Human Resources Management (Tourism)
Human capital and social capital are the most important assets of an organization operating in the tourism industry. Human capital refers to the knowledge and abilities of individual workers, while social capital refers to the know-how embedded in the culture and processes used collectively within the organization. From a strategic point of view, human and social capital are key distinctive resources that are difficult to imitate and can therefore confer a lasting competitive advantage to the organization.
While the human resources (HR) function of an organization is often marginalized as a mere administrative function, it can play a key strategic role as a consultant and major policy maker to help build and preserve human and social capital. Even when the size of the organization might not allow to establish a specialized function, human capital decisions remain relevant.