What you should know about the Human Resource Management


Functions of HRM
Human resource strategic planning, human resource planning, manpower panning, recruitment / selection, induction, orientation, training, management development, compensation development, performance appraisals, performance management ,succession planning, safety management ,staff communication etc.

Human Resource Planning
HRP is the process including forecasting, developing and controlling-by which a firm ensures that it has the right number of people and the right kind of people, at the right places at the right time, doing work for which they are economically most useful.

Recruitment and Selection
Recruitment is the attraction of capable candidates to a vacancy, whilst selection concerns the assessment and identification of the suitability of such applicants from this pool. Recruitment and selection offer key opportunities for an organization to alter the type of staff it employs.

Compensation and Benefit
Employee compensation refers to all forms of pay or rewards going to employees and arising from their employment, and it has two main components: direct financial payments (in the form of wages, salaries, incentives, commissions and bonuses) and indirect payments (in the form of financial benefits like employer-paid insurance and vacations).

Benefits are forms of value, other than payment, that are provided to the employee in return for their contribution to the organization, that is, for doing their job. Prominent examples of benefits are insurance (medical, life, dental, disability, unemployment and worker’s compensation), vacation pay, holiday pay, and maternity leave, contribution to retirement (pension pay), profit sharing, stock options, and bonuses.

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Training and Development
Training refers to the methods used to give new or present employees, the skills they need to perform their jobs. Provision of training to the management members as well as to employees, with the aim of enhancing their knowledge, skill, and ability in making them always competent and responsive in performing their duties, is considered to be one of the key strategies that enhance the Corporation’s efforts to achieve its objectives.

Employee/Labor-Management Relations
Employee/Labor-Management Relations is a relationship that covers all aspects of employment relations between the employer and the employees in the context of organizational operations. It involves, regulation of conditions of service, collective bargaining, management of strikes, industrial democracy, employer-trade unions’ relations, and organization personnel policies etc.

Safety and Security
Creating a safe, healthy and happy workplace will ensure that your employees feel homely and stay with your organization for a very long time.

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Source @ Tesfamariam Mulat G