Published on March 17th, 2017 | by Guest0
Importance of Human Resource Management
India has recently become a hub of interest in the realm of human resources management. This is because of its rapid development characterized by a massive growth in labor, capital and productivity.
India’s labor pool is forecasted to increase by about 250 million by 2020 thus making its human resource management process a particular area of interest. With such a rapid growth in the labor force, the management of human resources is indisputably a high priority area for human resource managers in India.
The importance of human resource management cannot be overemphasized. In this regard, it would hold the following importance:
Human resource management as a driver of a company’s goals and objectives
This function entails motivating employees. It involves aligning their personal goals and objectives to those of the company’s. In simple terms, it involves showing the employees that by them giving the company what it needs; they also get what they need. This positive attitude creation builds enthusiasm of employees such that they give their best. This function helps to boost efficiency by making maximum use of human resources while minimizing wastage. This in turn boosts profits, leads to expansion and thus creation of new opportunities for employment.
Human resource management as a fuel for professional progress
Handled well, the human resource management process invokes policies that involve the equipping and training of workers. This puts them in a better position to get future promotions and is a long-lasting effect that adds value to the employee’s life (Click Here).
Human resource management as cohesive agent between management and labor unions
A competent human resource manager structures their department such that the policies set up instill a sense of employee loyalty to the company. This involves using healthy practices in the human resource realm so that the employees’ interests are met in line with meeting company interests. This cohesion works to mitigate the risks of strikes and boosts company’s performance.
Human resource management for fostering team work
The human resource management process involves activities such as team building. These activities help create good relationships between employees. Thus, they are able to work together to deliver the company’s objective.
Human resource management as a platform for identifying star performers
Through various all-round performance-tracking techniques, the human resource manager is able to pinpoint star performers. These are prioritized when a chance comes up for promotion. This helps to keep the company’s top-level jobs well-staffed with capable employees, who can deliver. Rewarding performance also boosts efficiency as everyone does their best to perform.
Human resource management as a tool for optimal job allocation
As far as human resources are concerned, one of the top priorities is selecting the right person for the right job. This is because it reduces the rate of labor turnover by decreasing job dissatisfaction. The human resource management process, however, has to invoke best practices in recruiting and selecting employees for this need to be met.
Human resource management as an instrument to boost the economy
It is particularly important to maintain high economic performance to be able to sustain our rapidly growing labor force. When the human resource management process incorporates effective labor practices, employees perform well thus driving company profits up. If this happens consistently, the company expands or branches out, which creates new investment opportunities and employment to absorb the rapidly growing labor force.