SYMBIOSIS CENTRE FOR MANAGEMENT AND
HUMAN RESOURCE DEVELOPMENT
SYMBIOSIS INTERNATIONAL (DEEMED UNIVERSITY)
(Estd. Under section 3 of the UGC act 1956)
Re-accredited by NAAC with ‘A‘ Grade (3.58/4) | Awarded Category | by UGC
Name: Koustubh Ubhegaonker
PRN: 20020341204
Economics of Human Resources
Favoring specialization over intelligence is exactly wrong, especially in high tech. The
world is changing so fast across every industry and endeavor that it’s a given the role
for which you’re hiring is going to change. Yesterday’s widget will be obsolete
tomorrow, and hiring a specialist in such a dynamic environment can backfire. A
specialist brings an inherent bias to solving problems that spawns from the very
expertise that is his putative advantage, and may be threatened by a new type of
solution that requires new expertise. A smart generalist doesn’t have bias, so is free to
survey the wide range of solutions and gravitate to the best one.”
― Eric Schmidt, How Google Works
Introduction:
The division of labour plays a significant function in society since it not only provides
economic services but also promotes interpersonal peace. Economists would only see
division of labour as a technique of increasing productivity, despite the fact that it may
provide much more in the shape of new and better living circumstances.
And as we move towards the digitized age, the world of artificial intelligence and the
introduction of internet of things, there is a major scope of understanding the need of
division of labour in the modern world. We as the evolving homo sapiens have a great need
of both goods and services and the organizations moving ahead are working on providing
these services not just with quality but with immediate precision and at the latest to the
consumer. The consumer behavior and the expectations have changed the way employees
work in an organization. Gen Z and Gen Y are the ones bringing in change the way we work
around in the organization. Companies are restructuring to provide a way for a better
model of productivity and market capture. Laws in India are being revamped to include the
gig and platform workers in the workforce.
The War for Talent:
The division of labour plays in the midst of all of this. The faster delivery of services, the
increased innovation, organizations changing their culture and much more, they all stem
from the basic guidelines that Adam smith provided in the wealth of nations but the
definition is evolving the current world and so is the effect of it in the current workforce
and its impact on the production of not just the goods and services but more importantly of
the human capital.
The way human capital is evolving and the demand for human capital’s skills and abilities
have won the war over the employers is something the whole industry is trying to
