HRM ASSIGNMENT – III TRIMESTER
TOPIC – FUNCTIONS AND PROCESSES OF HR IN IT SECTOR
BHARATH REDDY (121111)
VARUN PRINCE (121248)
M SRINIVAS REDDY (123416)
TIMMIDI VAMSHI KRISHNA (123440)
DIFFERENT FUNCTIONS AND PROCESSES OF HR IN IT SECTOR
IT (Information Technology) sector is one of the fastest growing sector. It has played a key role in putting India on the global map. IT industry in India has been one of the most significant growth contributors for the Indian economy. The industry has played a significant role in transforming India’s image from a slow moving bureaucratic economy to a land of innovative entrepreneurs and a global player in providing world class technology solutions and business services. India’s IT potential is on a steady march towards global competitiveness, improving defense capabilities and meeting up energy and environmental challenges amongst others. Human Resource (HR) helps in increasing in productivity and quality and to gain the competitive advantage of a workforce strategically aligned with the organization goals and objective.
ROLES AND FUNCTIONS OF HRD:
* HRD deals with management of people within the organization. * It is responsible for hiring members of staff; this will involve attracting employees, keeping them in their positions and ensuring that they perform to expectations and also clarifies and set day to day goals for the organization. * It is responsible for organization of people in the entire Company and plans for future ventures and objectives involving people in the Company. * Research has shown that the human aspect of resources within an organization contributes approximately 80% of the organization’s value. This implies that if people are not managed properly, the organization faces a serious chance of falling apart. The Human Resource Department’s main objective is to bring out the best in their employees and thus contribute to the success of the Company. Over the years, some of the traditional HR practices have been revisited and analyzed to evaluate their suitability in today's world. One such major practice is the concept of Human Resource accounting (HRA). Organizations have been claiming that their employees are their most valuable assets. The spate of downsizings and increasing job insecurity notwithstanding, the resurgence of interest in the area of HRA is perhaps testimony to this approach, where investments in human resources are now included as assets in a company's balance sheet, rather than expense heads in their profit and loss statements. The signals are clear — the employee is an asset who can be groomed to bring in future profitability — an asset which can define the company's image in the market today. HRA also involves accounting for investment in people and their replacement costs, as also the economic value of people in an organization.
PATNI a leading global IT and BPO services provider, today announced that it has received the award for “Innovative Retention Strategies” at the World HRD Congress 2010. The prestigious global HRD event, which honors organizational transformation and development, saw a congregation of 189 companies from over 25 countries.
KEY PERFORMANCE INDICATORS OF HR:
• Employee's clarity on role, responsibility and expectation. • Development of qualitative staff
• Lead time to respond to staff welfare issue.
• Track and measures performance.
• Employee's assessment of promotion criteria and process. • Average time required to fill vacancies.
• Outline internal capability and identify gaps on skills competencies behavioral aspects. • Develop KPI'S for each of the strategic objective.
HUMAN RESOURCES BEST PARCTICES
1. Safe, Healthy and Happy Workplace - Creating a safe, healthy and happy workplace will ensure that your employees feel homely and stay with your...