, training and development, employment law compliance and safety compliance.
In addition, HR today plays a significant role in developing positive business culture and improving employee engagement and productivity, both of which are critical to business success. Employee wellness and personal development are also increasingly recognised as essential aspects of HR.
Why is HR so important?
In the small business HR is easily overlooked. Many entrepreneurs get their businesses off to a flying start, but grapple with people management as the business starts to flourish. Managing staff takes time and it requires specific skills. HR is an area of expertise many business owners lack.
Regardless of skills, for many entrepreneurs, the value of HR in business isn’t always immediately apparent. With just a few employees, business leaders feel like they have their finger on the pulse when it comes to the people they hire and manage.
But as a business grows, leaders often find there just isn’t time to deal with day-to-day people management and recruitment and the focus on people can easily get lost. This is the costliest mistake a small business can make. Comprehensive HR is crucial for success. Without a talented team, your business falls down.
HR covers so much more than hiring, firing and pay reviews. It encompasses all aspects of people management, communication and is pivotal in building a positive culture. Get HR right and you are half way to making your business dreams a reality.
Consider the consequences of poor HR. When employees don’t feel supported, aren’t being given opportunities, work long hours, and so on, their motivation to perform is impacted. Under-deliver on effective HR and it has a knock-on effect on your bottom line.
Reputation as an employer is influential in attracting talent. It also impacts on customers. Take Uber as an example – plagued by a string of HR catastrophes from sexual harassment cases to ignoring employee complaints, the resulting bad publicity has undoubtedly deterred many from working there or from using their ride-sharing services. Bad HR has destroyed Uber’s employer brand.
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