Importance of HRM in the Current Business World
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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This essay examines the significance of HRM and how it has increased competition between various businesses in the current economic situation. According to Armstrong (2003), the primary function of Human Resource Management in the current economies is to cautiously come up with strategic ideas that are to enable the business to achieve their set goals and objectives on the other hand, it provides businesses with various ways on how to handle their employees so as to see to it that the business is successful in one way or another. In this essay, we observe that some powerful countries such as the United States and the United Kingdom are recovering from several economic quagmires such as the depression and inflation which negatively impacted not only businesses but also the workforce since most of them lost their jobs, and there was an increase in the competition when it came to recruitment processes. These effects brought to life the various HRM functions in businesses that wanted to achieve success.
Pendleton (2011) argues that in the current economic environment, Human Resource Management must be implemented in a proper manner or else people will be losing good jobs since pay or reward to the employees will be determined by the economic environment.
McKenna and Beech (2008) clearly lay down the various HRM functions namely; recruitment and selection, and employee training, among others. Recruitment involves advertising the job so as to attract potential applicants. During the selection process, this is where the best candidate is chosen among the many that applied for the job. Employee training is very important because it adds value to the employees which in turn adds value to the business.
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Importance of HRM in THE Current Business World A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Define the term Human Resource Management and discuss its importance in an organization's success
- Discuss how Human Resource Management activities affect the growth and development of an organization in the current business world
- Demonstrate your understanding and deep knowledge of the various aspects of Human Resource Management
1.0 INTRODUCTION
Human Resource Management refers to the process of managing the people who work for an organization. It involves planning, recruiting, selecting, training, developing, rewarding, and retaining employees. HRM also deals with issues such as employee relations, performance management, health and safety, diversity and inclusion, and ethics. This essay will examine the significance of HRM and how it has increased competition between various businesses in the current economic situation.
Why is HRM important? It is important for several reasons namely;
It helps to attract, retain, and motivate the best talent for the organization. By offering competitive compensation, benefits, training, development, and career opportunities, HRM can ensure that the organization has a skilled, competent, and committed workforce that can deliver high-quality products and services to the customers.
It creates a positive organizational culture and climate. By fostering effective communication, collaboration, teamwork, diversity, inclusion, and ethical behavior, HRM can enhance the morale, satisfaction, and engagement of employees. A positive culture and climate can also improve the reputation and image of the organization among its stakeholders.
HRM helps to align human resources with the strategic objectives of the organization. By conducting job analysis, performance appraisal, succession planning, and talent management, HRM can ensure that the right people are in the right place at the right time. HRM can also facilitate change management and innovation by encouraging learning, creativity, and adaptability among employees.
HRM helps organizations to comply with the legal and regulatory requirements of the business environment. By following the laws and regulations related to labor, employment, health, safety, and social responsibility, HRM can avoid legal disputes, penalties, and reputational damage. HRM can also promote corporate social responsibility by supporting environmental sustainability, social justice, and community development initiatives.
HRM is a vital function of any organization that wants to succeed in the current business world. HRM can help to attract, retain, motivate, develop, and manage human resources in a way that supports organizational performance and competitiveness. HRM can also help to create a positive organizational culture and climate that fosters innovation and excellence. Therefore, it is important for every business leader to understand and appreciate the importance of HRM in their organization.
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