Human Resource Management (HRM)
Definition of HRM
- HRM is a business management approach focusing on workforce as the most valuable resource.
- Describes human capital as workforce value.
- Aims to help businesses meet objectives by reducing risk and increasing ROI.
Nature of HRM
- Based on guiding concepts and practices aiding business success.
- Cross-departmental role overseeing all employee management.
- Focuses on both professional and personal development of employees.
- Continuous process to enhance competitiveness.
- Primary goal: Maximize employee productivity.
Scope of HRM
- Human Resource Planning: Determines open positions, assesses workforce availability.
- Job Analysis: Provides in-depth job descriptions.
- Recruitment and Selection: Involves advertisement, interviews, and selection of candidates.
- Orientation: Introduces employees to company culture and values.
- Training and Development: Offers training programs and refreshers for productivity improvement.
- Performance Review: Evaluates employee performance for raises, bonuses, promotions.
- Compensation and Benefits: Manages salaries, benefits, and adheres to regulations.
- Workforce Motivation: Explores techniques and ensures health and safety.
- Union Relations: Maintains cordial relations to prevent strikes and lockouts.
Importance of HRM
- Human resources are the most valuable yet troublesome assets.
- Goals: Identify staffing gaps, develop, and retain top talent.
- Encompasses administration, workforce planning, recruitment, development, compensation, and employee output.
- Focuses on personal progress and business growth.
HRM's Role in Employee Benefits
- Covers workplace perks, security, healthcare, welfare, and safety.
- Involves guidance and counseling for staff well-being.
HRM and Workforce Development
- Engages labor unions, resolves issues, and fosters positive relationships.
- Uses collective bargaining and conflict resolution for workplace harmony.
How HRM Works
- Small businesses handle HR with small teams; large corporations have dedicated HR divisions.
- HR generalists oversee all aspects in small companies; experts manage specific areas in large companies.
Objectives of HRM
- Key focus: Achieve organizational goals using human resources.
- Prioritizes effective team coordination and maintaining workplace culture.
- Provides ongoing training and career advancement to prepare employees for leadership.
- Balances functional and organizational goals like compliance and data management.
Skills and Responsibilities of HR Manager
- Oversee hiring, payroll, benefits, and safety.
- Requires excellent interpersonal and communicative skills.
- Must be familiar with industry trends and have relevant education and experience.
Why Implement an HRMS?
- HRMS caters to HR's fundamental needs, transforming administrative tasks into strategic enablers.
- Enhances employee management, efficiency, participation, and retention.
- Helps in compliance and decision-making.
- Utilizes cloud-based technologies for continued firm viability and development.
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