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Bacc2 Rev

Basic microeconomics

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25 views2 pages

Bacc2 Rev

Basic microeconomics

Uploaded by

Kath Par
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 1: Introduction to Human Resource Management (HRM)

Definition and Overview


Human Resource Management (HRM) is the strategic approach to managing people in a way that
maximizes their performance and aligns their contributions with organizational objectives. It focuses on
effectively utilizing the workforce to achieve the company’s mission and vision while ensuring employee
satisfaction and growth. HRM encompasses various activities, including recruitment, employee relations,
training and development, compensation, and performance management. It serves as a bridge between
the organization’s strategic goals and the human capital that drives its success.

Evolution of HRM
• Early Personnel Management: In its earliest form, HRM was referred to as personnel
management, primarily concerned with labor relations, wages, working conditions, and
employee welfare. The focus was transactional, with minimal strategic involvement in
organizational decisions.
• Transition to Human Resource Management: As organizations evolved, so did the role of HR. It
shifted from a purely administrative function to a more strategic partner in managing the
organization's workforce. HRM became integral in areas such as talent acquisition, employee
motivation, performance management, and fostering organizational culture.
• Current Trends in HRM: Modern HR practices are shaped by digital transformation, with a strong
emphasis on technology-driven solutions, such as HR analytics, artificial intelligence in
recruitment, and employee self-service platforms. There's also an increased focus on employee
well-being, diversity and inclusion, and creating flexible, adaptive work environments.

B. Objectives of HRM
• Employee Effectiveness: One of the primary goals of HRM is to ensure that employees are
working at their highest potential, contributing to the organization’s productivity and success.
This involves aligning individual goals with organizational objectives and providing the necessary
resources and support.
• Employee Development: HRM promotes continuous learning and career growth opportunities.
By investing in employee training, development programs, and work-life balance, HRM fosters
personal and professional growth, which leads to higher job satisfaction and retention.
• Compliance and Legal Framework: A key function of HRM is ensuring that the organization
complies with labor laws and regulations, such as minimum wage requirements, workplace
safety, anti-discrimination policies, and employee rights. Staying compliant avoids legal disputes
and fosters trust within the workforce.
• Organizational Culture: HRM is responsible for creating and maintaining a positive and inclusive
workplace culture. This involves shaping the values, beliefs, and behaviors that define the
organization’s environment and influence employee interactions.
C. Importance of HRM in Modern Organizations
• Aligning Workforce Strategy with Business Goals: HRM plays a crucial role in ensuring that the
workforce strategy is in sync with the overall business objectives. This alignment helps in
achieving both short-term and long-term goals by efficiently managing human resources.
• Managing Talent in a Competitive Environment: In today’s competitive job market, attracting
and retaining top talent is essential. HRM strategies like employer branding, comprehensive
employee development programs, and competitive compensation help organizations stay ahead
in the talent war.
• Creating a High-Performance Culture: HRM helps build a culture of high performance by setting
clear expectations, fostering open communication, and implementing robust performance
management systems. This ensures employees are motivated and continuously improving their
skills.
• Enhancing Employee Engagement and Retention: Employee engagement is a key driver of
productivity and loyalty. By prioritizing engagement through recognition programs, career
development opportunities, and a healthy work-life balance, HRM boosts retention rates,
minimizing turnover costs and retaining institutional knowledge.

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