Adorable animal families that will make you "aww" Human capital formation is the process of transforming the people in a country into workers who are capable of producing goods and services.
Article shared by Various advantages of human resource planning in HRM are as follows: As manpower planning is concerned with the optimum use of human resources, it can be of great benefit to the organisation, in particular and to the nation in general.
At the national level, it would be concerned with factors like population, economic development, educational facilities and labour mobility.
At the level of the organisation, it is concerned with requirements, sources of availability, the welfare of human resources etc.
Improvement of Labour Productivity: Manpower or human resources as a factor of production differs from other factors of production. As it is subject to its free will, the productivity of labour can be improved if the workers are kept satisfied.
In other words, just as satisfied workers can be productive, dissatisfied workers can be destructive. Therefore, through proper human resource planning we can improve the morale of the labour and improve labour productivity. Recruitment of Qualified Human Resources: Talented and skilled labour has become a scarce resource especially in developing countries.
Therefore, for the long run survival of the firm, it is essential to recruit the best labour force through proper manpower planning.
Adjusting with the Rapid Technological Change: With the change in technology, the job and job requirements are also changing.
Therefore, it is necessary to forecast and meet the changing manpower, which can withstand the challenges of the technological revolution. This can be done only through effective manpower planning. The labour turnover refers to the mobility of labour out of the organisation due to various factors such as dissatisfaction, retirement, death etc.
Due to labour turnover, a firm will be losing experienced and skilled labour force. This loss can be minimised only through efficient manpower planning. Control over Recruitment and Training Cost: Highly skilled personnel are in short supply and it is very cos.
A company has to incur heavy costs in processing the applications, conducting written tests, interviews etc. In consideration of these costs, it is essential to plan carefully in relation to the manpower so as to reduce the recruitment and training cost.
Today, it is very difficult to maintain the qualified personnel in an organisation as they will be moving from one job to another in search of better prospects.
In a free society, human beings enjoy unrestricted mobility from one part of the country to the other. Therefore, in order to reduce the loss of experienced and skilled labour, every organisation must have a sound system of manpower planning.
It cans Facilitate Expansion Programmes: In these days of rapid industrial development, every company goes for expansion of its activities. As a result of the increasing company size, the demand for human resources also increases. Today it is being increasingly felt by the practising managers and psychologists that men in an organisation must be treated like the most significant assets.
The productivity of a company can be improved only through manpower planning, recognizing the significance of the human factor in business. Proper manpower planning considers the fact that satisfied workers can contribute a lot to the overall profitability of the firm through improved productivity.human capital.
Extensions of investment, theory to analyze the formation of human capital set the stage for empirical studies of a wide array of "human resources." Human capital is strictly an cultural behavior. It is a form of capital because it is the source of future earnings, or of future satisfactions, or of both of them.
It is. External Awards What is an External Award? External awards are self-reported to Bellevue University as aid from outside sources; military tuition assistance, corporate assistance, tuition remission, and scholarships and grants given by other sources than Bellevue University.
Find a news article(date published within ) about training and development. Summary the news artical and discuss the relevant class topics it relates to. words or less. The concept human capital refers to the abilities and skill of human resources of a country (Adamu,), while human capital formation refers to the process of acquiring and increasing the number of persons who have the skills, education and experiences that are crucial for the economic growth and political development of a country (Okojie,).
Human capital flight phenomena in Europe fall into two distinct trends. The first is an outflow of highly qualified scientists from ' Western Europe ' mostly to the United States.  The second is a migration of skilled workers from ' Central ' and ' Southeastern Europe ' into 'Western Europe', within the EU.
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