Economic Tiger Essay Example | Topics and Well Written Essays - 500 words

Economic Tiger - Essay Example Singapore is one of the leading economies in the world and is one of the economic tigers experiencing rapid economic progress over the period of time. Though smaller in geographical size, Singapore is considered as one of the leading economic hubs in international economy. One of the essential characteristics of the growth rates achieved by Singapore was its highly skilled and educated labor force. (Tulshyan, 2010). It is also important to note that the Singapore, as against other countries in the block, developed itself also as a financial hub of the region rather than achieving the growth mainly through industrialization. The overall economic growth is attributed to the export led growth which is mostly controlled through the state owned institutions. (Medina, 1996). Export of chemicals, refined oil as well as electronics are the main source of revenue for the country. Though geographically Singapore may be at disadvantage owing to its overall size and proximity with other countrie s, however, Singapore has been able to achieve the economic growth through a mixture of economic liberalization and state controlled institutions which are supporting the economy and creating the required level of economic prosperity.

Performance management and strategic human resource management Essay

Performance management and strategic human resource management - Essay Example Performance management and strategic human resource management The paper identifies that total performance management is a means of linking up a firm's strategic goals and strategic human resource goals with the actual performance of members of the organisation. This is done through the creation of metrics that reflect the realities of the firm's strategic plans and its implications in reality. Performance management is different from performance appraisal because the latter is an isolated process that does not integrate elements of the firm's strategy. The research studies the linkage between strategic human resource management and corporate strategy. It establishes that performance indicators set in the strategic plan forms the impetus for performance management. And this includes the direct targets and expectations of the human resource management unit and component. The study also concludes that workers are essential in all performance management processes and drives. Workers need to be given important information and sensitization before pe rformance management processes commence. Once it is done, workers must be made to give their feedback on how to improve the system and enhance the processes. This enables a firm to attain optimal and improved results from their performance management processes and systems. Performance management is a critical aspect of strategic human resource management. Its predecessor, performance appraisal was somewhat isolated. However, performance management is born out of strategic human resource management. Strategic human resource management is defined as an approach to human resource management that has the goal of using people most wisely with respect to the strategic needs of the organisation.