Human Capital Essay

2399 Words10 Pages
“Human capital is the forces that drive every organisation, and finding and hiring the appropriate talent is now more important than ever.” Volpe & Tucker (2004, p. 1). This statement expresses a view within the human resource professional and business leadership arena which has become common place. Terms such as “thrive, not survive”, (HR Summit, [Key Media] (2009, pers. Comm., 1 April), are themes frequently expressed in the current economic climate by industry leaders, encouraging those in decision making roles to remember the mistakes of the 1980 business world to “lash-and-burn”, Way (2000, p.65), not to cut jobs as a way of survival, but to retain people as much as possible, highlighting the importance now placed on the retention of skills and knowledge. However, retention in today’s work force has an expanded definition incorporating diversification and flexibility strategies such as an easily expanded or retracted workforce “a “Swiss Army reserve” of talented contactors they can call on”, (Watt, 2000 cited in Way, 2000, p.66), often created and managed through the use of recruitment agencies and consultants. The following essay will provide an analysis of the role of these parties specific to the practice of recruitment and selection. Any successful analysis must include and understanding of the recruitment and selection process, the role of human resource management, operations of agencies and consultants, legislative influences, the role of technology, job market and work force demographics. Discussion will show the historical growth from legislative decisions and innovative opportunists and speculate on the future prosperity of recruitment agencies and consultants from the predicted labour market, anticipated work force population, likely skills shortages and recognition of their assistance with diversification and generational challenges. A

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