Main Article Content
This article studies the application among Human Capital Management and Human Resources approach in Thai organizations based on the concepts of applied economics, materialism and capitalism. There are two objectives of the study. Firstly; to exhibit the knowledge collecting from Human Resources and Human Capital theorists and practitioners. Secondly, to investigate and assess whether the application of best practices vs. best fit is preferable and lead to the desire outcome of Thai’s organizations (both of public and private units). It is divided into two main parts. The first part will describe and discuss the both concept and their dissimilarity. The second part discusses the application of this approach in terms of appropriateness when adopting in Thai organizations’ context. This is done by employing 2 key analytical approaches: 1) Philosophical-based analyses, i.e., ontology, epistemology, logic, ethics, axiology and methodology; 2) Concentrating and adopting Burrell and Morgan (1979) ideologies.
The data collection is principally based on the secondary data by reviewing the relevant literature including concepts, principles, theories as well as analysis and interpretation of method-comparison study. This paper compares and distinguish, which approach is the most desirable between human capital and human resources management. Because these two people management approaches are not inherently ‘good’ or ‘bad.’ They are just different and interchangeable. But in the end, achievement of likable firm performance is primarily focused. The writer’s perspective cannot generalize that any of these two concepts is compatible with all types of organization. Thai’s private firm, a dynamic and transformational mode may suitably fit with the application of human capital approach, while the transactional style of government unit that is implied as organization as machines (Morgan, 1986) hold a limitation and challenging from the heavy and bureaucratic system. The latter organization still deploy the human resources concept but should enhance this approach strategically.
As a conformist, to just follow through without strict consideration may lead to the opposite outcomes. As both of these people management approaches are mutually corroboration and interdependence; therefore, the optional preferred application over the firms could be ‘mixed approach’ that sustains the professionalism of human resources, while ensuring the strategic human capital management. Conform to the study of Chueasraku (2018) that found the collaboration among two approaches have led and significant effects on the people management effectiveness with the power of prediction as 54.9%.
ขอมอบลิขสิทธิ์บทความที่ได้รับการตีพิมพ์ให้แก่สถาบันเสริมศึกษาและทรัพยากรมนุษย์ กรณีมีการฟ้องร้องเรื่องการละเมิดลิขสิทธิ์เกี่ยวกับภาพ กราฟ ข้อความส่วนใดส่วนหนึ่ง และ/หรือข้อคิดเห็นที่ปรากฎในบทความ ให้เป็นความรับผิดชอบของข้าพเจ้าและผู้เขียนร่วมแต่เพียงผู้เดียว
Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management,17(1), 99-120.
Baron, A. & Armstrong, M. (2007). Human Capital Management : Achieving added value Through people.London : Kogan Page.
Baron, J.N., & Kreps, D.N. (1999). Strategic Human Resources. New York: Wiley
Becker, G. S. (1993). Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education (3rd ed.). Chicago: University of Chicago Press
Becker, G.S. (2002). The age of human capital. Retrieved on 8 November 2016 from https://www.economics.dlut.edu.cn /uploadfiles/200811062006148 53.pdf.
Becker, B.E. & Huselid, M.A. (2006). Strategic Human Resources Management: Where do we go from here? Journal of Management, 32(6), 898 – 925.
Boxall, P and Purcell, J. (2008). Strategy and Human Resources Management (second edition).
Burrell, G, & Morgan, G. (1979). Sociological Paradigms and Organizational Analysis. London:Heinemann, 1-37.
Caspi, G. & Toibin, T. (2011). Human capital strategy—a new angle on HR. Tefen Tribune. 13-17.
Changrien, Phaiboon. (1989). Culture and Management. Bangkok: Aksorn Charoen Tat.
Chongphaisal, Pornpimol. (2011). Employee’s skills, attitudes, and managerial competencies: a perspective from expatriates in Thailand, 1-14.
Chuchinprakarn, Supanath. (2003). Strategies for creating Competitive Advantage, Marketing and Planning. Four Quality: 32-35.
Chueasraku, Chinnawat. (2018). Shift from Human Resources to Human Capital: Is it compatible ith firms in central-Isaan?, Oral presentation at the 2nd National and International Conference on Education
and Technology Research (ICET II):Critical Innovation. July 26th, 2018. (75-82). Roi Et Rajabhat University.
Fajana, S. (2002) Human Resource Management: An Introduction, Labofin and Company, Lagos.
Fitz-Enz, Jac. (2010). The new HR analytics: predicting the economy value of Your company’s human capital investment. New York: AMACOM.
Gratton. L. & Ghoshal, S. (2003). Managing personal human capital: New ethos for the volunteer’employee. European Management Journal, 21,1-10.
Greaver, M. F. (1999). Strategic outsourcing: A structured approach to outsourcing decisions and initiatives. New York: Amacom.
Higgins, Nicholas. (2008, June). HCM vs HR. HC Global. Retrieved on 8 November 2016 from: https://www.personneltoday.com/blogs/hcglobalhumancapitalmanagement/2008/06/hcm-versus-hrand-the-winner-is.html
Hongladarom, Chira. (2012). How to groom Thai’s Human Capital supporting Asian. Journal of HR Intelligence. 7(1), 47-54.
Hongladarom, Chira. (2012). 8Ks+5Ks : Thai’s Human Capital that support Asian. 1st ed. Bangkok: Asia Pacific Consultant.
Huselid, M.A., Jackson, S.E. and Schuler, R.S. (1997).Technical and Strategic Human Resource Effectiveness as Determinants of Firm Performance. Academy of Management Journal, 40, 171–188.
Kearns, P. (2005) Human Capital Management, Reed Business Information, Sutton, Surrey.
Kong, Eric. (2010). Developing Organizational Knowledge and Learning Capabilities: Synergistic
Relationships of Human Capital, Strategic Human Resource Management and Human Resource
Management. The International Journal of Learning, 17(5), 63 – 80.
Leonard, D. (1998). Wellsprings of Knowledge: Building and Sustaining the Sources of Innovation.Boston: Harvard Business School Press.
Mayo, Andrew. (2012). Human Resources or Human Capital?: Managing People as Assets. UK: Gower Publishing.
Methawitayakul, Sumeth. (1997). Introduction to philosophy, Bangkok : Odean Publishing.
Meyer, M., Chrysler-Fox, P. & Roodt G. (2007). Human Resources vs. Human Capital: What is in a name?. Retrieved on 6 November 2016 from https://wwwhumancapitalreview.org/content/default.asp?Article_ID=543
Mitsuhashi, H., Park, H. J., Wright, P. M., & Chua, R. S.(2000). Line and HR executives'perceptions of HR effectiveness in firms in the People's Republic of China. International Journal of Human Resource, 11(2), 197 – 216.
Morgan, Gareth. (1986). Images of Organizations. London: Sage Publications.
Ogunyomi, O.P., Shadare, A.O., & Childi, O.C. (2011). Current Trends andFuture Directions of Human Resources Management Practices : A Review of Literature. European Journal of Economics, 29,19 –15.
Paychex. (2559). The Future of HR: Human Capital Management. Retrieved on August 28, 2018 from https://www.paychex.com/articles/hcm/the-future-of-hr-human-capital-management
Purcell, J., & Kinnie, N. (2007). Human resource management and business performance. In Boxall, J.
Purcell, & P. Wright (eds). The Oxford Handbook of Human Resource Management. Oxford: Oxford UniversityPress.
Richard, C. Orlando and Johnson, Nancy Brown. (2001). Strategic Human Resource Management effectiveness and firm performance. International Journal of Human Resource Management,12(2), 299 – 310.
Schultz, Theodore W. (1961). Investment in Human Capital. The American Economic Review, 51(1),1 –17.
Sujata, P. D., and Vijay, A. (2015). Role of Human Capital Management in Economic Value Addition of Large Scale Organizations: A Literature Review. Retrieved on August 28, 2018 from
The Institute for Management Development. (2009). Executive Summary: Thailand ICT Market & Industry Overview 2009. Bangkok: Software Industry Promotion Agency, 3 – 156.
Wedchayanon, Nisada (1995). Personnel Management Vs Human Resources Management : Old wine in New Bottles. Thai Journal of Development Administration, 35(4), 123 –130.
Wiruchnipawan, Wiruch. (2007). Administration according to the Merit Management and Sufficiency Economy Philosophy. Bangkok : Se-Ed.
Wongthongdee, Siraphaksorn. (2014). Human Resource Development. 2nd ed. Bangkok : Chulalongkorn University
Wright, M. Patrick and McMahan, C.Gary. (2011). Exploring human capital; putting human back into strategic human resource management. Human Resource Management Journal, 21(2), 93 – 104.