Any organisation’s most valuable asset is its workforce. Despite the importance of equipment, inventory, location and intellectual property, human capital is what turns a good idea into a successful business. Thus, every organisation must implement an effective human resource management strategy that can significantly impact the workforce and other business aspects, allowing employees to lead the organisation to success.
This article is a quick introduction to human resource management (HRM) and will assist you in determining how to advance your career in the field.
What is human resource management?
HRM is the organisational function that manages all issues concerning the people in the organisation. It is the practice of recruiting, training, compensating, managing, and retaining the employees of an organisation.
Human resource management ensures that employees’ professional goals are aligned with overall business objectives and that their talents are used effectively.
What is the difference between HR and HRM?
Although HR or human resources fall under the umbrella of human resource management, the two terms are not synonymous.
Human resources define the group of people who manage the resources related to employees in an organisation.
On the other hand, human resource management is the entire process of selecting, recruiting, and onboarding employees.
It also helps organisations to
- Structure policies for leaves
- Provide benefits and compensation to employees
- Encourage a positive organisational culture
- Train employees and ensure their well-being
What are the benefits of HRM?
The following are the top 5 benefits of HRM:
- Performance Management
Tracking and monitoring employee performance is a critical function of HRM. HR professionals devise performance management strategies for employees to reward them for their efforts and to keep them engaged and aligned with the organisation’s goals.
- Conflict Management
Workplace conflicts are unavoidable. Employees are bound to disagree with one another about work or anything else. It may occasionally escalate to the next level of conflict, which could be both internal and external. One function of HRM is to effectively resolve conflicts.
- Reducing Employee Turnover
High personnel turnover can be detrimental to the health of any organisation. Businesses not only lose talent but also money that could have been used to train and rehire the employee who left. To avoid high turnover, the HRM department meticulously plans policies, contracts, terms, and conditions to reduce employee turnover ratio.
- Building Relationships
A happy work environment leads to happy employees, which results in a productive workforce. Thus, it is the HRM department’s responsibility to build relationships and foster a positive culture within the organisation.
- Hiring and Training
This is the most visible and important function of the HRM department, and it adds significant value to the organisation. This function is responsible for the following tasks:
- Identify a gap
- Create a requisition to fill that position
- Write a suitable job description
- Find the right match
- Train the talent to quickly begin becoming productive
What are the goals of HRM?
HRM’s primary goal is to meet staffing needs while creating and sustaining a positive work environment for employees. Some of the other goals of HRM are:
- Improve organisational behaviour
- Achieve organisational objectives
- Create a positive work environment
- Implement training and development programmes
- Encourage employee empowerment
- Increase retention
- Comply with labour laws
Online training programmes to become an HR manager
Human resource managers are responsible to supervise employees and collaborate with executives to make strategic decisions that will result in long-term change and improve employee experience within their organisation.
If you are an aspiring HR professional looking to advance your career into a managerial position, consider enrolling in a human resource management course from top Indian institutes. The online HRM training programme will help you:
- Learn about HR systems, databases, and metrics
- Connect with HR managers and other HR executives from top industries
- Provide extensive knowledge of labour law and best HR practices
- Develop communication and interpersonal skills
