Strategic Management Essay Example | Topics and Well Written Essays - 1500 words - 5

Strategic Management - Essay Example Human capital development according to them entails such activities as hiring contingency workers and outsourcing of labor in non-core areas so as to focus the regular human capital to the most important areas (core competencies). This serves two purposes namely: Contingency workers and outsourcing can provide certain technical and professional skills at very reduced costs. However the authors also highlight the several shortcomings that come with outsourcing. These include: The authors conclude that outsourcing, as a strategy must be used with great care, failure to which less beneficial static flexibility may result. Another area outlined in the development of human capital is training and other forms of skill development. Better-trained employee are usually highly motivated as well as empowered to play an even more important role when it comes to innovativeness. The discussion is largely relevant today since the trends identified in their day continue to this day. This is not to say that the environment has not changed, Indeed it has and many organizations are now focusing on more strategic training which is basically acquiring knowledge, skills, and approaches needed to initially do a job or to perk up upon the performance of a particular task. Today’s management authorities are eager to measure the impacts of these strategies and to design programs of continually advancing this knowledge. Today’s executives clearly understand the relationship between results and the people in the organization. They more often than not seek to recruit the most talented, individuals developing and deploying them in the most crucial areas in the organization. Progress is analyzed and challenges constantly evaluated with the view of coming up with strategies that best match the core values of the organization. The subject of human capital management has