Human Resource Management: how human resources use and utilize the other factors of production and add value to the enterprise vis-à-vis the national economy

Abstract

In a world of scarce resources, activities that fail to add value are not worth pursuing. HRM value added means here that HR uses its strength to utilize other factors to produce outcomes for the stakeholders. It is true that well recognized factors of production like land, labour, capital and entrepreneur are required in combination at a time to produce a commodity. Consider entrepreneurship as a factor of production which combines the other factors of production. This entrepreneur is none but the human resource. Human resource or people in any organization play the prime role to add value and drives the other factors of production. Capital itself cannot do anything without the help of people. People or organizer takes capital and pays interest and thus adds value. In the same way land cannot grow anything, people uses land to produce something and pays rent for it. So people play the pivotal role to utilize land and capital to add value and cumulative value added is Gross Domestic Product. No doubt, human resource is the only factor which cannot be imitated and contribute to the national economy helping other factors contribute. So, to develop a country like Bangladesh, we need to give due concentration to human development.