Nobody downloaded yet

The Role of Human Capital in the New Global Economy - Essay Example

Comments (0) Cite this document
Summary
The role of human capital in the new global economy Table of Contents Introduction 3 The role of human capital in the new global economy 3 Conclusion 6 Reference 8 Introduction Since the last twenty years, both the European and the American labour markets have confronted with serious problems…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.5% of users find it useful
The Role of Human Capital in the New Global Economy
Read TextPreview

Extract of sample
"The Role of Human Capital in the New Global Economy"

Download file to see previous pages It is seen that human capital plays a major role in the labour market developments in nations. This emphasizes on the role of labour market institutions across the world. The idea is to remove the possibilities of skill shortage or skill crisis which forms one of the most critical components of a productive economy (Davis & Reeve, “Human capital and the global economy”). The role of human capital in the new global economy It is seen that with the growth of the population towards their age of retirement, nations tend to face a shortage of labour. The economy faces a labour shortage crisis which fails to meet the desired level of skill requirement of the society and economy on the whole. Thus it is crucial that nations maintain a certain amount of skill within the economy which meets its output and productivity requirement. In other words nations need to maintain a balance in their labour markets (Turner, “Executive Summary”). Technological advancement has also played a significant role in the increasing competitiveness of nations. Moreover it forms a primary component behind the competitiveness and competitive advantage of nations in the international market. This has called for a labour force which is highly competent in the field of information technology in order to sustain and survive in the global markets. Nations suffering from less advancement in technology and communications has suffered skill shortage and labour efficiency which is the reason why they have lost their competitive position in the market among global competitors (Turner, “Executive Summary”). With globalization, the prevalence of trade and commerce has also increased substantially. Global economies’ reliance on international trade has increased substantially over the years. In order to survive in the global competition and improve performance nations’ businesses need to create wealth and the colleges and universities in the nations need to keep producing high skilled and educated personnel who would be responsible for driving that economic development. Skilled and educated labour force forms a major component of a nation’s ability to compete in the international market. Globalization has come with a lot of challenges for nations. While a number of them have been able to adapt themselves to the global reality in terms of their operations, a number of them have failed to develop their human resources policies, practices, services and structures which support globalization. The major human resource challenges that organizations are confronted with are the creation of a global mind set in the human capital or even maintaining the local practices and cultures and also communication of a single corporate culture across the entire organization. Organizations are required to formulate their human resource functions in accordance to its strategic business objectives. The human resource functions are to be aligned with the long term strategies of the companies operating within their own territories or across borders (Rioux, Bernthal & Wellins, “The Global Picture”). Among the other important HR functions in organizations is the creation of a centralized relationship across the globe. There also needs to be the prevalence of a standardized development, assessment and compensation ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“The Role of Human Capital in the New Global Economy Essay”, n.d.)
Retrieved from https://studentshare.org/marketing/1430300-the-role-of-human-capital-in-the-new-global
(The Role of Human Capital in the New Global Economy Essay)
https://studentshare.org/marketing/1430300-the-role-of-human-capital-in-the-new-global.
“The Role of Human Capital in the New Global Economy Essay”, n.d. https://studentshare.org/marketing/1430300-the-role-of-human-capital-in-the-new-global.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Human Capital /
..., training and health as the most important investments in human capital and the industry’s increasing reliance on them. Patrick Fitzsimons’ “Human capital theory and education” discussed the Human Capital Theory as the most influential economic theory of Western education, setting the framework of government policies since the early 1960's, and its recent reformulation which stressed the significance of education and training as the key to participation in the new global economy. F. John Reh’s article “New Employee Training - Is It Worth The Investment” presented...
8 Pages(2000 words)Essay
Human Capital
...14th April Relationship among Variables “Discuss the relationship among following variables. Firm strategy, human capital, human resource practices, human resource behaviors, firm performance and overlapping tenure” Introduction to Variables Firm Strategy, also known as Business Strategy or Corporate Strategy, is a long term plan of action of a firm. It helps firm in strengthening its performance. Without a strategy, firm has no direction to guide them. Human Capital is referred to as a measure of the economic value of abilities, skills and experience of employees. This concept states that all labor is not equal and the value of each...
3 Pages(750 words)Essay
Human Capital
...Human capital is an important component of the intellectual construct. Frequent turnover of staff leads to drain of organizational knowledge and increases costs of recruitment. For the benefit of both the organization and the employees, long-term commitment is essential. Unlike the traditional concept, compensation and monetary incentives are no more the most important factors to stick on to a job. To maintain continuity in an organization it is very essential that turnover of staff is reduced. Today's world is knowledge-based with dynamic changes taking place by the hour. In the current scenario, people are the differentiators of a business enterprise; human capital is the profit lever of the knowledge economy. Human capital... is the...
9 Pages(2250 words)Essay
MANAGEMENT IN THE NEW GLOBAL ECONOMY
...Management in the New Global Economy Faizan Rahman This portfolio explores the dilemmas companies face and answers some of thekey concerns about management. Furthermore, it answers important questions from all areas from management including planning, communication, motivation, leadership, decision-making, change, innovation, organizational design and structure. Moreover, the portfolio contains in- depth research and analysis about multinationals from all industries. Some of the companies included in research are Boeing, Vodafone, Reuters, Bloomberg, and McDonald's etc. MGMT 101-Management in the New Global...
8 Pages(2000 words)Essay
Human Capital
...Case Analysis: Alleviating Riordan’s Declining Job Satisfaction Case Analysis: Alleviating Riordan’s Declining Job Satisfaction Much as we are aware about the significance of the human resource aspect in organizations, a strategic form of management applied within the arena of human resources permits the easier facilitation of organizational change. Although the human resource agenda have immemorially been incorporated in the principles of strategic planning, an understanding of the applicability of these processes in organizational management is relatively new. Today, as more companies recognize the benefits that organizational development and the role of human resource management, sturdy provisions reengineered with applicable... . In the...
5 Pages(1250 words)Essay
Human capital
...Chapter 6 At the start of this chapter, we are presented with a definition of the human capital. The model shown provides the major supplier an explanation of gender differentials in economic outcomes. There is fieldwork done by Nobel laureates Theodore, Gary Becker and Jacob Mincer that displays individuals and their families making similar decisions regarding human capital investments. An example that was provided of human capital are the investments made in formal education, job searching and training, and geographic migration. Although the similarities between physical and human capital are...
4 Pages(1000 words)Essay
The Role of Human Capital in the New Global Economy
...The Role of Human Capital in the New Global Economy Introduction Since the last twenty years, both the European and the American labour markets have confronted with serious problems. However, their manifestations have been different. While the European nations have suffered from high and persistent rates of unemployment, the figures of which have reached double digits, America is confronted skill shortage and rise in wages. The reason why the two developments are considered in a single framework is because they are part of a single global economy and the web of trade not only links their product market...
5 Pages(1250 words)Essay
Global Human Capital
...be stated to be a product of increased competition and enhanced level of interaction between firms across the globe. Such a diversified business environment facilitates exploring new market opportunities and liberalization of trade and business regulations. One of the prime advantages arising out of globalized business environment is the transmission of technology, human capital and other resources so as to make markets more and more competitive. Although managing global human capital is a huge challenge, it has facilitated distribution of talent and skill effectively. Hence modern day organizations groom managers in a...
8 Pages(2000 words)Essay
Canada - The new global economy
...The Economic Role of International Trade in Canada’s Future The Economic Role of International Trade in Canada’s Future In the modern world, there is an increasing integration of trade and cross-border investments. International trade and cross-border investment are necessary for the growth and development of the global economy. Various countries around the world that actively participate in international trade are assured of economic growth and development. The perfect example of a country that has benefited and still bound to benefit from international trade in future is Canada. The future economic growth and development of Canada hugely depends on its international...
4 Pages(1000 words)Essay
Global Human capital (case study)
..., no. 2 3. John Benson. “The Changing Nature of Japanese Human Resource Management; The Impact of the Recession and the Asian Financial Crisis,” Int. Studies of Mgt. & Org., 2004,Vol. 34, No. 1, pp. 32-51. 4. Markus Pudelko and Anne-Willl Harzing. “Japanese human Resource Management: Inspirations from Abroad and Current Trends of Change” International Human Resource Management in Japan, London: Routledge, 2009. 5. Tetsuhiro Kishita. “The HRM of Japanese Firms in the Days to Come of Global Competition,” Research and Practice in Human Resource Management, 2006, 14(1), 29-48. Available at: http://rphrm.curtin.edu.au/2006/issue1/japanese.html... HRM Policies and Practices: A Case Study of ITOCHU. Summary Having been founded in the year 1858, the...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic The Role of Human Capital in the New Global Economy for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us