Human Resource Management - An Introduction
Human Resource Management is indeed an indispensible function being taken care of in any organization. It gains this advantage as it relates itself to the functioning of a very crucial asset named employees. Here is a brief introduction of what Human Resources actually are and how the Human Resource Department of any organization functions for managing this valued resource.
Human Resource Management- An Introduction
In the ancient times, when money and machinery did not even exist, a very important resource that worked was “Human”. Since then, till today, nothing is able to triumph or replace significance and importance of “Human” as a resource. It is true that today we also have other resources existing like machine, money or land. It is also right that we have developed and are capable of developing lots of incredible machinery and systems, but the power that a human has, the power of using the brains, none of the above mentioned resources can acquire that. We all know that no machine is made by itself; it is the human brain that invents it. A machine can only get a work done; it cannot help in idea generation. A machine can only work on getting commands but a human brain also uses logics and creativity with it.
An organizational workforce also consists of humans which is indeed indispensible. Organizations cannot work without workforces. As we all know, each organization performs a variety of functions for its identity and viability in the market. Strategizing, Production, Accounts, Sales or Marketing, every function requires people to be actively present in it. Needless to say, all the organizations in the world are running because there is a resource called “Human Resource”. These Human Resources in organizations are well known as “Employees “or “Talent”. Undoubtedly, Human Resources or the Employees are the backbone of any organization.
It is obvious that when so many employees are working at one place, there has to be a managing body which takes care of its day to day functions. It helps in ensuring that the objectives for which the employees are working is met on time. It also ensures the effective and optimum utilization of the people to attain those set organizational objectives and goals. This managing body is the “Human Resource Department” of any organization and the function which it performs is called “Human resource Management”, which in simple words is managing a very crucial resource called Employees.
Human Resource Management is a function that a team of people perform. These people work as Human Resource Executives or Managers and take care of all the employee related functions like Recruitment, Selection, Training, Development, Compensation, Behavior Management, Retirement and also Termination. Precisely, the entire tenure of an employee in an organization is managed by the HR Team. The major goal of this team is to maximize profit by effective utilization of employees.
The HR of any organization acquires the employees (talent) from the market, train them as per the organizational need and then utilize them optimally for maximizing the returns. If an employee is well trained for carrying out the work in a best possible manner, it can turn out to be the wisest investment done by the company. Training keeps the employees motivate as it helps in upgrading their skills which comes handy in future and also keeps them from losing track. The company provides them training because they know that motivated and talented employees are very crucial for the success of the organization.
Therefore, once they invest on developing and motivating the employees, they also implement various retention strategies to withhold the trained talent for a longer period of time. Retention strategies are also important as the top management has apprehensions of parting with the employees whom they have trained by investing money and other resources on them. As we all know that there is a huge competition that goes on in the labor market. Companies try to attract and steal the talented employee from their competitors by tempting them with good salaries, perks and other benefits. This is also known as Employee Poaching. Therefore making strategies to retain the talent is very essential for the well being of a firm. Some of the retention strategies which a company executes for retaining their best talent are:
1. Competitive salaries and perks
2. Education funding
3. Holidays and vacation benefits
4. Various kinds of leaves
5. Disability allowances
7. House rent allowances
8. Day care etc.
After knowing the aforesaid facts we realize the importance of the functions performed by the Human Resource Department of any organization. HRM is indeed an indispensible function because it is looked upon as a department which takes care of each and every matter related to the existence of a very important asset i.e. the employees and it also a department which strongly facilitates the achievement of the organizational goals and objectives through employees.