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The term outsourcing, which came from the phrase outside resourcing, originated no later than 1981 at a time when industrial jobs in the United States were being moved overseas, contributing to the economic and cultural collapse of small, industrial towns. [4] [5] [6] In some contexts, the term smartsourcing is also used. [7]
"Human capital management" (HCM) is sometimes used synonymously with "HR", although "human capital" typically refers to a narrower view of human resources; i.e. the knowledge the individuals embody and can contribute to an organization. [24]
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
The term nearshoring derives from offshoring. When combined with outsourcing, nearshore outsourcing, the nearshore workers are not employees of the company for which the work is performed. Nearshoring can involve business strategy to locate operations close to where product is sold.
Business Process Outsourcing (BPO) is a subset of outsourcing that involves the contracting of the operations and responsibilities of a specific business process to a second-party service provider. Originally, this was associated with manufacturing firms, such as Coca-Cola that outsourced large segments of its supply chain .
Firms are outsourcing their selection of third-party logistics provider and the optimization process of the integration of these to a PL as an intermediary. That reduces costs and the 4PL have to have an overview of the whole logistics market to choose the ideal 3PL for all operative logistic activities.
A human resources management system (HRMS), also human resources information system (HRIS) or human capital management (HCM) system, is a form of human resources (HR) software that combines a number of systems and processes to ensure the easy management of human resources, business processes and data. Human resources software is used by ...
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1] [2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3] Similar terms include manpower, labor, labor-power, or personnel.