Within the broad framework of Human Resource Management, Human Resource Development is emerging as the crucial function that can add value and also provide organizations with competitive advantage.
Human Resource Development is therefore the framework for helping employees develop their personal and organizational skills, knowledge, and abilities. Human Resource Development includes such opportunities as employee training, employee career development, performance management and development, coaching, mentoring, succession planning, key employee identification, tuition assistance and organization development
The focus of all aspects of Human Resource Development is on developing the most superior workforce so that the organization and individual employees can accomplish their work goals in service to customers.
In Human Resource Development the employees are to be developed through training and by training the employees you need to invest in the employees. Investing in this sense is putting your available resources into the developing of the employees for them to acquire knowledge and new skills. This leads to investing in human capital.
Human Capital is therefore the stock of competencies, knowledge and personality attributes embodied in the ability to perform labor so as to produce economic value. It is the attributes gained by a worker through education and experience.
THE IMPORTANCE AND BENEFITS OF INVESTING IN HUMAN CAPITAL
Human Resource can be transformed into Human Capital with effective inputs of education, health and moral values. The transformation of raw human resource into highly productive human resource with these inputs is the process of human capital formation.
The problem of scarcity of tangible capital in Ghana can be resolved by accelerating the rate of human capital formation with both private...