Key Concepts in Human Resources Management is an essential guide to the theories and issues that define the field - from the critical debates to the more practical considerations that every student should be aware of.52 short entries will serve to orientate the student round the need-to-know essentials. Entries will include Employment Tribunals, Benefits, Corporate Social Responsibility, Discipline and Grievance, Control, Employee relations, Incentive schemes, Motivation, Organizational culture, Strategic HRM, Victimisation.A range of relevant HR applications will be given for each term.A selection of recommended readings are suggested for each entry.
Most definitions of human capital are based around the view that it represents the total ‘value’ of competencies, capabilities, experience and motivation of an organisation's employees. Value in that context is to be taken in the economic sense of the term. Human capital is a term closely related to that of social capital which reflects the value of ‘trusted’ interaction (informal co-ordination, co-operation and innovation) between individuals. Therefore human capital (and social capital) should be assessed in terms of cost and benefit, just as for any other resource.
It was Mayo (2001) who proposed what he termed the ‘human capital monitor’. This was conceived as a formula-based expression of the contribution (added value) of people in financial and non-financial terms. It consists of ...