Human Resource Management

Human Resource Management
HUMAN RESOURCE
MANAGEMENT – 949761
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Human Resource Management
Introduction
Human resource management is a concept that allows business organizations to effectively
manage the human element in their workplace and to optimize their performance by
improving the work conditions for them. In the past few decades, business organizations have
realized that human resources are their greatest assets and it is only through them that they
can achieve market competencies. As a result, the concept of human resource management
has gained a lot of importance and business organizations are investing heavily in the
management of their human resources.
Three Important Areas of Human Resource Management
Human resource management performs a number of functions, such as training and
development, recruitment and selection, performance management, attraction and retention of
employees, career development, etc. and each one of the functions is crucial for the success
of a business organisation. Pertaining to the market situations in the contemporary business
world, the three most important functional areas of human resource management are:
Workforce Management:
Workforce management is a function in human resource management that allows business
organizations to predict the human resource demand of their workplace by analyzing past and
present trends. Using workforce management tools and techniques, business organizations are
able to predict the possibility of shortage of staff. Once a shortage in the workforce is
predicted, human resource managers are able to plan recruitment and selection strategies for
overcoming the shortages identified. Apart from identifying labor demands, workforce
management techniques are also used by human resource managers to allocate tasks to the
employees. Using different tools and techniques, staff schedules can be easily created and
managed by keeping in mind daily objectives, weekly objectives or monthly objectives (Rao,
2017).
There is a huge demand for talented employees in the contemporary business world.
Multinational organisation are constantly poaching talented employees in the market at a time
when a large population of baby boomers is nearing their retirement. Both the conditions put
together would create a huge void in almost every business organisation and it would become
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