Human Resource Development Is the Key to Progress and Prosperity.

Human Resource Development Is the Key to Progress and Prosperity.

The following article, “Human Resource Development Is the Key to Progress and Prosperity.“, is written by Tehreem Zafar, a student of Sir Syed Kazim Ali. Moreover, the article is written on the same pattern, taught by Sir to his students, scoring the highest marks in compulsory subjects for years. Sir Kazim has uploaded his students’ solved past paper questions so other thousands of aspirants can understand how to crack a topic or question, how to write relevantly, what coherence is, and how to include and connect ideas, opinions, and suggestions to score the maximum.

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Outline

1- Introduction

The quality of a country’s human resources determines the destiny of a nation. The skilled, educated, and knowledgeable labour force of a country leads the nation on the way to social and economic development, which is the key to progress and prosperity.

2- Understanding the terms “Human Resource” and “Human Resource Development”

3- How is human resource development the key to progress and prosperity?

  • Boosts a country’s socioeconomic indicators by effectively utilizing the available resources
    • Case in Point: According to the United Nations Food and Agriculture Organization (FAO), “Bangladesh is the world’s second-largest exporter of jute.”
  • Attracts foreign direct investments in the country
    • Case in Point: According to Stanford University’s annual AI Index Report, “India has ranked fifth in terms of investments that have been received by startups offering artificial intelligence (AI)-based products and services.”
  • Encourages gender inclusiveness via socioeconomic participation
    • Case in Point: According to Kofi Annan, the former Secretary-General of the United Nations, “There is no tool for development more effective than the empowerment of women.”
  • Improves the standard of living of a country’s people, ensuring peace and prosperity in the country
    • Case in Point: According to the Global Human Resource Consultancy, “Singapore has been ranked as the top city in terms of quality of living.”
  • Creates more employment opportunities and remittance options
    • Case in Point: According to the World Bank Report of 2022, “India’s economy largely depends upon foreign remittances, contributing $100 billion dollars to its economy.”

4- Critical Analysis
5- Conclusion

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Answer to the Question

Introduction

The quality of a country’s human resources determines the destiny of a nation. The skilled, educated, and knowledgeable labour force of a country leads a nation on the way to social and economic development, which is the key to progress and prosperity. To illustrate, China has achieved unprecedented development with a Gross Domestic Product (GDP) of 9 per cent a year, and more than 9 million people have been lifted out of poverty due to its investment in human resource development. Apart from this, the investment in human resource management brings extraordinary benefits as the efficient labour force effectively utilises a country’s available resources, which not only boosts the country’s economy but also brings social peace and harmony. Besides, the competitive human resource of a country acts as a stimulus that attracts foreign direct investments in a country, increasing the nation’s competitiveness across the globe. Also, providing skills, education, and knowledge helps make the country’s labour force productive. Last but not least, it encourages women’s participation in all the nation’s realms, improving societal gender parity. Thus, human resource development is the main driving force behind the country’s socioeconomic well-being. As one of the American futurists explains it well,

“Money is spent forever; power is lost; it is only human intellect that, when used, is not lost but grown.”

American Futurist, Alvin Toffler

Understanding the terms “Human Resource” and “Human Resource Development.”

It is pivotal to understand the meaning of Human Resources. It refers to the part of the population with the necessary physical and intellectual development, professional skills and knowledge. Alongside, human resource development includes all those techniques an organization or a country utilises to teach skills and knowledge to its labour force to make it more productive and efficient.

How is human resource development the key to progress and prosperity?

Examining how human resource development is the key to progress and development is pertinent.

Boosts a country’s socioeconomic indicators by effectively utilizing the available resources

The skilled labour force of a country results in the effective utilization of the available resources, boosting the country’s economy. For instance, once wrecked by famine and poverty, Bangladesh has become the world’s second-largest exporter of jute as per the FAO Report. Jute is Bangladesh’s major cash crop, and its cultivation, marketing, and manufacturing of jute products have created many job opportunities for the people and increased exports of the country. Thus, it can be anticipated that the availability of resources matters in the presence of an efficient and productive labour force.

Attracts foreign direct investments in the country

The investment in the development of human resources acts as a stimulant that attracts foreign direct investments in a country. According to Stanford University’s annual AI Index Report, “India has ranked fifth in investments received by startups offering artificial intelligence (AI)-based products and services.” India’s growth in the information technology (IT) sector is due to the presence of many software personnel and a human resource development system for software personnel to polish their skills and enhance productivity. A feature of India’s human resource development systems is that the formal institutions, training institutes and companies work in close cooperation and partnership. In addition to their separate approaches to upskilling and the supply of human resources, this cooperation allows them to educate large numbers of students in the rapidly advancing field of software technology, making the country a centre of attraction for foreign investors in today’s globalized world.

Encourages gender inclusiveness via socioeconomic participation

Human resource development encourages women’s economic participation, promoting gender inclusiveness. Equipping every citizen with knowledge and vocational skills brings about development and promotes the gender equality gap between men and women. According to Kofi Annan, former Secretary-General of the United Nations, “there is no tool for development more effective than the empowerment of women.” Women with vocational skills can improve their socioeconomic status and become financially independent. Moreover, the key to achieving the 2030 agenda for Sustainable Development is to encourage women’s economic participation, reduce income inequalities, and overcome poverty. Thus, human resource development by assuring the equal provision of skills to all brings peace and prosperity to society.

Improves the standard of living of a country’s people, ensuring peace and prosperity in the country

Human resource development improves the standard of living of a country’s people. For example, the Global Human Resource Consultancy ranks Singapore as the top city in terms of quality of living. The reason behind Singapore’s unsurpassable socioeconomic progress is that the country has heavily invested in developing human resources through education and vocational training without other natural resources. Due to the world’s changing economic dynamics, Singapore has shifted its focus to creativity, research, and innovation. In addition, the Institute of Technical Education (ITE) Singapore provides high-quality technical and vocational education. Thus, all these steps that Singapore has taken have transformed the country from a third-world country to a modern industrial economy, improving its people’s standard of living by alleviating poverty.

“The wealth of a nation lies in its people.” Goh Chok Thong, Singapore’s ex-Prime Minister.

Creates more employment opportunities and remittance options

The development of human resources leads to a more innovative and creative labour force, promoting entrepreneurship culture, employment opportunities, and additional remittance services. All these factors significantly contribute to a country’s economy as economic well-being is based upon the country’s international image, which stands still in today’s globalized world. According to the World Bank Report of 2022, “India’s economy largely depends upon remittances, which contribute $100 billion to its economy.” India’s advanced and skilled labour in the information technology (IT) sector has increased its competitiveness worldwide. Thus, the inculcation of advanced technological and vocational skills in a country’s human resources has become inevitable to achieve economic sustainability that correlates with a nation’s progress and prosperity.

Critical Analysis

In a critical diagnosis, many countries worldwide have brought revolutionary transformations in social, political, and, especially, economic spheres by restructuring their education systems to comply with the demands of the technologically advanced world. Unfortunately, Pakistan, despite being rich in natural resources and more than half the population comprising of youth, is still lagging socially, politically, and economically. The reason behind its polarized education system is the outdated teaching methods and curricula. In addition, the increasing population and the high unemployment rate have wreaked havoc in the country without a technical and skilled-based education system. Thus, as the light at the end of the tunnel rapidly fades, Pakistan needs to realize its true potential and adopt a scientific rather than haphazard approach to take the country out of the burden of miseries.

Conclusion

To encapsulate the whole debate, human resource development plays a decisive role in the socioeconomic development of nations as it prepares a country’s labour force for the future by teaching them those attributes that the advancing and competitive world demands. In addition, the human capital that is equipped with advanced technological and vocational skills makes a country more competitive globally and significantly contributes to a country’s social and economic development. Moreover, in today’s globalized world, it is a country’s socioeconomic indicators upon which its progress and prosperity stand still. On the other hand, countries that do not invest in human resource development have been lagging as they cannot keep pace with the technological advancements worldwide. Thus, it is high time that under-developing countries took pragmatic steps to invest in human capital, helping them reach the heights of glory and prosperity.

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