By Ayesha Mudassar

ISLAMABAD, Aug 17 (INP-WealthPK): Human resource development (HRD) creates jobs, reduces poverty, raises living standards, and improves the quality of life, among other economic benefits.

Dr Mahmood Khalid, Research Economist at Pakistan Institute of Development Economics (PIDE), told WealthPK that development in human resources has boosted employment, enhanced long-term competitiveness, improved access to innovation, and increased productivity, all of which have supported economic growth in developed countries. He said the HRD process is not ideal in Pakistan. The knowledge produced and the knowledge needed is vastly different.

Dr Mahmood said the education sector has to be streamlined based on modern trends and objectives.

“Degrees need to be offered in a wide variety of disciplines including agricultural technology, electrical engineering, furniture production, home-made embroidery, and communication skills,” he said.

Dr Mahmood said that the careful formulation and implementation of the HRD process encourages economic expansion.

Pakistan was ranked 154th among 189 countries on the UN’s Human Development Index (HDI) 2020.

The HRD is all about planning for the country’s future needs and understanding that investment in human capital development activities will enable the countries to continue to innovate, grow, and prosper in an increasingly competitive world.

The importance of education, training and development in the private and public sectors has come to the forefront, as without appropriate directed continuous learning strategies at both the national and individual levels, Pakistan will rapidly fall behind industrialized countries.

The loss or underutilization of human resources is detrimental to a country’s development. Examples include the huge number of marginally or seasonally employed people, and the number of graduates working on "fringe" jobs rather than being engaged in significant enterprises.

Furthermore, the disintegrating economic situation forces many young people to work as farm labourers or in other tasks, thus severely limiting their educational opportunities.

Human capital is accumulated and strengthened in several ways, including through formal education and training programs, on-the-job training, and individual initiative. It is generally acknowledged that this process, if carefully formulated and implemented, promotes economic growth in any country.

Credit: Independent News Pakistan-WealthPk