Human Resource Management:-
Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization. HRM can also be performed by line managers. HRM is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training. HRM is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization's goals and objectives. HRM is moving away from traditional personnel, administration, and transactional roles, which are increasingly outsourced. HRM is now expected to add value to the strategic utilization of employees and that employee programs impact the business in measurable ways. The new role of HRM involves strategic direction and HRM metrics and measurements to demonstrate value.
Significance of HRM can be discussed at four levels which are as follows:
1. Corporate Level: -
For an enterprise effective HRM leads to attainment of its goal efficiently and effectively. HRM helps enterprise in the following ways. a. Hiring required skill set and retaining them through effective human resource planning, recruitment, selection, placement, orientation and promotion policies. b. Development of employees by enhancing necessary skills and right attitude among employees through training, development, performance appraisals etc. c. HRM also takes care of optimum utilization of available human resource. d. HRM also ensures that organization has a competent team and dedicated employees in future.
2. Significance at Professional Level: -
HRM also leads to improved quality of work life; it enables effective team work among employees by providing healthy working environment. It also contributes to professional growth in various ways such as by providing opportunities for personal development of an employee enabling healthy relationships among teams and allocating work properly to employees as well as teams.
3. Significance at Social Level: -
HRM plays important role in the society, it helps labour to live with pride and dignity by providing employment which in turn gives them social and psychological satisfaction. HRM also maintains balance between open jobs and job seekers.
4. Significance at National Level: -
HRM plays a very significant role in the development of nation. Efficient and committed human resource leads to effective exploitation and utilization of nation’s natural, physical and financial resources. Skilled and developed human resource ensures the development of that country. If people are underdeveloped then that country will be underdeveloped. Effective HRM enhances economic growth which in turn leads to higher standard of living and maximum employment.
Recent Trends in Human Resource Management: -
The present day economy has been titled as “Knowledge economy”. In such an economy, it is people who make all the difference. In political economy capital or market was important. Talent occupies centre stage in the Indian workplace. In view of this, managing and retaining manpower is becoming crucial to an organization’s success. To achieve this, companies across sectors are focusing on some of the more critical HR practices. Some of the trends in human resource management are:
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