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Significance of Human Resource (HR) Management - Assignment

   

Added on  2021-06-16

15 Pages3420 Words16 Views
FinanceLeadership ManagementProfessional Development
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Running head: HUMAN RESOURCE MANAGEMENTHUMAN RESOURCE MANAGEMENTName of the StudentName of the UniversityCourse Id
Significance of Human Resource (HR) Management - Assignment_1

1HUMAN RESOURCE MANAGEMENTTable of ContentsIntroduction......................................................................................................................................2Answer1...........................................................................................................................................2Answer 2..........................................................................................................................................4Answer 3..........................................................................................................................................6Answer 4..........................................................................................................................................9Answer 5........................................................................................................................................11Conclusion.....................................................................................................................................12References......................................................................................................................................13
Significance of Human Resource (HR) Management - Assignment_2

2HUMAN RESOURCE MANAGEMENTIntroductionThe present assignment provides an overview on the significance of human resource(HR) management of an organization.HRM refers to a management function that involvesprocurement of human resources, develops their competencies, motivate and reward them andalso create them an urge for being the part of management (Bratton and Gold 2017). EffectiveHRM helps the enterprise to achieve objectives and target of the business. HRM needs strategicplanning for addressing changing requirement of the employer and shifting job marketconstantly. This study highlights on the HR planning cycle of an organization. The differencebetween rewards and recognitions and different leadership style is also discussed in this study. Answer1 HR planning refers to the procedure that mainly identifies present as well as future needsof human resources for an enterprise to attain its goals. The HR planning basically involvescreation of employers brand, flexibility strategy, retention strategy, selection strategy andabsence management strategy (Briscoe, Tarique and Schuler 2012). The planning procedure ofmost of the business organizations usually reflects on the goal to be accomplished withinspecified time frame and the kinds of human resources required for attaining the defined target. Itis mainly the ongoing systematic planning procedure for attaining best utilization of enterprisemost valuable assets. The basic objective of HR planning is to assure best fit between jobs andworkers whilst avoiding shortage of laborforce (Daley 2012). The three vial elements of the HRplanning procedure involve- Evaluation of current labor supply, balancing projected workersdemand and supply and forecasting workers demand. These elements of HR planning procedureare explained below:
Significance of Human Resource (HR) Management - Assignment_3

3HUMAN RESOURCE MANAGEMENTForecasting workers needsForecasting the employee’s requirement is vital for running the business operations ineffective way (Johnson, Lukaszewski and Stone 2016). There are few factors that an enterpriseconsiders while forecasting its workers needs , which includes- finances of internal business,present condition of an economy, product and services demand and business growthexpectations. Moreover, it is usually forecasted by analyzing which present employees havepossibility to transit into new position and analyze the workers turnover rate. Evaluation of employees supplyEvaluating the workers supply involves two prong procedure, which includes-evaluationof internal staff and external staff. Additionally, analyzing demographics of current workforce isalso required for making an evaluation of employees supply. This might also involve factorssuch as unemployment rate, mobility, government laws that affects the existing as well aspotential workers. However, evaluation of these factors facilitates to determine the kinds of staffsneeded for filling the staffing forecast.Balancing projected workers demand and supplyThis element helps the HRM to achieve the target within the specified time frame. If anenterprise has shortage of workers , thus element will help to determine kind of recruiting effortsthey will participate for attracting more employees for filling the gap. This also requires tobalance part time and full time needs. On the other hand, if an enterprise has surplus of workers,this needs to take into account workers layoff and circumstances where workers might require tobe moved into lateral position.
Significance of Human Resource (HR) Management - Assignment_4

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