The Functionality of Human Capital Development in Organisation
The competitive conditions, which have increased due to industrialisation and globalisation, have rapidly attributed more significance to employees from the point of organisations. Organisations have placed employees at the center of their structures, and more effective and efficient ways of benefitting from employees have been sought by developing various strategies (Hasan, 2015). Organisations have felt the need to follow modern management approaches such as “empowerment” closely and adequately due to its importance and role in the achievement of expected aims and objectives. Obviously it will not be possible for organisations to reach their aims and objectives at the desired levels especially if empowerment as a modern management approach is neglected. Those who fail to adapt themselves to technological advancement, changes in market and sector, the demands and expectations of customers will be doomed to fall prey to the natural selection or fail to enlarge. At this point, innovation steps on the stage is so essential a concept, even to the extent of saying “Innovate, or perish!” (Hasan, 2015). Finding employees that are eager to innovate or able to adapt to innovative organisations will prove effective and yield positive results for organisations in the medium or long term. That organisations seek to find new products and services, new marketing, distribution, provision channels, new production processes, new strategies and technologies will maintain profitability, help build sustainable success as well as increase resistance against crises, risks, and threats (Hasan, 2015).