Human Capital Management: The New Human Resource Management: An Industry in Transition

Posted Tuesday, June 18, 2013

By Dr. Michael Williams
Dean, School of Business and Management

The role of human resource management in modern corporations is rapidly changing. Over the past decade, business leaders have either eliminated or outsourced human resource management functions that do not enable business-centered, human capital strategies. In response, a paradigm shift is occurring requiring human resource management professionals' to reskill; replacing reactive, low value transactional human resource functions with proactive, high value business enhancing strategic contributions focused on business growth and sustainability. A key component of business growth and sustainability is human capital acquisition and retention. In their seminal article Talentship and the Evolution of Human Resource Management: From Professional Practices To Strategic Talent Decision Making (2004) authors John W Boudreau and Peter M. Ramstad offer "The value and importance of human capital, or talent, is increasingly obvious to business leaders, yet they are increasingly frustrated by the current state of human resource (HR) management." The authors continue "People, intellectual capital and talent are ever more critical to organizational strategic success."

In order to meet the growth and profitability requirements of contemporary business operations, human resource management professionals must understand and incorporate the talent engagement strategies and tactics articulated in the emerging discipline of human capital management. Innovative human capital management concepts and practices, such as decision science, talentship and HRM-based metrics form the new cornerstones for professional reskilling for contemporary human resource management professionals. Central to this reskilling is earning a graduate degree in human resource management offering a curriculum that incorporates the key concepts and practices associated with human capital management.

The Master of Science in Human Resource Management Degree offered through the School of Business and Management of Thomas Edison State College offers an integrated business, human resource management and human capital management curriculum focused on reskilling human resource professionals. Courses including Strategic Recruiting, Retention and Succession Planning, Intellectual Capital and the Workplace Learner and Managing the Human Resources Enterprise provide key theories, models, and practices associated with human capital management that position human resource professionals to survive and thrive in the 21st century global business environment.

Authors Boudreau and Ramstad (2004) observe that the current state of the human resource management industry requires "significant improvements in HR decisions [and] will be revealed not by applying finance and accounting formulas to HR programs and processes, but rather by learning how these fields evolved into the powerful, decision-supporting functions they are today. Their evolution provides a blueprint for what's next for HR."

Increasingly, human resource management practices are incorporating the theories, models and tools associated with human capital management. As the human resource management industry evolves, its transition toward a future state will determine professional effectiveness and acceptance in industry. Human resource management professionals need to anticipate the context and content of this future state and acquire the knowledge, competencies and skills necessary in order to be successful. The Master of Science in Human Resource Management Degree offered through the School of Business and Management of Thomas Edison State College may be the higher education cornerstone supporting professional reskilling and success in this millennium.

Reference:
Boudreau, J. W. and Ramstad, P. M. (2004). Talentship and the Evolution of Human Resource Management: From "Professional Practices" To Strategic Talent Decision Making. Center for Effective Organizations - Marshall School of Business - University of Southern California. CEO PUBLICATION G 04-6 (458).

Thomas Edison State College offers three online graduate degrees including an MBA with four areas of study: Data Analytics, Healthcare Management, Finance, and Marketing; an MS in Management; and MS in Human Resource Management. These business degrees are designed specifically for working professionals enabling them to advance their careers. Undergraduate business degrees include a BS in Business Administration with16 different areas of study, including accounting, computer information systems and entrepreneurship; and a BS in Organizational Leadership.

Explore Thomas Edison State College's Online Business Programs

You can also call Dr. Michael Williams (609) 984-1130, ext. 3202 or email him at [email protected] to learn more about the graduate and undergraduate business program.

Thomas Edison State College offers a corporate tuition rate to EdLink client employees.

 

Tags: Business and Management , Career , Majors and Degree Programs

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