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The human resource process was established to fulfill a number of objectives within the organization. These include: To furnish cost value information for making proper and effective management decisions about acquiring, allocating, developing, and maintaining human resources in order to achieve cost effective organizational objectives.
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1] [2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3] Similar terms include manpower, labor, labor-power, or personnel.
Human asset management is an evolution from the old terms like human resource management and human capital management. Many organization defined people as ‘resources’. In HAM, employees are not regarded or managed as a ‘disposable resource’. [6] The importance of relating with an employer was highlighted by Quelch and Jocz. [7]
The budget of a business, division, or corporation [5] [6] [1] [7] is a financial forecast for the near-term future, usually the next accounting period, aggregating the expected revenues and expenses of the various departments – operations, human resources, IT, etc.
Competencies include all the related knowledge, skills, abilities, and attributes that form a person's job. This set of context-specific qualities is correlated with superior job performance and can be used as a standard against which to measure job performance as well as to develop, recruit, and hire employees.
Often, such spending may be broad – indirect in terms of national interests – such as with human resources/education-related spending or establishments of novel reward systems. In some cases, various goals and expenditures are made public to various degrees, referred to "budget transparency" or "government spending transparency".
Adopting the public sector's performance-based budgeting for the private sector using the Corporate Performance Management (CPM) framework. In performance-based budgeting, first the goals and objectives of the organization or department are identified, then measurement tools are developed and the last step is reporting.
Human capital in a broad sense is a collection of activities: all the knowledge, skills, abilities, experience, intelligence, training and competences possessed individually and collectively by individuals in a population. These resources are the total capacity of the people that represents a form of wealth that can be directed to accomplish ...