Within each and every organization, the composition of workforce diversity is being integrated into its human resource management (HRM). In this new era, the world is increasingly globalizing and since the advent of information technology, the borders of the world are drawn so closely than ever before. Theories of diversity management have been developed by business professionals and scholars, citing that a heterogeneous organization could create better HRM practices to maximize the benefits from a diverse workforce as well as improving their competitive advantages. Maslow’s Hierarchy of Needs will help to understand how employees’ basic need affects the HRM; and how workforce diversity could contribute to achieving HRM’s strategic objectives. Diversity awareness allows for a better understanding of inclusive consumers’ needs, and provides access to better labor pools. Hence, an organization must be able to utilize the available skills from the workforce if it is to maintain competitive advantage and Continue reading
Modern HRM
New Roles of Human Resource Managers in Business Development
A great team of working professionals in an organization cannot be possible without the human resources. The main contribution of HR management to organizations are hiring and training the workforce, takes care of the performance management system, helps in building culture and values, manages conflict, and most importantly developing good relations. Human resources managers promote, recommend on, and implement plan associated to the usage of employees within an organisation effectively. They are the most qualified and skilled people into the organisation to make a difference in enhancing the productivity of the employee and the organization. Their desire is to assure that the organisation hires the suitable people in terms of skills and experience, and that training and development opportunities are accessible to personnel to boost their achievement and attain the goals in the organization. HR officers are responsible in a range of activities needed by the organisation such as working Continue reading
Investment in Human Resources
There is much debate as to whether the human resources of an organization can be considered as an asset and treated accordingly in the accounting system. There are two schools of thought. One says that human resource is an asset and the other does not agree with this. Now let us see what is an asset? Asset is anything which is owned by the entity to derive service in future and should have legally enforceable claim. As such there is no guarantee of deriving benefits from the existing human resources in future and has no sales value like other assets. Therefore, legally, human resource is not an asset claims one school of thought. Besides, company law also does not consider it as an asset. But the other school is of the opinion that the “human resource is an asset“. This school of thought puts forth two contentions in favor of Continue reading
The Changing Nature of the Employment Relationship
Business environment is changing drastically in today’s corporate world. In early years of current management era manager were suppose to work exclusively with equipment’s, data and systems; performing traditional tasks. But scenario of management responsibilities has been changed significantly and today’s manger faces issues like cross training, personnel management, interdepartmental communication and widening job scope. Globalization is shaping and re-shaping business environment, resulting in increase of competitors, demand of new sourcing strategies and facing new markets with new demands. Irregular flow of information often subject to quantitatively strong fluctuations, controlling the flow of information is necessary otherwise these fluctuations can become detrimental. Information controlling is the analysis, evaluation and importance attached to the data that collected and provided with the data under various criteria. Because day by day managerial job is becoming more and more hectic manager needs to continuously look for new ways to improve speed and quality along Continue reading
Human Resource Management (HRM) Best Practices
In recent years business environment has become highly competitive. It has forced the manager to develop different strategies to cope with competitiveness. These strategies help organizations to survive in competitive environment. One area that has been important as a means of providing a competitive advantage is the management of the Human Resource function. Over the past decade there has been a dramatic shift in the field of Human Resource Management, with great emphasis being applied to the human resource management function and its significant contribution to organisational performance. However in order to influence organisational performance it is required that there are certain ‘practices’ of human resource management that must be abided by in order for improved performance to be achieved. Unfortunately there has been no authoritative definition of best practice that has been agreed by academics or practitioners. This leads to a lack of conceptual clarity of the HRM best Continue reading
Psychological Contract – Meaning and Importance
The psychological contract is certainly an important aspect of the employment relationship as it invisibly binds the employer and the employee through a set of expectations. For the individual in an organisation, the psychological contract is mostly relevant as it directly affects the level of motivation, commitment and morale of that person. Moreover, a positive psychological contract helps to boost the productivity and performance of an employee. Thus, to gain the commitment and loyalty of individual employees, it becomes essential that organisations put in place appropriate systems to foster the identification of employee expectations and ways to fulfill them. However, expectations are not easily identified, both on the employers and employees side. These often give rise to breaches on behalf of either one or both parties. The maintaining of a positive psychological contract with all members of an organisation thus becomes a primary focus of the HR practitioner and HR Continue reading