Human resources is the set of individuals who make up the workforce of an organization, business sector, or economy. “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”, “labor”, or simply “people”.
The professional discipline and business function that oversees an organization’s human resources is called human resource management (HRM, or simply HR).
HR is a commonly used acronym for Human Resources, also referred to as Human Resource Management or HRM. HR is fundamentally an expression of an organizations belief in the employee element of that organisations success. HR pure and simple is the implementation of a strategy to drive innovation, productivity and share price through mobilizing the workforce towards excellence. As David Ulrich (recognized thought leader in HR) states “HR must give value or give notice”. The ability of HR to add value lies in its ability to leverage the tools that it has at its disposal, these include:
Recruitment & Selection
Training and Development
Industrial Relations / Employee Relations / Employment Relations
Organisational Development / Change Management