Abstract
An emerging knowledge economy creates major challenges for human resource development (HRD) in organisations. The purpose of this paper is to identify some of these challenges and explore their implications for HRD professionals. The paper takes the form of a literature review to contribute to the ongoing debate about HRD's changing role and tasks. Having set the organisational process of HRD in the context of a knowledge economy and of macro-level socio-economic policy, we explore notions of strategy, structure and knowledge and their implications for those with HRD responsibilities in organisations. We identify and discuss four major challenges that confront the HRD function, and conclude that a knowledge economy invites HRD professionals to play a crucial role in the transformation of organisations. As working, learning and knowing are closely related processes, HRD could become the integrating vehicle for generating human and social capital: primary driving forces in a knowledge society.
Highlights
The term “Intellectual Capital” [1, 2] collectively refers to all resources that determine the value of an organization, and the competitiveness of an enterprise
Universal Journal of Industrial and Business Management 4(1): 31-36, 2016 should be applied so that its results to be achieved. These sources have wide range of results that depending on the circumstances, they can be positive or even negative [12]. In this world the concept of social capital can take on a whole new dimension for the ―firm‖ as it focus on the nature and strength of relationships and the communication flows in which individuals and organizations are embedded
When an organization is understood as an evolving system of knowledge production and application, human resource development (HRD) professionals have the opportunity to become strategic players
Summary
The term “Intellectual Capital” [1, 2] collectively refers to all resources that determine the value of an organization, and the competitiveness of an enterprise. These sources have wide range of results that depending on the circumstances, they can be positive or even negative [12] In this world the concept of social capital can take on a whole new dimension for the ―firm‖ as it focus on the nature and strength of relationships and the communication flows in which individuals and organizations are embedded. Social capital requires attention to be paid to the relationships which shape the realization of human capital‘s potential for the individual and collectively With this backdrop the paper examines the effects social capital on organizational performance. The present study focuses on the relationships among individual members-- referred to as internal social capital- and the basic premise is that HR Configuration and HR practices adds appreciably to organization level of social capital and which again enhance performance at the organizational level. Organizational social capital is introduced conceptually as well as it is noted that it is a phenomenon that has the characteristic of catalyst to be used by the human resource managements in increasing competition nowadays
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