The Role of Training in the Perspective of Virtual Capital: Orchestration of Islamic Human Resources

Fathor AS*, Fatimatul Fatmariyah

University of Trunojoyo Madura, 69162 Bangkalan, East Java, Indonesia

*Corresponding Author’s Email: fathor.as@trunojoyo.ac.id


Abstract

The study's objectives were to identify efforts to improve the quality and capability of Islamic Human Resources (IHR) from a virtual capital perspective and to identify Islamic human resources training from a virtual capital perspective. Through interviews with nine employees, the research used a case study approach at Islamic Microfinance Institutions (IMI) in Madura Island. Research results: 1. One of the efforts to improve the quality and capability of Islamic human resources is through training activities; 2. The quality and capacity of the virtual capital perspective of human resources have been fulfilled by having the ability to: a. Intellectual capital, b. Social capital, and c. Moral capital. 3. No training activities provided to Islamic human resources specifically focus on the virtual capital perspective. However, the various training activities attended by Islamic human resources have the same substance as the virtual capital concept, such as training, excellent service training, sharia compliance training, Etc. In general, the various pieces of training provided have provided quality capabilities in the form of intellectual, social, and moral capital.

Keywords: Islamic Human Resources; Islamic Microfinance Institutions; Training; Virtual Capital


Introduction

The market share of Islamic Financial Institutions is currently only 6.51%, divided into 65.21% Sharia Business Entities, 32.33 Sharia Business Units, and 2.46% Sharia People's Financing Banks (Keuangan, 2022). Therefore, a breakthrough is needed to increase competitiveness in the digital-based industrial revolution 4.0 through the management of owned resources (Koentjoro & Eliyana, 2015), one of which is Islamic Human Resources.

Islamic human resources are the organization's driving force and are a god-created creature with various potentials (Suprapno, 2021). Potential possessed, such as reason, feelings of affection, social emotions, talent for communication, creation, taste, character, and work (Dewi & Harjoyo, 2019). Various possibilities for Islamic human resources need to be treated, one of which is through training. It aligns with and answers the challenges of the Industrial Revolution Era 4.0, which requires a strategic breakthrough in developing the intangible capabilities of Islamic human resources. This strategy can be pursued through an orchestration approach.


Islamic human resources orchestration is a derivation of resource orchestration in strategic management. Resource orchestration is a resource management framework oriented toward managerial actions in managing a company to achieve competitive advantage and create value (Sirmon et al., 2011). Resource orchestration addresses the role of manager actions in structuring, merging, and leveraging enterprise resources (Ande, Dahlan & Sukardi, 2018; Rinne, 2015). Choose the term orchestration to describe how Islamic human resources processing through Training programs at Islamic Microfinance Institutions faces future business challenges from a virtual capital perspective to increase the competitiveness of Islamic Microfinance Institutions.

Can pursue Islamic human resources orchestration efforts can be followed by gradually implementing managerial actions to realize competitive advantage (Ndofor, Sirmon & He, 2011). Implementing Islamic human resources orchestration depends on the company's development stage, so resource orchestration efforts throughout the company's life cycle become important. Islamic human resources orchestration is a strategy for adjusting to the dynamics of the business environment, which is changing very quickly and dynamically and requires creativity and innovation in improving multi-services to compete with competitors.

In Islamic human resources orchestration, increasing the competitiveness of Islamic Microfinance Institutions can be done through various instruments, with the primary key being to focus on Islamic human resources. Islamic human resources of Islamic Microfinance Institutions must have quality and capability and can improve these qualities through training to develop intangible Islamic human resources capabilities.

Training is an important entry point in improving the organization's quality and intangible capabilities of Islamic human resources. In principle, training can improve skills (Dewi & Harjoyo, 2019), change behavior (Effendi Zainuddin & Ahmad, 2022), and manage deficiencies (Suprapno, 2021), which in the long run affects employee performance (Dewi & Harjoyo, 2019; Priyono & Marnis, 2008; Supardi, 2019). The organization provides this training to help employees gain the skills and competencies necessary to overcome technical problems and improve organizational performance (Syafri & Alwi, 2014).

Skills and competencies are abilities, knowledge, and skills that every employee must possess (Ismanto, 2011). This supernatural ability can have positive implications for improving employee performance. Good employee performance will have a multiplier effect on company performance. Therefore, in this era of digital and swift changes, what is needed is Islamic human resources who have the skills, are competent and able, and dare to open up to various modifications and accept the development of modern science and technology, as stated in the concept of virtual capital. The idea of virtual capital is an evolution of the development of science in contemporary management disciplines. Virtual capital is the virtual capital of a company that is not based on physical capital. Virtual capital, in its concept, has three forms: intellectual capital, social capital, and moral capital (Ismanto, 2011).

Islamic human resources orchestration through virtual capital perspective training is one of the role models or solutions, with the aim that, in the end, when Islamic human resources in


Islamic Microfinance Institutions have good competence, they will quickly achieve competitive capabilities. So this phenomenon makes researchers interested in conducting Islamic human resources management research through a virtual capital perspective training program.

This research is a development of previous studies (Ismanto, 2011; Koentjoro & Eliyana, 2015; Peat & Perrmann-Graham, 2020; Rinne, 2015; Sari & Rosiawan, 2016; Supardi, 2019). The difference between this research and previous research is that it combines the concepts of Islamic human resources orchestration, orchestration in Training, and virtual capital. We conducted this research in the Islamic Microfinance Institutions sector because Islamic Microfinance Institutions still need more facilities, infrastructure, and funds and require breakthroughs and innovations to improve performance.

The objectives of this study are 1. Identifying efforts to improve the quality and capabilities of Islamic human resources, 2. Identify the quality and capabilities of Islamic human resources from a virtual capital perspective, and 3. Identify Islamic human resources training from a virtual capital perspective.


Literature Review

Islamic Human Resources Orchestration

Companies often need help improving their sustainability because they cannot manage their resources to adapt to dynamic environmental changes (Koentjoro & Eliyana, 2015), one of which is the management of Islamic Human Resources. Islamic Human Resources are an organization's most essential capital and assets. The development and empowerment of Islamic human resources are increasingly becoming trendsetters. This trendsetter is related to managerial capabilities in innovating and creating, which requires the direction of Islamic human resources development that is right on target. One approach is through Islamic human resources quality development training. It aligns with and answers the challenges of the Industrial Revolution Era 4.0, which requires a strategic breakthrough in developing the intangible capabilities of present and future Islamic human resources. This strategy can be pursued through the Islamic human resources orchestration approach.

Orchestration in KBBI (2022) is the art of processing musical works so that orchestras can play them; for example, music for piano is composed for orchestration or instrumentation. Meanwhile, Islamic human resources in this study are a human resource that translates into human resources in the Islamic approach. Islamic human resources are all the power or potential or anything humans have, such as reason, affection, desire to be free, social feelings, talent for communicating with others, creation, taste, character, and work (Dewi & Harjoyo, 2019). Furthermore, Islamic human resources are a valuable asset for organizations, the organization's driving force to achieve goals, productivity, and profitability, and they are a God-created creature with various potentials (Suprapno, 2021).


Islamic human resources orchestration derives from the term resource orchestration in strategic management. Resource orchestration is a resource management framework oriented toward managerial actions in managing a company to achieve competitive advantage and create value (Sari & Rosiawan, 2016; Sirmon et al., 2011). Resource orchestration addresses the role of manager actions in structuring, merging, and leveraging enterprise resources (Ande, Dahlan & Sukardi, 2018). The concept of resource orchestration offers a theoretical framework for strategic human resource management in the enterprise (Rinne, 2015). The term orchestration was chosen to describe how Islamic human resources processing through Training programs at Islamic Microfinance Institutions is facing the challenges of the future of business in the Industrial Era 4.0 virtual capital perspective in order to be able to increase the competitiveness of Islamic Microfinance Institutions.

Efforts to orchestrate human resources can be achieved by gradually implementing managerial actions that are important to realize the competitive advantage of the company's resources (Ndofor, Sirmon & He, 2011). The most crucial thing after going through the stages of orchestration is that the managers must synchronize. Although such coordination is difficult to achieve when a two-way order is involved, it is possible to create the synchronization that middle-level materials should. Implementing Islamic human resources orchestration depends on the company's development stage, so it becomes essential for the company to explore resource orchestration efforts throughout its life cycle.

Training

Organizational leaders need to understand their Islamic human resources needs, including the need for increased knowledge and skills; these needs can be met through Training to improve and obtain capabilities that will support their competence and performance.

Training is a teaching and learning process towards specific knowledge and skills as well as an attitude so that participants are more skilled and able to carry out their responsibilities better by standards (Supardi, 2019). Therefore, Training is crucial because it can improve the mastery of various skills and techniques for implementing specific, detailed, and routine work (Dewi & Harjoyo, 2019). In addition, Training is one of the company's efforts to manage performance shortcomings. Training becomes a learning process that involves acquiring skills, concepts, regulations, or attitudes to improve employee performance (Priyono & Marnis, 2008).

The organization provides this Training to help employees gain the skills necessary to overcome technical problems and improve organizational performance (Syafri & Alwi, 2014). Training programs are part of education to improve skills outside the formal education system or applicable education, which is carried out quickly and prioritizes practice over theory. There are three conditions in the exercise, as stated by Priyono & Marnis (2008), explaining that there are three conditions that must be met in Training, namely: 1. Training should help employees increase their abilities. If an employee becomes more effective in all his work through his efforts to improve himself, then this is not called exercise; 2. Exercise should change the employee's work habits, attitude, and the information and knowledge he applies daily. 3. Exercise should relate to a specific job. The employee may participate in


various educational programs that are not called exercises because the relationship with his current job or specific tasks for which he may be appointed in the future is limited or nonexistent.

The training program for Islamic human resources has a very urgent position because the company's development must be balanced by the ability of its human resources and the business's development. The performance of workers in a company must be continuously in harmony with the current progress and development and the very fast development of technology, so developing Islamic human resources' personalities and intellectual abilities must be the top priority. The training can measure Islamic human resources' capacity; he has participated in the training taken by Islamic human resources, which can produce intangible output in the form of knowledge and skills.

Virtual Capital

Virtual capital in the development of Islamic human resources in Islamic microfinance institutions in this study is a replication of the concept introduced by Ismanto (2011). In Indonesia, this concept is often called "virtual capital." The term virtual capital was first coined in Indonesia by Frans Mardi Hartanto (Hartanto, 2009). The concept of virtual capital is an evolution of knowledge development in modern management disciplines. Virtual capital is a company's virtual capital that is not based on physical capital, such as Natural Resources. Virtual capital is a critical success factor, so management is needed. Virtual capital, in its concept, has three forms: intellectual capital, social capital, and moral capital (Ismanto, 2011; Raka, 2003).

The intellectual capital of shari'a financial actors refers to non-physical capital or intangible assets in the form of an understanding of the concept of shari'a finance, which is summarized in the competence of shari'a financial actors. The social capital of shari'a financial actors is defined as an excellent network of cooperation based on mutual trust between others. The development of social capital in shari'a finance is developed through the concept of Ukhuwah Islamiyyah, or the establishment of friendship between fellow Muslims or non-Muslims. The moral capital of shari'a financial actors is related to the four components of the moral capital that make a person have high moral intelligence: integrity, responsibility, compassion, and forgiveness. The moral form of shari'a finance in finance and trade is in the form of Islamic business ethics (Ismanto, 2011; Raka, 2003).

Research Methodology

This research was conducted with a case study approach. A case study is a method to understand an individual that is carried out in an integrative and comprehensive manner to obtain a deep understanding of the individual and the problems he faces with the aim that the problem can be solved and obtain good self-development. Data analysis and triangulation are also used to test the validity of the data and discover the absolute objective truth (Rahardjo & Gudnanto, 2013). The objects and sources of information are the President Director, Operational Director, Head of General Division and Human Resources, and six division employees at Islamic Microfinance Institutions of Madura Island.


Results and Discussion

Improving the Quality and Capability of Islamic Human Resources in Islamic Microfinance Institutions

Islamic human resources are the human capital owned by the company and are recognized as an essential resource for superior company performance (Andersen, 2021). Therefore, improving the quality and capabilities of Islamic human resources in Islamic Microfinance Institutions is very important in the framework of the growth and development of companies. That is in a business environment with very tight competition and accompanied by increasingly sophisticated technological developments, so an extraordinary approach is needed in developing and improving Islamic human resources' quality and intangible capabilities to have capabilities, qualities, and skills that follow the times.

Islamic Microfinance Institutions (IMI) has made various efforts to improve the quality and capability of Islamic human resources, as said by the President Director (PD), Director of Operations (DO), Head of General Division & HR (HGD), and employees (E) of Islamic Microfinance Institutions.

"As a business unit of the government Regency, we strive to provide excellent service to the entire community under our vision and mission by always improving the quality and ability of our employees gradually" (PD)

Efforts to improve the quality and ability of Islamic human resources at Islamic Microfinance Institutions in Madura Island are taken through training activities, both internally and by assigning individuals to attend external Training outside of Islamic Microfinance Institutions.

"One of our strategies is to provide training that is relevant and fits our needs" (DO)

The types of Training carried out or provided by Islamic Microfinance Institutions in Madura Island to improve the quality or ability of Islamic human resources are very diverse. It follows the needs and relevance to the field of work of each Islamic human resource in Islamic Microfinance Institutions.

"The type of training we access is following the needs of the institution and the duties of our employees" (HGD)

"I have attended excellent service training held by Islamic Microfinance Institutions Madura island " (E1)

"I have attended go digital training in Surabaya for two days" (E2) "I attended HRD training in Malang 2 years ago" (E3)

"I have attended sharia accounting training at IAIN Madura" (E4) "I have attended a Sharia banking workshop in Surabaya" (E5)

"I took the risk management training and certification exam online in 2021" (E6)


Various pieces of Training that have been followed internally and externally have improved the quality, knowledge, skills, capabilities, and attitudes of Islamic human resources at Islamic Microfinance Institutions on Madura Island.

"We see, based on the evaluation results, that our training for Islamic human resources has been able to change better behavior for the institution" (DO)

"Yes, there is an improvement in the quality of providing services; the more you know the goals, or the more you master the tasks in their fields, the more dexterous/skilled you are in doing your work, can complete their tasks well and on time, there is a change in behavior for the better" (HGD)

"Yes, we feel that there is an improvement because we understand more and more about the duties of our field" (E1)

"We find it easier to carry out tasks, perhaps because we know more and more about our duties" (E6)

Indicators of improving the quality of Islamic human resources and the benefits felt by Islamic Microfinance Institutions based on several evaluations show that Islamic human resources at Islamic Microfinance Institutions on Madura Island are increasingly competent in carrying out their duties.

"They tend to be faster in handling customer complaints, the faster in providing services, the lower of risk or error rate, and there is a positive response from stakeholders compared to previous years" (HGD). "Yes, we conduct an evaluation every month in each division".

These various training programs provided the benefits Islamic Microfinance institutions on Madura Island felt when Islamic human resources attended the training. Furthermore, several Islamic human resources in Islamic Microfinance Institutions in Madura Island training programs have certified competencies.

"I see based on the results of our study that employees who follow the training the better they perform, the motivation will increase and the service image is a better" (DO)

"Of the several pieces of training, some have competency certificates according to the demands of Bank Indonesia, but not all employees have them, and some people have risk management competency certificates, Work Competency certificates, and competency certificates in the HRD field" (HGD)

It is said that the orchestration of resources is a framework of managerial actions to achieve a competitive advantage (Sari & Rosiawan, 2016; Sirmon et al., 2011). Then the strategic step of Islamic Microfinance Institutions on Madura Island shows that Islamic human resources orchestration has occurred through a training program that is running quite well. Islamic human resources orchestration through this training program has been used as a dynamic ability to adapt to the dynamics of the business environment. So that it can improve organizational performance, as suggested by Ahmed, Kilika & Gakenia (2021), so that


management dynamically integrates and organizes existing resources, thus creating optimal resource capabilities. It is suitable if this Islamic Microfinance institution boldly decides to expand business in other Regency.

The Quality and Capability of Islamic Human Resources on Virtual Capital Perspective in Islamic Microfinance Institutions at Madura Island

The era of the Industrial Revolution 4.0 demands that the quality and ability of Islamic human resources on Madura Island be sensitive and open to rapid changes in the business environment. Openness to environmental dynamics is expected to be able to follow trends and offset changes in the direction of the business world, which ultimately results in an increase in company performance. However, the improvement of the performance of an enterprise is not only determined solely by its physical capital but also by the quality of its Islamic human resources. The Islamic human resources quality improvement needed today is in the realm of virtual capital (Ismanto, 2011).

The quality and ability of Islamic human resources in Islamic microfinance institutions in Madura Island related to virtual capital are pretty good, as evidenced by the ability of Islamic human resources in intellectual capital, social capital, and moral capital.

The quality and capabilities of Islamic human resources from the intellectual capital side related to human knowledge and experience of the technology used to show that the IHR of Islamic microfinance institutions at Madura Island has reasonably good knowledge and experience and is open to the dynamics of the rapid development of the business environment.

"I see our employees are well prepared for future changes" (PD)

It is reinforced by the self-evaluation of employees who show their qualities because the company helps develop the level of persuasion with new ideas and concepts (Almatrooshi et al., 2020).

"I follow and know the latest developments in banking technology (such as online services)" (E2). "I have knowledge and experience of the technology used today (such as the technology used by Islamic Microfinance Institutions Madura island)" (E3). "I am very experienced with banking technology that is currently developing outside of Islamic Microfinance Institutions Madura island because it is always updated, has heard, tried and attended that training" (E4). "We are always open and ready to accept the development of new technologies in the banking sector because it is an obligation and demand for us for improvement" (E5)

Based on the condition of Islamic human resources in terms of intellectual capital, IHR has excellent quality and ability. So it is straightforward to compete because it has an open attitude and is ready to accept new technological developments in the banking sector. The development of technology increases the need to reevaluate HR systems, especially when technology replaces human knowledge, skills, and abilities (Peat & Perrmann-Graham, n.d.).


It means that the Islamic human resources orchestration carried out by Islamic Microfinance Institutions in managing intangible resources such as Islamic human resources knowledge is exact and excellent. It is in line with the opinion of Sarraf, Akhavan & Sabegh (2018) that knowledge and knowledge sharing are in good and moderate status and that support from expertise plays an essential role in improving organizational performance (Almatrooshi et al., 2020) and statement of Peat & Perrmann-Graham (n.d.) that companies leveraging the interaction of HR systems with resource orchestration are better able to respond to increasing globalization and the inherent complexity and dynamism of operating in this environment.

The quality and ability of Islamic human resources in terms of social capital are defined as a cooperation network based on mutual trust. Social capital in the Islamic perspective is developed through the interweaving of 'Ukhuwah Islamiyyah' and serves to develop institutions in its understanding of the social networks of Muslims.

"We build intensive communication with various stakeholders in order to establish partnership cooperation and service improvement" (DO)

It is also shown from the performance of Islamic human resources on Islamic microfinance institutions in Madura island, which is very aggressive in building communication both verbally and online.

"I am responsible and intensively build communication with customers verbally because it is significant for us the sustainability of Islamic Microfinance Institutions Madura island " (E1)

"I personally, for this position, intensively communicate with customers and stakeholders through digital media/technology such as Social Media because we have that service media" (HGD)

"I have the task of building cooperation with institutions or institutions to ensure the existence and services of Islamic Microfinance Institutions Madura island; the methods are very diverse, either through "silaturrahmi" personally face to face or using social media " (DO)

"We use this "silaturrahmi" for socialization" (PD)

Islamic human resources in Islamic Microfinance Institutions at Madura Island approaches specific Islamic-based groups/organizations.

"Yes, because we need them both as partners and customers" (DO)

The orchestration of Islamic human resources regarding social capital shows its excellent intangible resources and ability to socialize and communicate intensively. On this side, the Islamic human resources orchestration carried out by Islamic Microfinance Institutions at Madura Island in managing intangible resources has been successful and has met the company's goals. However, the company's internal communication must be strengthened through the orchestration of Islamic human resources because communicative interactions within the company represent resources within the scope of management influence that are causally complex and ambiguous in terms of organizational results.


The Human Resources system in this context should focus on knowledge, skills, and abilities. Human beings encourage open and conscious communication of personal communication network management in organizations (Peat & Perrmann-Graham, n.d.). It will have implications for the ability to communicate with external parties of the company and improve the quality of excellent service so that customer response is also excellent (Sinaga et al., 2020).

The quality and ability of Islamic human resources in terms of moral capital is the capital owned by Islamic human resources sharia institutions based on 'akhlaq,' which is in the form of business principles and ethics (Muamalah) in Islam.

"We are a sharia-based banking, so we strictly adhere to the principles of business ethics because it is by Islamic teachings, namely akhlaq" (PD)

"Yes, we have an integrity pact in service" (HGD)

Islamic human resources in Islamic Microfinance Institutions on Madura Island choose to behave in a way that does not conflict with universal ethical rules of behavior because of the teachings of the Islamic religion, which have become the lifestyle of oneself and its organization.

"Yes, because we have to abide by the teachings of Islam or shariah compliance" (DO)

The meaning of "Akhlaq" in Islam has led Islamic human resources and Islamic microfinance institutions in Madura Island to have the courage to take responsibility for the actions they take, not harm others, and be forgiving.

"We are responsible for all actions we do for the good of all parties, and we understand the consequences of our actions" (E6)

"We recruit and assess employees objectively so that we get employees who are responsible for their work" (HGD)

"it is highly recommended and becomes our system of behavior as the Islamic religion advises us to be forgiving people" (E5)

Akhlaq is knowledge based on religious teachings that becomes behavior; judging whether a person is doing "akhlaq" is tricky. It means that Islamic Microfinance Institutions have succeeded in orchestrating their Islamic human resources so that they have "akhlaq" that follows the teachings of the Islamic religion and integrates with the values of universal business ethics.

Overall, from a virtual capital perspective, the orchestration of intangible resources based on the quality and capabilities of Islamic human resources in Islamic microfinance institutions on Madura Island has been implemented quite well. This orchestration of resources has been running dynamically to create Islamic human resources that quickly adapt to the rapid changes in the business environment. This orchestration improved Islamic Microfinance Institutions' performance on Madura Island.


Training of Islamic Human Resources Virtual Capital Perspective

In this context, the meaning of Islamic human resources training from a virtual capital perspective depends on whether the training program IHR has followed has a virtual capital perspective. The results showed that Islamic human resources in Islamic microfinance institution training programs have yet to explicitly focus on a virtual capital perspective. However, the various training activities participated in by Islamic human resources have substance or content that has similarities or conformity with the concept of virtual capital, such as IT training, service excellence training, Islamic compliance training, marketing communication training, etc.

"I think there has been yes, but the training does not just focus on that model, because such focused training does not seem to exist yet" (HGD)

Various training programs provided or followed by Islamic human resources have improved quality and capabilities in the form of intellectual capital because they have helped improve and develop Islamic human resources knowledge and abilities in the use of technology and others.

"Yes, we have attended training on the use and use of technology in banking" (E3)

Regarding Social capital, The training program followed by Islamic human resources in Islamic Microfinance Institutions on Madura Island has helped improve and develop "Ukhuwah" with various parties.

"I have attended marketing training, and it is very helpful in building marketing communication with various parties" (E4)

Regarding Moral capital, The training program that Islamic human resources in Islamic microfinance institutions on Madura Island participates in has helped to improve and develop Islamic human resources behavior for "Akhlaqul Karimah".

"I attended a workshop on sharia compliance; it was instrumental in guiding our behavior to comply with Islamic law" (E5)

Overall, the training program for Islamic human resources in Islamic microfinance institutions on Madura Island has matched the virtual capital perspective in dealing with the dynamics of the rapidly changing business environment. However, no training program focuses on the three components of virtual capital. The content of the training program that is followed already contains these components.

It is in keeping with Rinne's (2015) findings, which show the importance of different sub- processes of resource orchestration among small service companies, and often multiple sub- processes must be managed simultaneously. It means that the orchestration of Islamic human resources through the virtual capital perspective training program has been owned and well understood by Islamic human resources. Because these various training programs have improved and developed knowledge and abilities to use technology, increased "Ukhuwah" activities with various parties, and directed Islamic human resources behavior to "Akhlaqul Karimah."

Conclusion

Based on the study results, it can be concluded that: 1. The efforts made by Islamic Microfinance Institutions in Madura Island to improve the quality and ability of Islamic human resources, one of which is through training activities, 2. The quality and ability of Islamic human resources in Islamic microfinance institutions on Madura Island related to virtual capital are good, as evidenced by the ability of Islamic human resources in the form of a. intellectual capital, b. social capital, and c. moral capital. 3. The training activities provided to Islamic human resources of Islamic microfinance institutions in Madura Island do not specifically focus on the perspective of virtual capital. However, the various training activities participated in by Islamic human resources and Islamic Microfinance Institutions on Madura Island have a substance that has similarities with the concept of virtual capital.


Conflict of Interest

The authors affirm that they do not have any conflicting objectives.

Acknowledgement

The authors are thankful to the Rector of Trunojoyo Madura University, Head of LPPM Trunojoyo Madura University, Coordinator of the Management Study Program and all the other informants.

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