Human Resource Management : A Knowledge Based Economy Essay examples

1033 Words Oct 10th, 2016 5 Pages
Human Resource Management Challenges in a Knowledge-Based Economy
Denise Barnes Belton
University of Maryland University College Human Resource Management Challenges in a Knowledge-Based Economy A challenge facing management processes in the field of human resource management is a knowledge-based organization. In Wiśniewska and Wiśniewska (2012), human resource management is the “process of managing human talents to achieve organization’s objectives (Haslinda, 2009). According to the Business Dictionary (2014), a knowledge economy uses information or knowledge to generate tangible and intangible value. Anderson and Corley (2003) indicate that some economists consider this market as a “subset of the overall service economy”. Many traditional practices in human resources (HR) were created during the industrial era in which organizations focused on the manufacturing process of converting materials to finished goods in order to meet customer expectations. In the 21st century, the decline in manufacturing and growth in knowledge has shifted HR organizational processes from short-term to long-term results. Organizations are now focused on employees’ knowledge and retaining their skills, as it has an influence on the success of an organization (Stone & Deadrick, 2015). Therefore, it is necessary to adapt HR processes to the needs of knowledge organizations. This paper examines the new demand of innovation that a knowledge economy places on organizations and…

Related Documents