5 Functions of Human Resource Management HRM

hi in this video you will learn the five function areas associated with effective human resource management HRM is the process of hiring and developing employees so that they become more valuable to the organization human resource departments face different challenges ranging from a constantly changing workforce to an ever-present government regulations technology changes and economic conditions here are five function areas that should be a part of effective human resource management first is hiring to ensure that the organization has the right number of employees with the right number of skills in the right jobs at the right time to achieve organizational objectives the staffing process involves job analysis Human Resource Planning recruitment and selection second is talent development this consists of training and development Career Planning organization development performance management and appraisal third is compensation which includes rewards that individuals receive as a result of their employment it consists of direct and indirect financial compensation as well as non financial compensation fourth is safety which includes protecting employees from injuries caused by work-related accidents as employees work in a safe environment and enjoy good health are more likely to be productive fifth is Labor Relations in countries where businesses are required by law to recognize a labor union and bargain with it in good faith if the firm’s employees want the Union to represent them the role of HR managers has evolved over the years into a very strategic one since talent is the most important asset of any business good HR practices need to be continually reviewed and adjusted to the meet of the changing demands of today’s fast-paced business environment remember to win in the marketplace you must first win in the workplace thank you