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“Human Resource is the most important asset of an organization”. In Singapore, where there are no natural resources, human capital is one of the valuable resources that the country depends on to attract foreign investors. The skills, knowledge and experience of each individual contribute to the growth of organizations, communities and the development of the nation. With today's workforce becoming more diverse, the importance of employee has also been increasingly highlighted in the organizations.
People are employed to perform the various hierarchy roles in the different divisions of an organization.
They are mainly the Admin, Sales & Marketing, Finance, Production, Information Technology, Customer Service and Human Resource.
In order to gain a competitive advantage in the market, it is vital to have the correct people in their respective role in these functional divisions as the staff can then perform their scope of work to produce excellent results for the company. Particularly when employees' talents are valuable, rare and difficult to imitate, an organization can achieve a sustained competitive advantage.
Human resource is always related to one organization profitability and their ability cannot be replaced by machines as discussed by Hargreaves and Jarvis (1998: 3).
Every business and organisation will have its own unique culture, based in the prevailing beliefs and values within the business and organization.
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The advanced equipment, new technology, good marketing strategic, excellent customer services and many other elements can be the factors to build up for the success of an organization. In every business people are playing different roles with defined responsibilities and accountability.
Take for example, in the manufacturing and production industries, the factory and machines are considered very important just as the people.
However, I agree to a large extent that human resource is still certainly an extremely valuable asset to determining the success or failure. In an industry that depends on highly skilled professionals in a service firm, without their support, the organization’s daily business function will not be done well and ready.
In my opinion, one good example of a successful organization that values its employees as an important asset of its business would be CapitaLand Limited. CapitaLand is one of Asia’s largest real estate companies and it believes that people are the core assets. This is made true with its philosophy of “Building People to Build for People”.
A second example would be Sheng Siong Supermarket Pte Ltd. The managing director, Mr Lim Hock Chee is a hardworking man who believes in treating the employees well. His staffs get one free meal every day - a buffet-style one for those who work in the Woodlands headquarters and boxed meals for the rest. He always has the employees' interests at heart and will go out of his way to help anyone who has problems at home e.g. giving cash incentives to those with young kids. He believes that only when the employee is happy at home will he be able to concentrate at work.
Ultimately, a motivated employee can make a significant difference to the company’s bottom line in terms of bringing in new orders, meeting customer needs, developing new products and thus meeting the goals of the organization.
Employees’ talent and efforts have tangible effects on an organization’s productivity and stability. As such, efforts are often been neglected and fail to satisfy employees’ needs. When employees’ efforts are not recognized, there will be a lack of commitment to the organization. Thus, employees will not be motivated and will be less creative. It is important to have a common understanding of having a work-life balance environment for its employees.
As people’s talent, ability, and grasp of the business improve, some group members are likely to realize their own high growth potential. Organisations will probably suffer minor setbacks when losing a valuable team member to a better job or even another company. On the contrary, it means the organisation is giving its people important skills.
Hence by helping the people to scale up their critical skills, it can establish skills accountability and foster continuous learning - a key strength in today's marketplace of constantly changing environment. Let’s create and promote a culture of knowledge and innovation in our organization, and respect Human Asset - the most valuable Intangible Asset.
Employees as Important Asset in Business Management. (2016, Oct 01). Retrieved from https://studymoose.com/employees-as-important-asset-in-business-management-essay
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