Research Paper on Human Capital Strategy as a tool for Economic Development

Introduction

According to annual reports with HR Magazine, many cooperation in North America, Asia, and Europe, the human capital is one of the critical assets in any organization. The rational capital strategy not only defines the role of the managers but also dictates how the managers should handle the development of employees and prepare staff for their work (Marchington & Kynighou, 2016). Due to global competition, changing workforce, information technology advancement and new knowledge the 2008 worldwide recession and high demand for the sustainable performance which have made the leaders examine and reevaluate how they operate and manage (Lawler, 2012). They ensure they utilize the new technology, changing the structures of the organization, relocating the workforces and improving workforces which have led to the economic development (Fairholm, 1994). The changes got significant impacts on how the human capital will be managed ways on how the HR functions will operate. In various organizations compensation is among the most significant costs which impact the organization (Mikkelsen, 2005). The organizational effectiveness depends if it is capable of addressing the talent management issues like knowledge management, capability building, and change management. If there are no changes in the HR practices, the task of the HR professionals' hence will end up being mostly administrative (Mendes, & Romao, 2016). Despite the arguments that talent management is the crucial issue in various organizations research found that the HR executive often is not the strategic partners they are administrators and often business partners (Deshmukh, 2015).

The Importance of Porters Five Forces Model as the Competitive Strategy

It has been more than 30 years since the Harvard associate professor of the economics published the article "How competitive forces shape strategy." The article has redefined how different organizations view and approach the competitive strategy. The five forces consist of the bargaining power of the suppliers, bargaining power of buyers, the threat of new entrants, threat of substitute product and services and they surround the most potent force which is the rivalry amongst existing competitors (Fuller, 1013). The first market force which is the bargaining power means different things to different industries, and for the legal profession, supply is all about the talent (Markovic, 2016).

The legal sector saw the growing surplus of skills leading to the lower costs associate staff and contract lawyers which led to enabling more adaptive firms and higher opportunities to introduce the alternative fee arrangement. It is significant as it provides higher efficiency and predictability for the customer and profit of the firm (Porter, 1980). Bargaining power of buyers is the second force, and this is where the most significant energy leveraged (Yeung & Huo, 2009). By increasing the number of legal departments which outsource the massive amount of legal work to the outside counsel deciding instead to leverage the oversupply of the legal talent in the market to staff their department in a more cost-efficient manner (Donald Hopkins,& Swift, 2008). The third is the threat of new entrants which can get applied in various ways. As in the past technology has been leveling the playing field between larger firms and mid-size firms creating another layer of competition that distributes market forces to the rivalry among competitors who already exist (Anton, 2015). Mid firms pose a threat to larger firms. Forth market force is the threat of substitutes and likes the threat of new entrants (Greenspan, 2015). This kind of market force continues to add leverage in the market. The final market force I the most powerful for the legal profession and making rivalry among existing competitors (De Cieri, & Dowling, 2006). Various firms compete against each other for the existing demand and creating commodity with little differentiation which leads to increased buyer power.

Performance Management: A Framework for Management Control Systems Research

In this article, it proposes the framework for analyzing the management control operations systems structured around five major central issues. Most of the problems relate to the real strategies and plans for their achievement, incentive and reward structures target setting and information feedback loops (DavidOtley, 2018). Their primary focus is on the management of the firm performance (Alvesson & Willmott, 2012). Since the framework has developed, there is the test of its application against the three major systems of organizational control namely economic value added, budgeting and the balanced scorecard (Ogango, 2014). It there is trust that framework can usefully be developed further by its use in analyzing other instances of management control systems practice. The performance of the business and organizations has central been of interest to the management accounting researchers and managers of the organization (Zainuddin & Sulaiman, 2016). Therefore, the management accounting has tended to restrict itself to considering only the financial performance and use of the framework and theories drawn primarily from the discipline of economics (Ferreira & Otley, 2009). We recognized that the organization that is doing well is the one that is achieving its objectives. Management control system provides some of the information that is useful to the manager that is useful in doing their task and assist the firm in developing and ensure they maintain a viable pattern of behavior (Widener, 2007).

Data Management and Analysis Methods

The quantitative data management and the analyses use numbers in its methods. The goals of the qualitative data management and analysis are ordering and giving the structuring meaning to the collected data. By qualitative data, it means movies, newspapers, email traffic, and life histories. The scholars in the content analysis started using computers in the year 1950 to do the statistical analysis of the text pool (Brown, 2001). Though, in the recent advances in technology are changing the economics of the social sciences (Ryan, 1963). Today, the optical scanning make light work by converting written texts to machine-readable form. The techniques for collecting data include using the raw version as the input, semantic network analysis, and cognitive maps (Dhohoon Kim & Jang, 2017). The free lists used for identifying the items in the cultural domain. The researchers made use of the paired comparisons triad test and piled sorts to explore the relationship among things (Akers & Doty, 2013). The mental maps are the visual displays among the items of transcribing the open-ended interviews. Self-Direction for Lifelong Learning. A Comprehensive Guide to Theory and Practice

Some of the critical issues considered in this aspect of an idea of self-direction learning are self-educational learning project and product with services. Regarding the first aspect which explains that according to research done in the UK one out of six out of six people are struggling to teach or learn something for themselves at any given place (Doucette, & Fyfe, 2013). According to the American study in 1967 describes the process of self-teaching, with similar circumstances, learners assume the role of planning and taking responsivities (Smith, 1967). The second aspect so far explains the approach of self-direction process (Savin-Baden, 2000). In this case, learners have primary responsibility for considering the program, carving out and evaluating their own learning experience. There is four distinct phenomenon that can be related to self-direction. The first one is personal attributes the second is the willingness and the capacity to conduct self-educational management (Merriam & Baumgartner, 2012). The second is the mode of organization strategies that should be in the form of learning control. The last one is the autodidact.

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