According to Leon C. Megginson human resource is “The total of knowledge, creative abilities, talent, altitudes skills and belief of a firm’s workforces as well as attitude, beliefs and values of the persons involved”.
Human Resource Management is the process of hiring and developing employees so that they become more valuable to the organization. Human Resource Management includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Examples of core qualities of HR management are extensive knowledge of the industry, leadership, and effective negotiation skills.
Human Resource Management (HRM) refers to the policies and practices involved in carrying out the ‘Human Resource(HR)’ aspects of a management position including human resource planning, job analysis, recruitment, selection, orientation, compensation, performance appraisal, training and development, and labour relations (Dessler, 2007). HRM is composed of the policies, practices, and systems that influence employees’ behaviour, attitude, and performance (Noe, Hollenbeck, Gerhart, and Wright, 2007).
Human Resource Management (HRM) is the function in an organization which focuses on recruitment, management, and provides direction for the employees who work in the company or organization. It is the function of organization 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 premeditated and whole or complete approach to manage people and the workplace environment and culture. Effective human resource management enables employees to contribute productively and effectively to the overall company direction and achieving the organization’s goals and objectives.
Human resource management is moving away from traditional personnel, administration, and transactional approach, which are increasingly outsourced. HRM is now expected to add value to the tactical utilization of employees and that employee programs impact the business in computable ways. The new role of HRM involves strategic direction and HRM metrics and measurements to demonstrate value.
HR is a product of the human relations movement of the early 20th century, when researchers began documenting ways of creating business value through the strategic management of the workforce. The function was initially dominated by transactional work, such as payroll and benefits administration, but due to globalization, company consolidation, technological advancement, and further research, HR now focuses on strategic initiatives like mergers and acquisitions, talent management, succession planning, industrial and labor relations, and diversity and inclusion.
In startup companies, HR’s duties may be performed by trained professionals. In larger companies, an entire functional group is typically dedicated to the discipline, with staff specializing in various HR tasks and functional leadership engaging in strategic decision making across the business. To train practitioners for the profession, institutions of higher education, professional associations, and companies themselves have created programs of study dedicated explicitly to the duties of the function.
In the current global work environment, all global companies are focused on retaining the talent and knowledge held by the workforce. All companies are focused on lowering the employee turnover and preserving knowledge. New hiring not only entails a high cost but also increases the risk of the newcomer not being able to replace the person who was working in that position before. HR departments also strive to offer benefits that will appeal to workers, thus reducing the risk of losing knowledge.
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