Offers Part-Time Workers Full Health Care Benefits And Stock Option Managing The Most Important Assets Of Your Organization

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Managing The Most Important Assets Of Your Organization

Every organization shapes, persists and progresses due the efforts of humans incorporated within it. The people are, and possibly will always be, the most important asset of any organization. In today’s management world, employees are aptly referred to as Human Resources. Human resource management (HRM) is both an academic theory and a business practice that addresses the theoretical and practical techniques of managing a workforce.

Academic Theory of HRM

The basic premise of HRM as an academic theory is that humans are not machines. People are volatile and diverse creatures, coming together in a controlled environment of a workplace. Therefore there is a need to set up an interdisciplinary examination of people at the workplace.

HRM as a business practice

As a business practice, it is based on ideas and techniques developed to enhance worker motivation, productivity and performance. It is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training.

Process

The Human Resources Management (HRM) function includes a variety of activities, and key among them is planning and deciding your staffing needs, recruiting employees to fill these needs, training the best employees, ensuring they are high performers, and dealing with performance issues. Activities also include managing your approach to employee benefits and compensation, employee records and personnel policies.

Workforce planning: The foundation stone of effective management is planning. It is the first step to achieving quality in any organization-big or small. Most organization require Human Resource Planning wherein

  • Change can be easily incorporated
  • Assumptions can easily be modified
  • Organizational fluidity is recognized around skills
  • Flexibility in supply can be easily included

To operate such systems, organizations need:

  • appropriate demand models
  • good monitoring and corrective action processes
  • comprehensive data about current employees and the external labor market
  • An understanding of how resourcing works in the organization.

Recruitment: Sometimes separated into attraction and selection, this process entails attracting qualified personnel to the organization, testing their compatibility and placing them within the organization in required roles. The key to recruiting excellent personnel is to target all time, energy and effort at recruiting employees who would be a commendable addition to your organization. You could start by answering these questions

  • Who are you looking for?
  • What is the core competencies required for the job?
  • What are your values and principles as an organization?

The answer to these questions may facilitate the formulation of an effective recruitment plan.

Skills management: It is the process of determining the skill that a job requires, skills of existing employees and any gaps between the two.

Employees – As a result of skills management, employees would be aware of the skills their job requires, and any skills gaps that they have. Depending on their employer, it may also result in training to bridge some of those gaps.

Line managers – Enables managers to know the skill strengths and weaknesses of employees reporting to them. It can also enable them to search for employees with particular skill sets.

Organization – A comprehensive view of the skills and skills gaps enables planning for the future against the current and future abilities of staff, as well as to prioritize areas for skills development.

Training administration: Training and development is usually undertaken to bridge skill gaps; or

  • When a performance appraisal indicates performance improvement is needed
  • To gauge the status of improvement so far in a performance improvement effort
  • As part of an overall professional development program
  • As part of succession planning to help an employee be eligible for a planned change in role in the organization
  • To test the operation of a new performance management system
  • To train about a specific topic such as communication; computer skills; customer service or quality initiatives.

The major contribution of training is the elimination of a skill gap, if any. Its general benefits include:

  • Increased job satisfaction and morale among employees
  • Increased employee motivation and efficiency in processes, resulting in financial gain
  • Increased capacity to adopt new technologies and methods
  • Increased innovation in strategies and products
  • Reduced employee turnover
  • Enhanced company image
  • Risk management, e.g., training about sexual harassment, diversity training

Compensation management: Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips. Professional, management and other types of skilled jobs are classified as exempt. Exempt jobs get a salary, that is, a fixed amount of money per time interval, usually a fixed amount per month. It’s not uncommon for exempt positions to receive higher compensation and benefits than non-exempt jobs. Unskilled or entry-level jobs are usually classified as non-exempt. These jobs usually get a wage, or an amount of money per hour. They also get paid over-time, that is, extra pay for hours worked over a week or on certain days of the week or on holidays. Each job must have the same pay range for anyone performing that job, that is, one person cannot have a higher maximum pay than someone else doing that same job.

Employee benefits administration: Benefits are forms of value, other than payment, that are provided to the employee that typically refers to retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. Benefits are increasingly expensive for businesses to provide to employees, so the range and options of benefits are changing rapidly.

HR Performance Management: Comprises of objective setting, appraisal and elements of skills management, development planning and compensation management

Industrial relations: Refers to the relationship between the workers, usually represented by a union, and the management. This involves forming labor policy, overseeing industrial labor relations, negotiating collective bargaining agreements, and coordinating grievance procedures to handle complaints resulting from disputes with unionized employees. The director of human resources also advises and collaborates with the director of industrial relations, other managers, and members of their staff, on these aspects and more.

Conclusion

If the Human Resource Department of your organization believes that its job must be to control the employees from surfing the Internet for personal purposes, or determining if they stay one hour more or less in the office and not working, that means it is not doing what it should: establishing a vision, defining concrete objectives for each employee, giving them tools and motivating and implying them in the achievement of those goals.

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