Human Resource Management (HRM)

Definition of HRM

HRM is the process of identifying, recruiting, hiring, and managing employees.
HRM views the workforce as the company’s most valuable resource, referred to as human capital.
Primary purpose: Help businesses meet immediate and long-term objectives by reducing risk and increasing ROI.

HRM is founded on guiding concepts and practices essential for business success.
Functions across all departments, overseeing management from entry-level to executives.
Focuses on both professional and personal development of employees.
Continuous adaptation required to keep up with market demands and competition.
Maximizes employee output and productivity.

Human Resource Planning: Determines available positions and assesses employee availability.
Job Analysis: Provides in-depth descriptions of positions within the business.
Recruitment and Selection: Involves advertising, interviewing, and selecting candidates.
Orientation: Introduces new hires to company history, culture, and workplace ethics.
Training and Development: Enhances employee productivity through training programs.
Performance Reviews: Evaluates employee performance after one year.
Compensation Management: Overseeing salaries, benefits, and compliance with regulations.
Employee Motivation: Exploring motivational techniques and ensuring a healthy workforce environment.
Union Relations: Keeping cordial relations with unions to minimize conflict and strike potential.

Recognized as both valuable and challenging in managing human resources.
Goals include identifying staffing needs, developing talent, and measuring employee progress.

Focuses on workplace perks, security assistance, health care, and safety improvements.
Ensures well-being based on employee needs through guidance and counseling.

Involves maintaining employee harmony, resolving conflicts, and promoting a positive workplace culture.

HR functions efficiently with dedicated HR specialists or teams.
Small businesses may manage HR with generalists; large corporations require specialists for each HR function.

Oversees hiring practices, payroll, benefits, and workplace safety.
Requires strong interpersonal skills, communication abilities, and knowledge of industry trends.
Education: Typically requires a bachelor’s degree in HR or related fields.

Emphasizes the implementation of Human Resource Management Systems (HRMS).
HRMS helps streamline recruitment, improve personnel management, and maintain compliance.
Importance of adopting cloud-based systems for efficiency and productivity improvements.

HR management is crucial for maximizing workforce potential and ensuring business success.
HR professionals need to continuously upgrade their skills and tools to adapt to evolving business needs.