Are you looking forward to making a career in human resource management? Wise decision! It is an ever-changing career pursued by many in this competitive marketing world. According to a report by Money Magazine and Salary.com, HRM holds the 4th position in the Top Ten Best Jobs in America related to a variety of factors.
In this article, you’ll get an overview of the objectives of human resource management. Also, see how this profession is helpful in business management. If you have an assignment in hand about human resource management, you can take help from this article or directly hire writing experts by taking management assignment help from us.
Before moving ahead, let’s specify our topics of the day:
- What is Human Resource Management?
- 4 Main Objectives of HRM
- Why is Human Resource Management Essential for Business Succes?
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To know the objective of HRM, one must have basic knowledge of what it is.
What is Human Resource Management?
Human resource management (HRM) is the “process of recruiting people, compensating, training, and developing policies relating to them.” Over the last twenty years, HRM has gone through many changes as a management field. Earlier, HRM roles were limited to sending birthday cards, planning outings, and inspecting enrollment forms. In other words, roles were mainly administrative instead of strategic that is crucial for business success.
However, Jack Welch, a former CEO of General Electric and Management Guru, add on new roles of HRM. He said, “Get out of the parties, birthdays, and enrollment forms. Remember that HR is important in good times; HR is defined in Bad time.” (Sources: Frastch, 2010)
Keep in mind that sometimes HRM also tasks managers’ roles like compensating, motivating, and retention of employees. Thus it is crucial to note here that human resource management is equally essential for HR managers as well for those who want to manage any business. That is why most experts agree on the four major objectives of HRM in an organization. Let’s move ahead to see that.
4 Main Objectives of HRM
People are generally not so simple when it comes to employment. They come with a whole bunch of doubts and group requirements, which over the year managed by human resource management.
Organizational objectives include earning a profit, sustainability, diversification, growth, and expansion to survive, and much more. Thus they have to keep in mind these organizational resources while managing human resources. These objectives divide into four categories:
Organizational Objectives
It consists of bringing talents that meet the organizational objectives. HRM has to prepare human resources for recruiting, selecting, training, inducing, arranging performance appraisals. As mentioned earlier, the main goals of an organization consist of earning profits, growth, expansion, survival, and diversification.
Societal Objectives
Besides working to meet organizational needs, human resources management is responsible for meeting the needs and challenges of society. All the resources should be managed in such a way that it meets the interest of society too; that is why many companies are indulging more towards corporate social responsibility.
HRM has to follow the rules and laws imposed by society. So it has to develop and maintain healthy relations between union and management.
Functional Objectives
In this category, HRM has to maintain the departments’ contribution to the level of organizational needs. Departmental functions need to be carried out by humans resource management. Thus the primary role is to ensure employees’ performance regarding the deadline.
Personal Objectives
It consists of helping employees to meet deadlines or achieve their personal goals. Examples of personal goals include higher wages, job satisfaction, better working environment, promotion, social security, and much more. Thus an HRM has to meet these demands for retention, motivation, and maintenance of the employees. Otherwise, employees might leave the organization, which will affect the whole business.
Speaking of business roles and responsibilities maintain by human resource management, let’s move to our next section.
Why is Human Resource Management Essential for Business Succes?
Not only for small businesses but also for large businesses, human resource management is essential. The duties hold more than the enrollment of employees. Here are five reasons why HRM is necessary for business success.
Budget Control: developing methods for trimming companies’ expenditure on resources
Employee Satisfaction: determine whether employees’ satisfaction by conducting surveys or interviews
Training and Development: conduct assessment for employees to determine the type of skills they possess
Conflict Resolution: Resolve conflicts between employees and ensure a positive working environment
Performance Improvement: construct plans for enhancing employees performance
From improving companies’ morale to developing high-performance methods, human resource management plays a crucial role. Thus HRM is essential for eerie business.
Now it’s time, to sum up, our guide. If you need more management assignment help, you can contact us anytime. Our experts are 24*7 available to assist you.