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| Human Capital Management
(HCM) |
The greatest challenge for an organization
today, and for the next decade, is to respond to
shift from an industrial to a knowledge economy.
The purpose and function of every organization is
the integration of specialized knowledge into a
common task. This shift towards knowledge economy
as the differentiator, affects all aspects of organization
management, including: operating efficiency, marketing,
organization structure, and human capital investment.
Each of these directly or indirectly hinges on an
understanding of the ability of people to cope with
unforeseen, massive, and usually hurried changes.
Human capital, as the employer of information technology,
is the critical antecedent in effectively managing
the organizational knowledge that yields higher
business results.
Management has come to accept that people, not money,
buildings, or equipment, are the critical differentiators
of a business enterprise. As enterprises move into
the new millennium, and find themselves in a knowledge
economy, it is undeniable that people are the profit
lever. All the assets of an organization, other
than people, are inert. They are passive resources
that require human application to generate value.
The key to sustaining a profitable company, or a
healthy economy is the productivity of the workforce,
its human capital. |
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