HUMAN RESOURCE MANAGEMENT

Human Resource Management

Human Resource Management

Introduction

The global trends are changing dynamically in the current scenario with the passage of time. The only element that can act as a competitive advantage for the present and future world organizations is human capital. The skills, innovation, experience and intelligence of people can distinguish the organizations from one another. The human resource has the capability to convert the resources into potential outputs. It provides flexibility and adaptability to an organization, and a competitor can imitate the resources, but not the human resource. In the current scenario, the modern economy has made it easier to raise capital, implement or purchase technology and other physical facilities, but the real aspect lies in the fact to manage the human resource effectively (Boxall & Purell 2003, p. 84).

Human resource management is an art itself and ensures the potential growth, survival and sustainable competitive advantage of the organization. In the 21st century, human resource management is considered to be among the most challenging tasks for an organization. The managers must understand the importance of the human resource and should design strategies that effectively serve the concept of human resource management. The purpose of this paper is to develop a clear understanding about the HRM practices and approaches. It has been designed to reflect the importance of human resource management for any organization.

Human Resource Management

Human resource is the asset for any organization and the key source to gain competitive advantage in the business world. The task of managing the human resource is very difficult and challenging, but the progress of an organization is directly associated with the effective management of the human resource. If an organization implements the best human resource practices and strategies, extracted from the literature and practical scenario, it can successfully achieve the organizational goals. Human capital has the capability to create a huge gap to that of the competitors, in terms of the fulfillment towards organizational goals.

The human resource management function of an organization assists in improving the organizational behavior, specifically in areas like HR commitment, organizational competency, and aspects that lead to the effective performance of the human resource. Moreover, the business processes in the existing scenario are turning out to be automated or technology-oriented. Therefore, the implementation of a human resource management system can provide with an ideal structure to manage the human resource functions. The organizations must ensure the use of best HR practices and models that reflect value for the human resource, ultimately leading towards the organizational success (Armstrong 2003, p. 23).

HRM - The Concept

Human resource management is a framework that deals with the essential issues in an organization, and structures an effective environment for the human resource. The concept of HRM splits around three elements: people, organizational structure and management. These elements are interrelated and shape the culture of an organization. It is a core function of management, which deals with determining the trends and patterns of the ...