Human Resource Management

Human Resource Management:

Human Resource Management is the integral part of management associated with managing the human individual effectively & efficiently for achieving the vision & mission of the organization.

Human Resource Management 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.

Human Resource Management 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

Modern HRM Process:

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HRM Planning: HRM planning involves the activities or courses of action for demand & supply forecasting of the target group of Human Resources. Human resource planning is a process that identifies current and future human resources needs for an organization to achieve its goals. It should serve as a link between human resources management and the overall strategic plan of an organization.

Stages in HRM Planning: We have two stages in HRM planning. They are-

1. Demand Forecasting: How much human resource a corporation need in a particular time frame

2. Supply Forecasting: How much human resource exists in the current market.

5 Steps in Developing a HRM Plan:

1. Conduct a departmental strategic analysis: The results of this step are an understanding of the department's vision, mission, values; a strategic review of the department; and understanding of the challenges facing the department.

2. Identify strategic HR issues arising from the strategic analysis: Building on the results of step one, the...