Role Of Human Resource Management Challenges In A Knowledge Based Economy

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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”.
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The key areas of recruitment and selection, training, and retention require strategic shifts in HR processes such that HR practices will use broad based recruiting to ensure skilled applicants are identified, and provide incentives that foster employee innovation and retention. Although a knowledge-based economy is identified as a challenge, it can also be an opportunity for change and for HR to become a priority, resulting in HR as a critical organizational function and viewed as essential. HR can play a significant role in developing knowledge management within an organization by promoting innovation and creativity of workers (Chivu & Popescu, …show more content…
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