HRM has a long and complicated history, much like the history of labour and organisation. Any company's most valuable asset is its human resources department. The strategists discuss long-term competitive advantage. HR plays a key role in maintaining the competitive edge.
Human resource management is the process and concept of acquiring, developing, utilising, and maintaining competent human resources in order to fulfil an organization's goals in a cost-effective and efficient manner.
There are two variations of the Human Resource Management concept: a hard version and a soft one. The hard version or variant highlights the need of managing people in such a way that they provide additional value and hence provide a competitive edge.
Soft version is focused with considering employees as valuable assets that may provide a competitive advantage through their dedication, flexibility, and high quality. HRM in today's world is a hybrid of the two. HRM is the management of human potential and energy.
1. It's both a science and an art
Human Resource Management is an extremely complicated art and science. Human Resource Management is both an art and a science, requiring accuracy and thorough application of theory in order to manage people.
2. It's all around you
HRM development encompasses all levels and types of personnel, as well as management and operational personnel. There is no differentiation between levels or classifications. HRM is a task that is required of all managers. It's also ubiquitous since it's necessary in every area. HRM must be followed by all types of businesses, both for commercial and non-profit.
3. It is an ongoing procedure
First and foremost, it is a procedure since a sequence of tasks must be completed, starting with human resource planning and progressing through recruiting, selection, training, and performance evaluation.
Acquisition, development, implementation, and maintenance are all part of the HRM process. Second, because Human Resource Management is an ongoing activity, it is never-ending.
4. Human resource management is a service function
Human resource management isn't a money-making machine. All other functional departments are served by this department. However, line managers always bear the primary duty. Human resource management is a facilitator role for employees. The HR Manager's line authority is limited to his own department, but he has staff control over other divisions.
5. HRM must be compliant with regulations
The HRM function must be carried out in a way that does not infringe on legal requirements. Equal opportunity and compensation for everyone, community involvement in employment, tribal inclusion in benefits and non-violation of human rights must all be addressed by the HRM.
6. Interdisciplinarity and changeability
It includes welfare, manpower, and personnel management, as well as tight ties to employee and labour relations. It is a multi-disciplinary activity that draws on information and input from fields such as psychology, sociology, and economics. It is transforming in response to the changing environment. Workers have gone from being exploited to being treated as equal participants in the effort.
7. Concentrate on the outcomes
Human Resource Management is focused on results. It is more concerned with outcomes than with regulations. It motivates individuals to offer everything they have. It seeks to get the best out of people by enlisting their full participation. It's a method of bringing individuals and organisations together to achieve mutual interests. It is centred on commitment.
8. Focused on people
HRM is concerned with people at work, both individually and collectively. It aims to assist employees in realising their greatest potential. It includes functions like as recruiting, training & development, performance assessment, and working environment, among others.
Human resource management is in charge of developing human capital. People are critical to the achievement of corporate objectives. The effectiveness of an organisation is determined by the quality of its people and workers.
9. The theory of human connections
Human Resource Management is a concept based on the premise that employees are human people, not production factors such as land, labour, or money. Individuality and individual distinctions are recognised in HRM. To be effective, a manager must have social skills in order to handle individuals with varying requirements.
10. A comprehensive strategy
Personnel, health, and labour relations are all aspects of Human Resource Management. It is also integrated since it involves not just acquisition but also development, use and maintenance.