Key Components of HRM

Resource management

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
Identify scope and purpose of Richer Sounds.............................................................................1
TASK2 ............................................................................................................................................5
Define key components of HRM................................................................................................5
TASK3.............................................................................................................................................8
Identify internal and external factors that influence decision- making of human resource
management................................................................................................................................8
TASK4...........................................................................................................................................10
Implement HRM practices in context of Richer Sounds..........................................................10
Job description..........................................................................................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Human resource management is defined as the significant function of management
which includes hiring employees, give them training and compensation, designing & developing
plans, strategies and policies for them and last directing & controlling them for accomplishment
of business goals. It is apply to define human and work resources of firm or department which is
liable for managing resources consists with employees or staff (What is Human Resource?,
2020).
Richer Sounds is a British retailer that provides home entertainment through its products
including home cinema & TV, headphones, Hi- Fi etc. it is founded in 1978 by Julian Richer
with headquarter situated in London, United Kingdom and number of employees of company are
492.
This report is based on Human resource management of Richer Sounds . Here purpose,
scope and functions of HR are discussed. Further, effectiveness of key elements of human
resource of respective organisation, internal & external forces that affects HRM decisions are
considered. At last human resources practices are explained in context of respective firm.
TASK1
Identify scope and purpose of Richer Sounds.
Purpose of HRM:- The purpose of HR department of Richer Sound is to fulfil
unoccupied positions and places within organisation, developing and enhancing skills,
capabilities, knowledge and expertise of employees & staffs etc. developing and maintaining co-
operation & co-ordination between human resources of business so as to ensure effective &
smooth functioning of organisation, implementing and ensuring efficiency of decisions and
strategies (Analoui, 2018). Thus, the main purpose of human resource department of respective
enterprise is to make their employees independent and formulating effective organisation culture
that has prominent impact on business performance.
Function of HRM:- It is an important task for any organisation in order to gain
effectiveness in organisation. In context of Richer Sounds following are the functions of HR
department:
 Staffing needs: Human resource department is usually known for staffing and
hiring of employees. It is the major function of HR department that has significant
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impact on respective firms performance. As per this function it is the responsibly
of HR department to identify job duties, addressing skills & knowledge required
for a position and selecting a suitable candidate for empty job position.
 Compensation: Another important function performed by respective department
of Richer Sounds is ensuring provision of fair wages and salaries, rewards &
benefits and addressing necessary changes in pay structure of organisation with
aims as to provide employees with industry acceptable pays )(Armstrong and
Taylor, 2020).
 Benefits: Developing employee benefits it effective tool for recruitment and
retention of personnel. In terms of respective organisation human resource
department is responsible for providing variety of benefits to its employees such
as- health and dental insurance, fringe benefits, retirement plans etc. for retaining
of staffs.
 Performance appraisal: It is related to measuring the actual performance of
employees with setting standards that helps in finding out any gap between these
and fulfilling them. HR department of Richer Sounds plays important role in
creating entire performance appraisal process for company. This helps in
enhancing the performance of employees that leads to achievement of end goals
of business.
 Law compliance: Human resource department is also responsible for safety and
equitable treatment of employees for effectiveness in organisation's operation and
achievement of goals and objectives (Armstrong, 2019). Laws exists to protect the
interest of human resource within organisation that helps in long terms retention
of employees and rising their performance through motivating them.
How function of HRM provides talent & skills for fulfilment of business goals:- The
above function of human resource department of respective business helps in several ways for
accomplishment of business objectives. For instance staffing and recruiting function of HRM
helps in identifying and hiring fresh talents, candidates who recently passed and have zeal to
work hard and achieve unique results for business. Compensation programs such as wages &
salary, bonus and incentives attract new commerce to work hard and reach full potential that
helps in rising the performance of business. Performance appraisal function of HRM helps in
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