The Value Of Human Resources - 2362 Words

The Value of Human Resources Many companies are comprised of various departments within, all responsible for their own particular area of expertise. For instance, the individuals that make up Accounts Payable is responsible for ensuring that the â€Å"bills† get paid, Accounts Receivable is responsible for collecting money, etc. One of the departments that seems to at times get slightly overlooked is the Human Resources department, which is odd given the important and valuable role that the individuals within it play. It has been heard that the role of human resource management is to essentially â€Å"push paper†, this couldn’t be further from the truth. Outside of the fact that in many instances these individuals ensure the employees get paid and individuals are hired, it can be suggested that they are essentially the glue that holds the business and its employees together. In fact, Ruth Mayhew explains, â€Å"Human resources plays an essential role in developing a company’s strateg y as well as handling the employee-centered activities of an organization.† (Mayhew, 2016). Human resources has the ability to add great value for businesses such as, establishing a â€Å"best in class† HR strategy, the recruiting process, a company’s competitive strategy, and workforce planning. At a very high level an instance in which human resource management brought about great value in establishing a â€Å"best in class† HR strategy can be seen in the global insurance company Lloyd’s. Lloyd’s has been inShow MoreRelatedThe Value Of Human Resources1780 Words   |  8 Pagesimportance of human resources over the last decade or so has received immense attention. From a macro-level, endogenous theories of growth have recommended that the accumulation of what is also referred to as human capital constitutes the core engine of the growth of macro-economics. On the micro-economic side, resource-based theory looks at the human capital that employees provide as a primary cradle for competitive advantage for companies. Nonetheless, as a result of the growing importance of human capitalRead MoreA Human Resources Value Analysis1398 Words   |  6 PagesA Human Resources Value Analysis of Canada’s Top 100 Employers, Best Employers in Canada, and The Que en’s Competition This human resources study will recommend two of the largest promotional competitions for business rankings found in Canada’s Top 100 Employers and Best Employers in Canada. These competitions define the most efficient workplace environment, which produce the most productive and efficient corporate communities. The one important aspect of Canada’s Top 100 Employers defines the mostRead MoreTeamwork And The Value Of Human Resources1350 Words   |  6 Pagesproject I have taken away several key lessons on both teamwork and the value of human resources. My team established a rhythm and stayed consistent and through this everyone on our team was held accountable for meeting deadlines. In this way, teamwork is valuable because it prevents procrastination. Teamwork also builds comradery and strengthens culture. Prior to taking this course, I had very limited knowledge on the business value of the HR function. This project taught me that the HR function helpsRead MoreCreatin g Value With Metrics For Human Resources1815 Words   |  8 PagesCreating Value with Metrics Traditional approaches to human resources metrics have proven to be inadequate. Businesses have been measuring and reporting on the same data for the last two decades or more, i.e., turnover rates, costs per hire, FTE, and total compensation, but still have â€Å"an inability to directly measure HR’s impact on the bottom line† (DiBernardino, 2011, p. 45). With advances in technology, the rudimentary evaluation of metrics can be expanded to more broad categories, and acrossRead MoreThe Value of Human Resources for Companies Essay672 Words   |  3 Pages The strategic value of Human Resources is only gaining significantly and HRIS must support this trend to provide the high functionality and usability. Today, most of the companies make use of some form of HR system for many of the HR functions. With an HRIS, companies can align HR strategy with business objectives to get the most of out of their workforces and adapt quickly to market changes. A good vendor should share advice and best practices to help maximize a system. However, there may beRead MoreHuman resource practice enhance value chain1160 Words   |  5 PagesHow might exemplary human resource practice enhance and strengthen a firms value chain activities? 1. Definition of Value Chain The value chain is a systematic approach to examining the development of competitive advantage. It was created by M. E. Porter in his book, Competitive Advantage (1980). The organization is split into primary activities and support activities. Primary Activities include: Inbound Logistics, Operations, Outbound Logistics, Marketing Sales, and Service. Support ActivitiesRead MoreHuman Resource Management : An Organization Mission, Vision, And Values2926 Words   |  12 Pagesimportant goal as a generalist is to help HR management to understand how global business operations works with hiring overseas. The challenges of human resources management and the factors to consider when evaluating the essences of Human Resources Management (HRM). Strategies in Human Resources planning of an organization Mission, Vision, and Values. However, training and development competency assessment for a managerial position and evaluating the four criterion of a training programs. The performanceRead Mor eHuman Resource Management And Human Resources1243 Words   |  5 Pages Human resource management Introduction As storey (2001) explains that human resource management concept is typical approach to business which quest to achieve competitive advantage through the strategic disposition of dedicated and committed human work force using array of values, culture, personnel and structural techniques. In simple word Human resource denotes to employees that help to run and drives an organisation which is also the main workforce of any organisationRead MoreHuman Resources : A Fundamental Department Of An Organization913 Words   |  4 PagesHuman Resources is a fundamental department of an organisation; this is because it focuses on the management of the personnel within the company. Human resources has been identified as ‘the source of sustainable competitive advantage and success, this is true when human resources management policies and practices are implemented with the main strategies and objectives set by the company itself. Strategic human resources management emphasises the successful ness of combining policies, strategies andRead MoreThe Value Of The Rugby Players1179 Words   |  5 PagesIn this case, it states the difference regarding accounting treatments of the value of the rugby players in the financial statements. One treatment is to take human resource accounting method to treat the rugby stars as assets in the statement of financial position. The other one is to treat them as expenses. Both methods have their own merits and drawbacks. This report aims to analysis the above two different treatments and assess whether the accounting treatment will change after analysis the AASB