Human Resources is defined as the set of people who make up the workforce of an organization, business sector, industry, or economy. An narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include manpower, labor, personnel, associates or simply: people. According to Wikipedia. Human resource departments are responsible for many functions within a business of core functions. In short, human resource activities fall under the following five core functions: staffing, development, compensation, safety and health, and employee and labor relations. In this article we will discuss the elements of Human Resource Management.
Elements of Human Resource Management
Stages of HR Management
The HR managers get to decide upon pay grades, rewards, and remuneration of all the staff. They even settle work-related disputes. Generally, there are three phases of Human Resource Management namely, the pre-hiring phase of the employee, Training and Development phase and the post-hiring phase of the employee.
- Analyzing Organizational Objective
- Inventory of Present Human Resources
- Forecasting Demand and Supply of Human Resource
- Estimating Manpower Gaps
- Formulating the Human Resource Action Plan
- Monitoring, Control and Feedback:
- Time & Attendance
- Benefits Administration
- HR Management Information System
- Employee Self-Service.
7 Functions of HR
- Talent Acquisition/Recruitment
- Compensation Management
- Benefits Administration.
- Training and development
- Performance Appraisal and Management
- Employee and Labor Relations
- Compliance Management.
Challenges Facing HRM
#1 Compliance with Laws and Regulation.
#2 Management Changes.
#3 Leadership Development.
#4 Workforce Training and Development.
#5 Adapting to Innovation.
Concept of HRM
HRM is important within any company and is vital in the steady flow as well as success of the company as a whole. Human resource management means managing people at work. HRM is the process which binds people with organizations and helps both people and organization to achieve each others goal. Various policies, processes and practices are designed to help both employees and organization’s to meet their goals.