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Human resource management refers to managing the employees of an organization by senior officials. Employees of an organization are considered as essential resources because they make a great contribution to an organization’s infrastructure by all means like production and distribution. Human resource management requires a focused approach in order to ensure that the human resources are utilized to their best to achieve the goals of the organization. Every individual in an organization has varying needs and goals. Practicing the human resource management at it best requires better understanding of these needs and goals of the individuals and then making plan about how these elements going to work for the organization to achieve its goals. It like expressing your views to the workplace people and guide them to use their efforts to make the organization progress. Human resource management is not a single process. It is a combination of several processes to which individuals from various departments of the organization contribute in order to benefit the company economically. Some of these practices involve:- *Salary compensation * Recruitment * Orientation * Labor relations * Workforce planning * Performance appraisal * Induction * Personnel cost planning * On boarding * Skills management * Employee benefits administration * Training and development * Time management * Personnel administration Another term that you may encounter is an HRM strategy. It refers to proper implementation of the definite functions of Human Capital. Aligning and correlating these definite functions, which include recruitment and selection policy, corrective methods, recognition or rewarding strategy, an HR plan and learning and development strategies, is highly recommended for a person who practices Human Resource Management. An HRM strategy is a combination of following individual strategies that include:- * Finding best fit for best practice- it means that complete corporate strategy is interlinked to the HRM strategy. As HRM is considered as a field aimed at management of human resources to help the organization achieve its goal, the accomplishment of such management is possible only by applying personnel needs of a firm with the organization’s objectives or goals. Let’s take an example suppose a bike manufacturing firm plan a cooperate strategy for raising its sales by 20% over 2 years. The HRM strategy will have to work accordingly and for that it needs to focus on how personnel can be managed for the achievement of 10% growth. The various HRM functions that need to be tailored include recruitment, selection, recognition/reward, an HR plan and learning and development. * Close collaboration between the senior management and HR, is also an essential tool for the development of the corporate strategy. Complete involvement of a senior HR official is highly required when corporate objectives of the organization are being devised. Out of all the functional areas of an organization, HR department is the one that plays a vital role. * Persistent monitoring is also required to predict whether the strategy is properly working or not for the organization, via surveys, employee feedback, etc. Implementing HR strategy depends on a number of factors like firm’s size, cultural approach within the firm, firm’s industry and firm’s people. Collectively speaking, an HRM strategy aims at management of not only the people but also the various functional areas within the organization. PennCLO Develop an Executive Education Strategy that provides skills in the areas of Human Capital Strategy, Human Resources Management, Executive and Leadership Education.
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