Explanation : An organisation is made up of four resources,
i.e., men, money, material and machines. Of
them the first one is the living resource and
the other three are non-living i.e., non-human
resource. It is the human resource, formerly
termed as ‘manpower’ that make use of
nonhuman resources. Hence, people are the
most significant resources for any organisation.
Human resource are heterogeneous in the sense
that they differ in personality, perception,
devotions, values, attitudes, motives , mode
of thoughts and social background also. Their
behaviour to stimuli is often inconsistent and
unpredictable. Therefore, motivational tools
also vary accordingly. For example, while
increase in salary may satisfy one psychological
needs, recognition may satisfy the
esteem needs. While other resources depreciate,
human resource appreciate with the passage
of time. Given the highly competitive and
complex business environment, attracting and
retaining the qualified and competent
employees have become a real challenge of
the day for the managers. The ‘rule of thmb’
has become obsolete and redundant. The need
of the new perspective is to have right people
for right jobs that offers “competitive
advantage” for “core competency” to the
organisation to survive and thrive in the
competitive business environment.