Human resource management is the process of hiring, training, compensating, and setting policies for the employees as well as developing retention tactics. It is a deliberate and encompassing approach to managing people along with the culture and environment of the workplace. Human resource management allows employees to contribute effectively and productively to the overall corporate direction for achieving the organization’s goals and objectives.
HRM has evolved significantly during the previous two decades, allowing it to play an even more critical role in today’s enterprises. Human resource management was largely limited to processing payroll, sending birthday gifts to staff, organizing business outings, etc. However, HRM function has developed from administrative duties to more strategical roles. Hence, a lot of HR professionals are participating in human resource courses online to upgrade their skills and be competitive.
Now, let’s have a look at some of the most crucial HR functions in detail.
Functions of Human Resource Management in an Organization
The human resource management role is the most important of all the support functions in any firm. Apart from finance, which is the lifeblood of organizational support activities, the HRM function, is responsible for ensuring that organizational policies and procedures are followed and those employee grievances are addressed. In many firms, the HRM function combines hiring, training, assisting with appraisals, and determining compensation.
Recruitment & Selection
Recruiting and selecting candidates is the most basic function of human resource management. HR executives are always at the forefront of the hiring and onboarding process. From finding the right candidate to assuring a smooth transition to the new work environment is a critical task.
A request for new hiring is usually made when a new position is created or an existing job becomes available. After that, the hiring manager sends the job description to HR, who then begins the process of recruiting candidates. For the recruitment of the best candidate, HR professionals utilize a variety of methods. Interviews, tests, reference checks, and other recruitment processes are among them. The employment of these procedures helps to protect the company’s culture while also lowering the chances of making a bad hire.
One of the most crucial functions of human resource management is to evaluate performance. Performance management is a framework that allows employees to receive feedback on their work in order to improve their performance.
HR professionals also use tools to collect data, evaluate and provide it to a company’s leaders. In most cases, businesses follow an annual performance evaluation cycle that includes planning, monitoring, reviewing, and rewarding employee performance.
You can learn more about these evaluation tools in human resource management courses.
Compensation and Benefits
Keeping a track of salaries, benefits, and business culture is the primary function of human resource management. It is essential for companies to provide enticing compensation while maintaining the balance of the company to ensure constant growth. As a result, HR keeps track of employee pay and ensures that all business cultural norms are followed.
There are two types of compensation; primary compensation and secondary compensation.
Primary compensation refers to money that is directly paid for work, such as a monthly salary. On the other hand, all added non-monetary gains are considered secondary advantages. Paid leaves, flexible working hours, pensions, a company laptop, and other benefits are all included under secondary compensation.
Having the benefit of learning opportunities at the workplace is an excellent approach to jumpstart a company’s expansion. Human resource management is in charge of organizing and executing training programs ensuring that staff has access to fully-functioning technology and other tools.
Various human resource management online courses include learning and development as a module in their curriculum to provide an in-depth understanding of the topic.
According to the law, every employee is entitled to work in a safe and secure environment. Employees are more likely to stay for a longer period of time and perform at their best when the company culture is positive and encouraging. Hence, this is another most crucial task of human resource management to maintain positive employee relations.
This also includes that HR professionals handle any difficulties or disagreements that arise among employees. They also create policies that ensure an equitable working environment for all employees.
Implementation of Disciplinary Policies
Every employee is expected to meet the immediate manager’s performance and behavior requirements, as well as to follow all applicable rules and regulations. When an employee fails to satisfy the supervisor’s or another relevant authority’s expectations, the employee’s behavior may be addressed through counseling and/or disciplinary action.
Data and Analytics
The last but not the least function of human resource management is data and analytics. HR has come a long way in the last half-decade in terms of becoming more data-driven.
HR metrics, often known as HR KPIs, are a simple way to keep track of important data. These are precise measurements that show how well a company is performing on a particular metric. HR reporting is the term for this. This reporting focuses on the organization’s current and previous situation.
HR can make better data-driven decisions if they actively measure and analyze this data. These decisions are usually more objective, making it easier to gain management support for them.
HR data and analytics have become an essential part of HR functions these days. In order to be competitive in the domain, it is essential to upskill. There are numerous platforms available that offer you human resource management online courses. These courses will provide you with a deep understanding of data and analytics and help you stay competitive in the market.
The pioneer of live & interactive learning, Talentedge offers you the best human resources courses online in collaboration with XLRI, IITs, IIMs, and international institutes such as UCLA, MICA, eCornell. The eminent faculty and carefully designed curriculum help you provide a strong grasp of the subject. read more focusintro.com