Human Resource Management: Definition, Importance, and Challenges
WHAT IS HUMAN RESOURCE MANAGEMENT (HRM)?
Human Resource Management (HRM) is an organizational function that manages the process of recruiting candidates, assessing and selecting suitable employees, providing proper orientation and induction of new employees while managing other issues related to all employees such as; compensation benefits, performance appraisals, general safety, wellness and other social issues people might face at the workplace through communication, education and training (Heathfield, S., 2014).
WHY IS HRM IMPORTANT IN THE BUSINESS ENVIRONMENT?
A business cannot build a good team of working professionals without a good human resource team. HRM teams help to manage and carry out organizational systems and policies and management practices to help organizations in meeting their goals which can further contribute to the success of these organizations. Here are some reasons why HRM is crucial in today’s world (Mayhew, R., 2014):
STRATEGY
HRM experts have the knowledge of how human capital affects organizational operations. HR strategic management experts help to leaders of the organization in corporate decision-making that is related to current staffing assessments and forecast for future workforce needs based on the organizational goals.
COMPENSATION
It is important for an organization to provide competitive wages to its employees. By conducting market research and surveys, the HR team is able to advise and develop realistic compensation packages that will both satisfy the expectation of its employees while keeping in mind the organization’s financial situation and its budget.
BENEFITS
Human Resource (HR) specialists can help to reduce the company’s costs relating to turnover, attrition and hiring replacement workers by using their knowledge and skills in negotiating competitive group benefit schemes for employees, while taking into consideration, the organization’s budget and the economic conditions.
WORKPLACE SAFETY
Employers have the
Human Resource Management (HRM) is an organizational function that manages the process of recruiting candidates, assessing and selecting suitable employees, providing proper orientation and induction of new employees while managing other issues related to all employees such as; compensation benefits, performance appraisals, general safety, wellness and other social issues people might face at the workplace through communication, education and training (Heathfield, S., 2014).
WHY IS HRM IMPORTANT IN THE BUSINESS ENVIRONMENT?
A business cannot build a good team of working professionals without a good human resource team. HRM teams help to manage and carry out organizational systems and policies and management practices to help organizations in meeting their goals which can further contribute to the success of these organizations. Here are some reasons why HRM is crucial in today’s world (Mayhew, R., 2014):
STRATEGY
HRM experts have the knowledge of how human capital affects organizational operations. HR strategic management experts help to leaders of the organization in corporate decision-making that is related to current staffing assessments and forecast for future workforce needs based on the organizational goals.
COMPENSATION
It is important for an organization to provide competitive wages to its employees. By conducting market research and surveys, the HR team is able to advise and develop realistic compensation packages that will both satisfy the expectation of its employees while keeping in mind the organization’s financial situation and its budget.
BENEFITS
Human Resource (HR) specialists can help to reduce the company’s costs relating to turnover, attrition and hiring replacement workers by using their knowledge and skills in negotiating competitive group benefit schemes for employees, while taking into consideration, the organization’s budget and the economic conditions.
WORKPLACE SAFETY
Employers have the
References: Bacal, R. (2014). The Challenges of Human Resource Management (Expert Information). [online] Work911.com. Available at: http://work911.com/planningmaster/planningarticles/challengesofhrmgmt.htm [Accessed 24 Nov. 2014]. Heathfield, S. (2014). Beyond Hiring and Firing: What is HR Management?. [online] About. Available at: http://humanresources.about.com/od/glossaryh/f/hr_management.htm [Accessed 21 Nov. 2014]. Mayhew, R. (2014). 10 Reasons HR Is Important to an Organization. [online] Small Business - Chron.com. Available at: http://smallbusiness.chron.com/10-reasons-hr-important-organization-22424.html [Accessed 23 Nov. 2014]. Root III, G. (2014). How to Manage Diversity in a Workplace. [online] Small Business - Chron.com. Available at: http://smallbusiness.chron.com/manage-diversity-workplace-3038.html [Accessed 28 Nov. 2014]. Ucsfhr.ucsf.edu, (2014). Chapter 12: Managing Diversity in the Workplace. [online] Available at: http://ucsfhr.ucsf.edu/index.php/pubs/hrguidearticle/chapter-12-managing-diversity-in-the-workplace/ [Accessed 20 Nov. 2014].