The Encyclopedia of Human Resources (V)

In general the abstractions of macro-economics treat it this way - as it characterizes no mechanisms to represent choice or ingenuity. So one interpretation is that "firm-specific human capital" as defined in macro-economics is the modern and correct definition of "human resources" - and that this is inadequate to represent the contributions of "human resources" in any modern theory of political economy.

In organizations, it is important to determine both current and future organisational requirements for both core employees and the contingent workforce in terms of their skills or technical abilities, competencies, flexibility, etc. The analysis requires consideration of the internal and external factors that can have an effect on the resourcing, development, motivation and retention of employees and other workers. The external factors are those largely out-with the control of the organization and include issues such as the economic climate, current and future trends of the labor market e.g. skills, education level, government investment into industries, etc. On the other hand internal influences are broadly within the control of the organization to predict determine and monitor, for example the organizational culture underpinned by management behaviours (or style), environmental climate and the approach to ethical and corporate social responsibilities.

Source: Wikipedia, The Free Encyclopedia

Related Post(s):
1. The Encyclopedia of Human Resources (I)
2. The Encyclopedia of Human Resources (II)
3. The Encyclopedia of Human Resources (III)
4. The Encyclopedia of Human Resources (IV)
5. The Encyclopedia of Human Resources (V)
6. The Encyclopedia of Human Resources (VI)
7. The Encyclopedia of Human Resources (VII)
8. The Encyclopedia of Human Resources (VIII)