The impact of human capital management on operational performance at the gambia national water and
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| CHAPTER TWO
LITERATURE REVIEW 2.0 Introduction In Human Resource Management literature, the term Human Capital Management (HCM) is rarely explicitly defined. Researchers have taken different focuses when they refer to Human Capital Management. Most researches have focused on the role of HCM in enhancing performance. Stiles et al (2011) posited that there is a large and growing body of evidence that demonstrates a positive linkage between the development of human capital and organizational performance. This emphasis on human capital in organizations reflects recent views that market value depends less on tangible resources, but rather on intangible ones, particularly human resources. Recruiting and retaining the best employees, however, is only part of the equation. The organization also has to leverage the skills and capabilities of its employees by encouraging individual and organizational learning and creating a supportive environment where knowledge can be created, shared and applied. Human Capital Management (HCM) is critical in order to create a high-performing work environment. Companies need to manage their Human Capital through all the phases of an employee’s work life - from recruitment to development to retention. HCM involves getting the right people, with the right skills, in the right position, at the right time, rewarding them with the right incentives to perform the right function in the right environment, to most effectively perform the work of the organization. It also involves developing the Human Capital and improving productivity. It is to maximize the organization’s Human Capital (i.e. the accumulation of all the individual Human 10 Capital in the organization). Strategic HCM is the transformation of how we employ, deploy, develop and evaluate the workforce. It focuses on results, not processes. The term Human Capital (HC) was first used by Nobel Laureate, Theodore W. Schultz, in the 1961 American Economic Review Article, ‘Investment in HC.’ The term is now most frequently used to refer to a combination of skills, experience and knowledge. HC is an all-encompassing term for “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances.” HC makes an individual potentially productive and thus equips him or her to earn income in exchange for labour. tải về 1.26 Mb. Chia sẻ với bạn bè của bạn:
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