What is the Human Resource Value? Give the definition to the term used for Human Resource Value.
This is directly related to the economic concept of value. The two dimensions it has are:
- Purchasing power.
The object holds value only if it has some worth which it will deliver in the future otherwise it holds no value. In the same way human resource value is depicted by the worth expected in future. The concept is true for individuals, groups and human organizations.
DEFINITIONS OF TERMS USED IN HUMAN RESOURCE VALUE.
- Value: The true value of human resources is to reduce the cost of human capital. HR adds value by ensuring change management efforts deliver lasting results. Human Resources must create value and value creation demands a real effort.
- Value of human organization: The present worth of an employee of its expected future service to the organization.
- Individual’s value to an organization: It is the worth of the set of future services an employee is valued to provide during the period of stay in an enterprise.
- Group’s value to an organization: It is the recent value of its expected future services.
- Individual’s expected conditional value: The amount of the enterprise could be realized from the employees services if he maintains membership during the time of his productive service life.
- Individual’s expected realizable value: The amount which is expected to be derived, as per the employees likelihood of turnover.
- Productivity: Productivity refers to metrics and’ measures of output from production processes, per unit of input. Productivity may be conceived of as a metrics of the technical or engineering efficiency of production. As such quantitative metrics of input, and sometimes output, are emphasized. Thus it is the set of services an individual provides while in present position.
- Promotability: These are the kind of services an individual is believed to extend only when he or she occupies higher level rank/positions in his or her present or different promotion channels.
- Individual skills: This is the capability and potential of worker in order to provide services to the enterprise.
- Rewards: The profits gathered by the system.
- Instrumental individual rewards: Awards which are given because of individuals efforts only.
- Instrumental system rewards: Rewards given because of membership in the system.
- Activation level: It is the neuro-psychological counterpart of the idea of motivation.
- Human resource valuation: It can be explained as the assigning value to employees on the basis of their future economic services to the organization.
- Casual variables: Those independent variables which can be altered by the organization directly or with a purpose.
- Goal emphasis: It is the attitude in the people which prompts them for meeting the goals for the group.
- Intervening variables: Those variables which depicts the internal state, health and performance capabilities of an enterprise.
- Managerial behaviour: The supervisory behaviour that affects the group effectiveness.
- Organization structure: The relationship that is structural amongst organizational roles.
- Peer group behaviour: The kind of support, interaction provide by the subordinate peer group.
- Support: The kind of behaviour that increases Someone else’s feeling of personal worth and importance.
- Team building: The attitude that improves mutually satisfying behaviour.
- Work facilitation: The attitude that helps attain the goals as laid.
- End-result variables: Those dependent variables reflecting the results achieved by an organization.