Trust, Transparency, Tranquility – Core Competencies of Human Resource Management : A set of individuals who comprise the workforce of an organization or economy or any business sector, is termed as the human resource; Demographics, diversity and qualifications and skills some of the major factors that are considered in governing human resources. Demographics comprise certain characteristics of the workforce like age, gender or social class that are considered for pension offerings and insurance packages. With the shift of industries from manual to more managerial professions, the need for highly skilled graduates increases more. If there are not enough workers for jobs, then competing for employees require community investment and financial rewards being provided by the employers!
Trust, Transparency, Tranquility – Core Competencies of Human Resource Management
A set of individuals who comprise the workforce of an
organization or economy or any business sector, is termed as the human
resource; Demographics, diversity and qualifications and skills some of the
major factors that are considered in governing human resources. Demographics
comprise certain characteristics of the workforce like age, gender or social
class that are considered for pension offerings and insurance packages. With
the shift of industries from manual to more managerial professions, the need
for highly skilled graduates increases more. If there are not enough workers
for jobs, then competing for employees require community investment and
financial rewards being provided by the employers!
The competitive companies therefore require satisfied, loyal
and motivated employees to represent them and then increase in the productivity
and quality of product and service that is directly proportional to the growth
in satisfaction of its employees. These employees help increase the
attractiveness of the competitive position of the company in the market and
help engage more potential job seekers. Many a time the management fails to
know the opinion of its own employees and therefore goes on underestimating the
connection between the satisfaction of employees and the success of the company
in the market. For organizations, management of career, working conditions and
environment remains a problem area in human resource management. This requires
implementation of personal policy in a step by step module. The management
requires defining these basic and vital points for employees that are why we
are here, what our aim is and how we intend to attain defined target.
The profitability of an organization is always relative to
its human resource and no machine can replace their abilities. Each individual
in an organization contributes to its growth through his/her skills, knowledge
and experience. Thinking of such valuable human talent in terms of human capital
can lead the pathway to the development of national economy. Organizations
focus on the significance of human factor in order to pool ideas and creative
inputs for improving their productivity. Recruiting plans are hence designed
for approaching talented people. They are trained to meet competencies and
their expectations are met in order to create a friendly workplace. This
training activity involves a whole lot cost that is suffered by the
organization if somehow they fail to employ a right candidate for the specific
job.
It is therefore needed to manage the individuals'
capabilities, time and talents in order to maximize organizational
effectiveness. Human resource management handles this task to ensure that
employees are able to meet the goals of the organization. It also is
responsible for how people are treated in organizations and for pooling in
people to work in the same. The human resource department (HRM) look after
seven vital function staffing performance appraisals, com and benefits, training
and development, employee and labor relations, safety and relations, safety and
health and human resources research. In bigger organizations with more than 100
employees, a human resource manager coordinates HRM duties and reports directly
to the CEO.
The HR unit analyses the job since the organization is first
set up and looks into the requisite skills and knowledge in employees seeking
job. The first and foremost function of the HR in staffing that looks into the
job description and specification. The HR department adheres to quality
employee selection through job posting and advertising and also assists in
screening the resumes of the candidates. It pulls in candidates with apt
qualification to attend the interview. It also plans and reviews the current
job analysis and descriptions.
After the selection of talented candidate or individual in
the organization, the Human Resource Management creates an environment of
motivation for the employees that would help them grow and reward them for
their exemplary performance. The performances of the employees are reviewed on
a periodic basis for evaluation of their performances and this process is
termed as performance appraisal. There are several appraisal methods like;
Ranking all employees in a group, use of rating scales to define above average,
average and below average performance, recording of favorable and unfavorable
performances which are known as critical incidents and managing of objectives.
Performance appraisal serves several motives, some of which
are:
It guides human resource actions like hiring, firing and
promotion; it helps reward employees through promotions or bonuses. It also
helps identify training and development needs in order to improve individual's
performance on the job and it helps in planning of the human resource by
providing useful job related data.
An employee's performance often gets influenced by
compensation and benefits. These compensations can be in the form of payment
which is either hourly wage or annual salary or through benefits that may be in
the form of insurance, pension, vacation, modified workweek, sick days and so
on. Compensation is required to be fair and equitable, cost-effective, ethical,
adequate, legal and able to provide employment security.
One of the benefits served through performance appraisals is
that it helps in determining compensation benefits and also in identifying ways
to help individuals improve their current positions, in order to prepare for
future opportunities. Downsizing and expansion leads to change in the structure
of organizations, which is continuous process and it therefore creates an
incessant need of training and development programs. These ideally focus on
learning the skills, knowledge and attributes needed to perform a task. There
are numerous and orienting employees, developing desired skills, prevent
supplying professional and technical education.
Human capital is helpful in increasing entrepreneurial
success. Everyday entrepreneurial tasks of discovering and exploiting business
opportunities need a consistency. Human capital helps the employees by
increasing their ability to perform such tasks.
Planning strategy is directly influenced by human capital
and this planning strategy is very crucial in the positive growth of the
organization. Good knowledge and adequate skills are both beneficial and
needful and when a good human capital is blessed with both, then other
resources such as financial and physical capital also get acquired
conveniently. Financial capital might be a constraint for many entrepreneurial
firms, but with the help of human capital the lack in the financial capital can
be compensated. Human capital helps in acquiring new knowledge base and
learning various skills. This further creates a stockpile of knowledge and
skills which ideally helps in the existence and success of the organization.
Hence, owners with higher human capital are thought to be more effective,
efficient in running their business. If the human capital is applied
successfully and transferred to the specific tasks in the organization, then
only can it lead to the success of the business.
Young organizations are more likely to be in need of great
human capital. Due to the newness and challenges which a young organization
faces, there is greater access to human capital with expert skills and
knowledge to take quick decisions. The companies or organizations which are
very successful are indeed those who manage human capital in the most effective
and efficient manner. Human capital should therefore be treated as assets and
not expense.
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