BIS Review 108/2007  3  Human Resources Management Let me now turn to Human Resources Management – HRM. Over time reference to “human resources” has evolved. It started with the word “labour”. Economist will tell us that labour is one of the three factors of production – the other being land and capital. But obviously this is rather a technical label of people.
The reference quickly shifted to “administration” that deals with the management functions of staff such as recruitment, compensation and evaluation. This was obviously the first attempt to introduce some “human” recognition of the resources. It then evolved into “personnel” and then “human resources”. More recently it has changed yet again to “intellectual or human capital”.