HRD, ECONOMY, SKILL, AND TRAINING ANALYSIS 1

  • Category:
    Management
  • Document type:
    Essay
  • Level:
    Masters
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    2
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    1193

HRD, Economy, Skill, and Training Analysis

Importance of HRD in Economic Development

Human Resource Development (HRD) play a pivotal role towards economic development across countries through human capital thus education and the intangible capital thus R& D expenditure (Sharif, 2013). Through human capital and R &D showcases the economic growth by educating people on how to utilize the available physical through production, advocating for skilled labor to increase the production rate of different goods and services and advocating for new technologies in organization through R & D for effective production of goods and services. The utilization of the available resource are basically engaged into trade that results into economic development of a country.

HRD applies the use of the advance technologies across the organizations purposefully to increase economic development. By advocating for advance technology, HRD raises the level of capital through training of the labor forces, applying vast R&D, designing new managerial structures, and work organizations that will foresee long-term economic growth (OECD 2012). In this context, it can be argued that investing in employee knowledge through trainings and education increases the return thus the economic growth.

HRD plays a major role in increasing the production rate both in public and private economic sector. By increasing HRD activities in organizations, the employees are equipped with more skills, attitudes and motivations that showcased by increase of production (Gamage 2007). Additionally, the increase in production spearheading by employing HRM aspects such as training and education across workers by equipping them with latest skills in human resource as per the market demand. In this context, varied of goods and services are produced through varied qualities to satisfy the customer demands hence economic development.

Skill (s) Training and HRD

Skill(s)

According to National Skills Standards Board (NSSB), skill(s) can be defined as the ability of individuals to showcase what they need to know to effectively so as perform effectively in job markets (In Went, 2008).

Employability Skill (s)

Employability skill can be defined as persons attaining the capability to have and manage the assigned duties in work environment to satisfactory (Bassou, 2016). In this context, individuals use their knowledge effectively to showcase their potentiality by managing their personal employment.

Technical Skill (s)

Technical skill(s) also known as hard skills are associated with technical competencies employees either through engineering aspects (Nasir, 2011). In this context, technical skills entail the use tools to efficiently and effectively deliver work based on work plan.

The HRD plays a pivotal role in identifying core skills deficiencies across the employees in an organization. In this context, the HRD plays a major role in grooming employees skills based on future expectation goals both in internal and external environment hence improving economic development (Memon, 2014). Contrarily to the inborn skills, the acquired skills require learning and training purposefully to be aligned with corporate strategy.

Socio-economic Development in Vietnam

For the purpose of future socio-economic growth, the Vietnam joined international bodies such as ASEAN, APEC, AFTA, CEPT, BTA and the WTO (Trap 2003). In this context, Vietnam recorded a GDP growth of 7.7% and an increase of the per capita income to US$ 1, 100 from US$ 90 (Schwab, 2011). Consequently, joining the international trade bodies contributed towards reducing the poverty level line of the Vietnams by 58% henceimproving the socio-economic position of the country (World Bank, 2011). Such a growing outcome is highly attributed to the signing of the BTA which is phasing out discriminations that Vietnam encountered previously.

Based on marketing, the Vietnam market focuses on exports having greater relies on textiles and apparel industry (Trap, 2003). contrarily, the exportation market is at the beginning of realization with much demand of improving of the products processing quality for ease penetration of the products into the global market. In this context, the average income of the Vietnams is low. As such, much demand of applying advanced technology is required by the HRD purposefully to attain the needed socio-economic standard for its citizens through improvement of FDI, Policy guidelines and increased competitiveness partnership.

Similarly, the agrarian development in Vietnam highly depends on the country technology (Truong, 2013). Through HRD, advanced technologies that can improve on production that meets both local and international demands hence improving on the work-force to capital value added that will boost the socio-economic standard of the Vietnams.

HRD strategy of Vietnam until 2020

The Vietnam strategy is to ensure the country attains economic security, sustainable economic growth and microeconomics stability. As such, the result is to be achieved through implementation social advance, improvement in quality, increase of productivity and creation of competitive environment. Consequently, special attention is given to attain socio-political stability, strong national defense, sovereignty of Vietnam, and territorial unification. Secondly, the HRD strategies on Vietnam renovations. Renovations intend to improve on Party’s democracies, constructing a social jurisdiction country, regulating the market economy and strengthening the country population to make the country strong. Thirdly, HRD offers guarantee to both human and civil rights to effectively attain creativity abilities and high consensus in society within the Vietnams. As such, the HRD will be improving on human resource quality, social equality and managing proper benefits hence fostering the economy of Vietnams. In advanced science and technology, the HRD focuses on increasing productivity through socialization production, business ownerships, fostering private sector, and modernization of all types of market. In this stage, the HRD focuses on improving HRM aspects such as management, distribution, mobilization and equality purposefully to spearhead economic development. Lastly, the HRD strategy is to take advantage of the external forces and era’s strength to foster quicker sustainable development. Consequently, the plan is take advantage of both domestic and external market that will enable the country to attain self-control of the economy. (Vietnam Government, 2011).

References

Bassou, M. (2016). Employability Skills as Perceived by Employers and University Faculty in the Fields of Human Resource Development for Entry Level Graduate Jobs. Journal of Human Resource and Sustainability Studies, vol. 4, p. 39-49

Gamage, A. (2007). Impact of HRD Practices on Business Performance. An Empirical Analysis of Manufacturing SMEs IN Japan, p.104

In Went. (2014). Corporate HRD and Skills Development for Employment: Scope and Strategies. Available at http://www.unevoc.unesco.org/fileadmin/user_upload/pubs/Corporate_HRD_and_Skills_Development_for_Employment_Scope_and_Strategies.pdf. [Viewed on 20th/March/2017].

Memon, K. (2014). Strategic Role of HRD in Employee Skill Development: An Employer Perspective. Journal of Human Resource Management, 2(1), p. 27-32.

Nasir, A. (2011). Technical Skills and Non-Technical Skills: Pre-definitions. The Proceedings of the IETEC’11conference.

OECD. (2012). The Knowledge-Based Economy. Organization for Economic Co-operation and Development. General Distribution, vol. 96, no. 102, p. 11.

Schwab, K. (2011). The Global Competitiveness Report 2011-2012. Geneva: World Economic Forum

Sharif, T. (2013). Human Resource Development and Economic Growth in Bangladesh: An Econometric Analysis. European Journal of Business and Management, vol.5, no.7, p. 139.

Truong, Q. (2013). Vietnam: An Emerging Economy at a CrossRoads. Available at https://www.msm.nl/resources/uploads/2014/02/MSM-WP2013-09.pdf. [Accessed on 21st/March/2017].

Trap, F. (2003). Economic Structure and Development in an Emergent Asian Economy: Evidence from a Social Accounting Matrix for Vietnam. Journal of Asian Economics, 13, p. 847

Vietnam Government. (2011). Vietnam’s Socio-Economic Development Strategy for the Period of 2011-2010. Available at http://www.economica.vn/portals/0/maubieu/1d3f7ee0400e42152bdcaa439bf62686.pdf/ [Viewed on 20th/March/2017].

World Bank. (2011). Enterprise Survey. Available at http://www.entreprisesurveys.org/ExploreEconomies/?economyid=202&year=2009. [Accessed on 21st/March/2017].