Human Resource Development (HRD) plays a significant role in ensuring the success of an organization and the success of employees' career and personal lives. The growth and expansion at the organizational level would eventually translate to economic growth at the macro-economic level. Therefore, the significant role of Human Resources Development (HRD) is needed for the desired social and economic growth and development.
Sustainable Development of Human Resource, Paris, 2007.
“Nigeria is blessed with different natural resources and in the midst of the wealthy resources, it is still rated as a third-world economy. The leaders and the political class have failed in their primary assignment of developing the right persons that will harness the various natural resources in Nigeria. Human capital development hasn’t been given due attention yet. Nigeria is acknowledged as one of the most heavily populated countries in Africa with its labor free with large and ample natural resources. Ironically, the nation has witnessed slow economic growth despite the presence of these resources Observing this occurrence; Udabah (1999-69) stated that the fact that a country is blessed with natural resources does not mean it will do well in terms of growth and also it does not mean a country without natural resources will not excel. It is clear from the statement that human capital development is highly important for the government to adopt policies that are applicable to the development of human capital investments.” (African Journal of Economics and Sustainable Development, September 2021).
AID THE STUDENT: Natural resources in Nigeria, uses and their locations (Discover Treasures)
The
question is, how were Japan's extraordinary achievements after World War II
achieved? Japan has small land holdings, no minerals in large commercial
quantities, and no crude oil, unlike Nigeria.
How has
Japan managed to maintain a very high employment (about 2.64% unemployment in
2022), a low level of inflation (about 2% in 2022), a strong currency, fast
growth, leading in electronics and robotics or explain Japan produces an
average of 7 million cars per year?
What is
the secret? The secret is if any Country needs to attain growth and
development, it must invest in human capacity development which there is no
alternative to investing in education and training of Human Resources, (Ejiogu, 2001).
Furthermore, the next phase of capitalism may be human resources. Because Human Resources is intellectual capital and human capital of company, and human capital may create firm performance for firm, (Peter Drucker, 2015).
The study revealed that the quality of labor (skills, knowledge, and attitudes) determines
an organization's ability to survive and the economic growth of a country.
Formal and informal education also plays a major role in labor quality and
education is a crucial prerequisite for achieving real economic growth through
enhanced human resources.
There is a
strong positive link between investment in education and economic growth, where a 1% increase in human capital growth accounted for 11% increase in GDP growth
rate, though this strong significant and positive link was pronounced in
countries with better allocation to education (Wilson & Briscoe, 2004).
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HR Avant-Garde, Apr 2015, HR Articles
According to these findings, employees are no longer seen as simple tools used to achieve financial goals but as resources that need to be valued and preserved so they can continue to contribute to the company, family, and community in general.
For HRD to
be effective, it is important that organizations have a genuine commitment to
it. This means more than simply providing employees with training and
development opportunities. It also means creating a culture where employees
feel valued and respected, and where they are encouraged to grow and develop.
By
demonstrating a genuine commitment to HRD, organizations can create a more
skilled, motivated, and innovative workforce that creates unique value for the
organization and is difficult to imitate by competitors. This can lead to
improved performance, increased productivity, and better outcomes for the
organization, employees, and society.
Deinibiteim M. Harry (Ph.D) and Emeh E. Onyinyechika, 2021. Human Resource Development and Economic Growth in Nigeria
Gürhan Uysal, Ondokuz Mayıs University, Samsun, Turkey, 2017. Impact of Human Resource Management on Economy: Firm Management Perspective
Kudus M. Bakare, 2020. Impact Of Human Resources Development on Economic Growth
Katarzyna Piwowar-Sulej, 2016. Sustainable Economic Development Through Human Resource Management: Social Intelligence Of Managers And Performances
Martinus Nijhoff, The Hague, Netherlands 1968. Human Resource Development for Economic Growth
Prof. Ass. Nada Krypa (Tapija), 2017. Social Economic Development and the Human Resources Management
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ReplyDeleteThis process of increasing the knowledge, the skills, and the capacities of all the people.good article.
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DeleteThis insightful article underscores the paramount importance of Human Resource Development (HRD) in fostering social and economic growth. By highlighting real-world examples like Japan's post-World War II achievements, the article effectively illustrates the transformative power of investing in human capacity development. The emphasis on the quality of labor, education, and the positive correlation between investment in education and economic growth is particularly noteworthy.
ReplyDeleteThis blog has captured how investing in Human Resource Development drives social and economic growth by using great examples. The focus on education is crucial for growth. This is an insightful piece highlighting the importance of nurturing skills and knowledge for progress. Great work.
ReplyDeleteIn summary, genuine commitment to HRD is a smart investment for both organizations and individuals. It can lead to a more skilled, productive, and engaged workforce, as well as increased job satisfaction, career advancement opportunities, and personal growth. Both public and private sectors should strive to make HRD a priority. Thanks Janaka
ReplyDeleteYour blog eloquently underscores the pivotal role of genuine commitment to HRD in both public and private sectors. The insights into fostering a culture of continuous development are commendable. Consider enhancing its practicality by incorporating specific case studies, illustrating successful commitment to HRD in varied organizational settings.
ReplyDeleteGenuine commitment to HRD in both public and private sectors leads to enhanced employee capabilities, improved organizational performance, better service delivery, and a competitive advantage. It fosters a culture of learning, adaptability, and continuous improvement, contributing significantly to overall success and effectiveness, irrespective of the sector.
ReplyDeleteFor HRD to be effective, organizations must have a genuine commitment to it. supportive blog. Well done...
ReplyDeleteIn both the public and private sectors, genuine commitment to Human Resource Development (HRD) is the cornerstone of sustained success. Investing in employees' growth isn't just a strategy; it's a testament to an organization's dedication to unlocking potential. In the public sector, it enhances service delivery; in the private sector, it fuels innovation. A shared commitment to HRD creates a dynamic, skilled workforce—a competitive edge that propels both sectors towards excellence.
ReplyDelete