The term human resource implies human capital within an organization. The word planning suggests a course of action. And lastly, process is the method of operation. Thus, the human resource planning process is defined as, 'a course of action that the human capital takes up for a methodical achievement of predetermined goals'. Its definition does not end here. The term includes its management, which primarily involves issues related to the workforce. Human resource management (HRM) is the strategic and coherent approach to the management of an organization's most valued assets - the people working there who individually and collectively contribute to the achievement of the objectives of the business.
- A company may have all the financial resources it may need, and may function very well too.
- But what if the manpower employed to manage the finances isn't well trained? Well, nothing more than your finances will be going down the drain.
- Most of the corporate frauds are a result of unethical and mismanaged processes.
- Improper human capital may create a numerical output, but not the desired one in terms of quality.
- Most of the time, the term HRM is synonymously used with personnel management.
- It involves, employing, developing, utilizing, managing, and understanding the staff in an organization.
- The world has progressed tremendously since the advent of the industrial revolution.
- The meteoric rise in the fields of manufacturing, construction, information technology, fashion, etc., is stupendous.
- However, over the ages, man has indiscriminately used and abused the natural resources available to him. It has resulted in a global energy crises and depletion of resources in general.
- In this backdrop, what remains is an abundance of human resource, or let's say, human capital.
- To achieve any more goals, tapping the right kind of resource is the key.
- You may have a business house worth millions of dollars. But what if there isn't the manpower that suits the nature of the business? Hence, developing the manpower is of utmost importance.
- Here is where HRM steps in, the process of which is enlisted below.
- It demands the HR manager to first understand the business requirement.
- Only if he comprehends the nature and scope of the business, will he be able to employ those who will deliver the required performance.
- When it comes to engaging the manpower, the manager should have a keen eye for spotting the talent.
- It ensures that the workforce is competent enough the meet the targets.
- Setting new goals and priorities is the next step.
- Additionally, the existing 'talent pool' in the workplace should be taken into consideration so that people with complimentary skills can be employed.
- The functions of the HR manager are varied, he has to assess the currently employed workforce and their shortcomings.
- Identifying these shortcomings goes a long way in choosing an efficient workforce.
- Next, the other managers and supervisors should be taken into confidence.
- A list of the necessary staff requirement must be prepared, department-wise.
- Beginning with the innermost circles often leads you to quicker results.
- In this phase, the manager needs to resolve internal conflicts.
- While recruiting the new employees, he must calculate the expected workload. This way the department can design an accurate job profile and job expectations.
- Once you have the decided the job profile, looking for candidates who fit the job will be easy.
- Don't be fooled by their qualifications, it is only the relevant experience that matters more. A good HR manager is one who has the zeal and passion to motivate his prospective employees to perform to their potential.
- Once the plans are prepared and executed, the manager must monitor the plans and analyze them effectively.
- Periodic evaluation and analysis will help him decide whether the process was well-planned or not.
- If the process goes on smoothly without any glitches, the manager must ensure effective maintenance.
- If a lot of unnecessary issues crop up, the manager must hold periodic meetings and introduce changes in the process so that it can optimized.