Recently, it has been argued by many people that human capital’s one of
the most critical factors influencing both the success and failure of twenty-first
century organizations, particularly during this economic turmoil. It is true in the
case of Thailand and elsewhere that during the economic crisis there are more
Pressures to downsize and shrink spending on human resources, particularly those at the 'rank and file• level in the organizations because there are less resource and Profits to be made. Nevertheless, this does not mean that the importance of human resources in all hierarchical levels in the organization will have to be ignored nor organizations will only attempt to minimize or cut the cost of human resource. In fact, more and more large-scale multi-national organizations in the private sectors are continuously seeking ways to better manage their human resources, especially those at the supervisory/managerial level and to improve productivity and increase organizational effectiveness. Among multi-national organizations, one of the most fundamental ways to achieve this is through the successful adoption of the strategic approach to human resource management.