Human Resource

Human ResourceECONOMICS

Introduction

Human ResourceHuman resourcesis the set of individuals who make up theworkforceof anorganization,business sector, oreconomy. "Human capital" is sometimes used synonymously with human resources, although human capital typically refers to a more narrow view (i.e., the knowledge the individuals embody and can contribute to an organization). Likewise, other terms sometimes used include "manpower", "talent", "labour", or simply "people". OriginPioneering economistJohn R. Commonsused the term "human resource" in his 1893 bookThe Distribution of Wealthbut did not further build upon it. The term "human resource" was subsequently in use during the 1910s and 1920s as was the notion that workers could be seen as a kind of capital asset. Among scholars the first use of "human resources" in its modern form was in a 1958 report by economistE. Wight Bakke.[1] Images

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HRMHuman resource management(HRM, or simplyHR) is a function in organizations designed to maximizeemployee performanceof an employer's strategic objectives.[1]HR is primarily concerned with the management of people within organizations, focusing on policies and systems.[2]HR departments and units in organizations typically undertake a number of activities, including employeerecruitment,trainingand development,performance appraisal, and rewarding (e.g., managing pay and benefit systems).[3]HR is also concerned withindustrial relations, that is, the balancing of organizational practices with requirements arising from collective bargaining and from governmental laws.[4] Images

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