Human Resource vs. Human Resources | Human Resource Management Vs Human Capital Management
Human Resource vs. Human Resources
The word “human” comes from the Latin word “humanus,” which means “of man.” The word “human” is used to describe something that is human-like. Therefore, “human resources” is a phrase that is made up of two words, where one word is an adjective and the other is a noun. It would be more appropriate to say “human resources.”
Human resources” means that the people who work at a business are important solely for what they can provide by way of service. Their needs and development are important.
Human resources are a critical role in any company because the department is responsible for assessing the skills and qualifications of potential applicants, identifying appropriate staff training needs, and managing staff’s performance.
Human resources is the discipline that manages the company’s people and ensures that they have the right skills, abilities, knowledge, and training to meet the business needs.
Human Resource Management Vs Human Capital Management.
Difference Between Human Resource Management and Human Capital Management.
Human Resource Management: The process of managing people within an organization to achieve organizational objectives. This includes recruiting, hiring, training, and developing employees as well as providing them with the motivation and leadership necessary to help reach company goals.
Human Capital Management: A philosophy or strategy that focuses on identifying, acquiring, developing, and deploying talents needed for long-term success.
It places emphasis on what people can do rather than their job title or position in the organization when making decisions about who should do what works best for the company’s needs at any given point in time.
In a business sense, the human capital management approach is more focused on maximizing employees’ abilities and potential.
It’s about finding ways to improve an employee’s skills through training or education and then giving them opportunities for growth in order to maximize their contributions towards organizational success.
Human resource management focuses more on the administrative side of things like hiring and firing, benefits, payroll, etc.
A lot of people are not aware that there is a difference between human resource management and human capital management.
Human resources managers focus on administrative tasks, such as recruiting, employee development, compensation, and benefits administration; while human capital managers typically focus more on strategic work including developing a strategy for talent management, implementing talent programs to attract and retain employees, or determining how best to allocate scarce workforce resources in times of economic downturns.
Human Resource Models and Theories
As the world becomes more globalized and competitive, it is important for companies to find new ways of maintaining productivity. The human resource model has been an essential part of business operations since the Industrial Revolution.
There are many different models and theories that can be used to structure a company’s HR team, but they all have their own strengths and weaknesses.
Human resource models and theories are important because they help companies understand what is needed to create a productive, efficient, happy workforce.
There are many different types of human resource models and theories that can be used for different purposes. Some of the Models and Theories include;
1. Maslow’s Hierarchy of Needs Theory In Employee Motivation.
This model explains how employees need basic needs met before higher-level motivations such as self-actualization kick in. Maslow’s hierarchy of needs is one theory that looks at what needs employees have.
The hierarchy of needs is a pyramid with the most important need at the top and the least important need at the bottom. The most important needs are physiological needs like air, water, and food.
The next most important are the needs for safety and security of the self and others. This is followed by the need for belongingness and love. The “safety” and “love” needs are then followed by the greatest need of all, the need for esteem.
This theory helps a business understand how employees feel about their job, what they want to achieve during their job, and how they feel about their work compared to other people in similar positions.
2. Social Exchange Theory in Human Resource Management.
This theory is a part of human resource management because it helps companies understand how employees interact with each other and how the relationship between employers and employees can be improved by providing benefits through the company.
The social exchange theory describes people’s behavior as being motivated by the way they relate to others in organizations. This includes an exchange of benefits, such as benefits given to employees for providing a job, working in the organization, and for being an employee at all.
The “social exchange theory” helps human resource managers to understand why employees will leave an organization.
Common Rewards: money, recognition in the form of promotions and perks.
Examples: pay for performance, special treatment, exciting projects, or training opportunities.
3. Matrix Structure Model in Human Resource Management.
This is a very important human resource model that uses a hierarchy to see if all of the tasks are getting done and how much control employees have over their workloads and tasks assigned to them.
This model is used to create a framework for organizations so that tasks can be easily identified and controlled.
This theory is important because it helps the employees of an organization to see how much control they have over their tasks and workloads.
If this model doesn’t show that management has control over the tasks of employees, then this could become a problem very quickly.
4. Organizational Behavior Model in Human Resource Management.
Theorems are explanations that try to explain how people behave in organizations.
An organizational behavior model is used when trying to understand why some people will perform well or poorly, and work out how employees can be encouraged or discouraged to do what they need.
This is important because it helps high-ranking employees to understand how they are going to get the most out of their employees.
5. Service-Profit-Chain Model in Human Resource Management.
This pyramid shows how a business should be run, and why it should be run that way. It is used as a guide when creating a service for customers, because if the service is slow or unhelpful, then the company will lose money.
It also shows what the company’s goal is, because if the company doesn’t have a goal, then it will not be able to run properly.
The service-profit chain model is important because it helps companies understand how an organization should be run, and how employees work with each other to achieve goals that are important to the company.
6. Kanban Management System in Human Resource Management.
This system is used to control the flow of a company. Companies use a kanban system to understand how much work is being done, and what the hold up is.
This tool helps companies get through their tasks quickly so that they can move onto the next task quickly. This theory is useful because it helps companies be able to see what they need to do and when it needs to be done.
7. David Ulrich’s HR Model Theory
This model helps managers and HR professionals understand why workers are motivated, how they are motivated, and what the best way to motivate them is.
This system looks at the emotions, strengths, and weaknesses of workers and uses these to help managers motivate them in a certain way.
This theory is very helpful in the workplace because it helps organizations see how they can improve their motivation among workers, as well as help them understand how workers perceive themselves in relation to others.
8. Harvard Model of HRM
This is one of the oldest models of human resource management, and it is also very effective. This model states that organizations should make sure that employees feel like they belong to a group in the company, and are recognized for their contributions.
This model also uses beliefs when creating strategies, because beliefs can be very difficult to change in an organization. This theory helps organizations understand how they should work with their employees and how they could work with them better.
9. Guest Model of HRM
This model is very similar to the Harvard model of HRM. It has two main focuses. The first is that an employee should feel like they belong to a group in the organization and that they are recognized for their work.
The second focus is the need for an employee to have autonomy and independence while working, as well as responsibility.
This model helps organizations understand how their employees are motivated so that they can find solutions to work with their employees to make sure that they are satisfied with what’s going on in the company.
10. The Warwick Model
Human Resource Management is a very complex field and it has many different aspects to it. The Warwick model helps managers understand how the field of human resource management is related to other fields such as technology, teams, economics, and knowledge management.
This is an important model because not understanding these connections could lead to problems in businesses where leaders do not understand how the different aspects of their business relate to each other and what they mean together.
When the different parts of an organization are worked together, they can achieve great things that they could not do if they were working separately.
The Warwick Model is important because it helps organizations understand all aspects of their business and how they can use those aspects to help their businesses run more effectively.
11. Hogan Development Model
This model shows how people change throughout their lifetime and how organizations should change with them. This is a very useful theory because it helps managers see how workers change as they get older, and what these changes mean for the company.
This helps businesses understand how they can work with their employees as they grow, and that this growth should be regarded as a process rather than something that happens overnight.
This model helps managers understand the different changes that happen in the workplace, and how workers can change when they learn new skills or are exposed to new things.
12. Vroom Expectancy Theory of Motivation
This model states that an employee’s motivation is made up of three things: performance, effort and reward. It gives an explanation of why people choose to work, and how rewards can affect an employee’s motivation.
This theory states that there needs to be a direct connection between performance and expected reward.
It is important for expecting rewards because if they are not set up correctly then it is a little more difficult for the worker to be motivated and willing to do their work well. It is also key to setting performance expectations because it shows that the workers’ performance is dependent on their desire to receive a reward.
Vroom’s model of motivation helps explain why people choose to work, and how the rewards that are given can influence an employee’s motivation and work style.
13. Theory X and Theory Y
These two theories explain why people behave the way they do when they are faced with a situation in which individuals have different opinions about how that situation should be handled.
Theory X proponents believe that work situations are not enjoyable, as these types of people usually have less fun and affection connected with the job. This type of person has an opinion that they know how to behave better than others, often because these people are more confident and ambitious.
Theory Y believers take a different point of view. These individuals believe that work is not bad because it is enjoyable and fun, as opposed to having a negative attitude about the job itself.
To avoid any unpleasantness, individuals within the group may not have a negative attitude towards the work itself if they are working with someone who shares their outlook.
Hence, this type of person is more pleasant to work with. Both of these viewpoints could be true, depending on what type of personality each individual has. Employers should be cautious when deciding whether or not to hire individuals based on their Theory X or Theory Y traits.