Human Resource management (HRM) is employing people, developing, utilizing, maintaining and compensating their work. HRM tends to the fulfillment of organizational as well as individual goals.
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Cycle of Human Resource Management
Human Resource Management is a kind of cycle which focuses on the human resource (employees) at different level of the company. This includes:
- Attaining people
- Developing people
- Observing people
- Recompensing people
- Retaining people
Even though the above mentioned points somewhat defines the functions of HRM, here are the efficient 6 HR functions:
1. Recruitment and Selection
This is the first step in which the organization recruits and select people. It then reaches out to the people who are required for the specific work and select from them who are best suited.
2. Performance Management
It helps employees to reach their best selves. Thus, the employee is told achieve the organizational goals along with their personal development.
3. Learning and Development
After acquiring the desirable workforce, it helps them train and develop in the particular field in which they are going to work. They are trained not only to work for the organization but for themselves as well.
4. Succession Planning
Succession planning is if in case, any key employee is leaving the company, we can have a replacement for him/her within our company. Hence, this helps in creating a talent pipeline.
5. Compensation and benefits
A company needs to reward an employee for his hard work and dedication. Rightly compensated employees get motivated and tend to think less about leaving the company. This helps in retaining the employee. Furthermore, this develops loyalty in the employees towards the organization.
6. Motivation and Maintenance
To retain employees in the organization needs talent management. The organization should also help their employees achieving their individual goals through career development and other approaches.
Role of HRM
Now let us understand what the role of HRM is to have an efficient management in the organization:
1. To achieve the organizational as well as personal goals.
2. To provide organization well-trained, skilled and motivated workforce.
3. Communicating the HR policies, plans and strategies to all the levels of the organization proficiently.
4. Motivate and retain employees.
5. Maintain the environment of expressing the disappointment or provide opportunity to be vocal about dissatisfaction.
6. Maintain the quality of the work life of employees.
7. Acquisition of employing legal and ethical structure.
8. Provide fair leadership and establish desirable working structure and relationships.
9. To increase the productivity and profits of the organization.
10. To generate more employment opportunities.
11. To promote team work.
With the above information, we are clear with why HRM is so important for any organization.
Nature of HRM
Let us also have some understanding about what HRM is in itself.
1. Pervasive in nature: Basically, it is present in all levels of the management.
2. People focused: Altogether, HRM focuses mainly on Human resource (people) by hiring them, assigning work, produce results, rewarding and motivating them.
3. Intrinsic in nature: It is valuable at every level of the organization. Besides, it is required in everything from selecting people to train, motivate, appraise and retain them.
4. Future oriented: Helps the organization to achieve its goals by planning and strategizing.
5. Growth oriented: It helps the organization to achieve its goals as well as individuals by being career oriented.
HRM nature is not limited to these. Accordingly, you can grab more knowledge about topics like these, from pay someone to do my assignment services online. Since, they also help you completing your assignments, projects and many more.
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