Human Resource Management Overview

Human Resource Management Overview

• Human resources, equipment, and materials are crucial assets in any workplace or industry.

Competitive Business

• Effective collaboration of individuals, proficient equipment operation, and optimal material utilization create synergy for high-quality products or services at a competitive price.

Human Resource Function

• Developing a comprehensive total compensation strategy.
• Implementing performance measurement and feedback mechanisms.
• Utilizing incentives for increased motivation.
• Offering a range of benefits and services, upholding workplace safety and health; complying with relevant laws like OSHA (Occupational Safety and Health Act).
• Addressing interpersonal conflicts using company protocols.
• Educating employees on interacting with diverse populations through diversity training.
• Implementing unionization and collective bargaining processes.

The Strategic Importance of Managing Human Resources

• Competitive advantage is achieved when a company's products/services are preferred by the market.
• HRM (Human Resource Management) can strengthen a company's competitive advantage by:
  • Maximizing employee value.
  • Recruiting employees with unique skills or attributes.
  • Cultivating a difficult-to-replicate organizational culture.

Framework for Managing Human Resources Through Strategic Partnerships

• Organizational environment (leadership, strategy, structure, culture) influences Human Resource (HR) activities.
• HR activities (formal policies, daily practices) affect stakeholder satisfaction (owners/investors, customers, society, other organizations, organizational members).

The Global Environment

• Economic and political trends.
• Technological advancements.
• Cultural considerations.
• Local, national, and multinational conditions.

Human Resource Management Activities

• Formal policies: Include expectations and aspirations.
• Informal practices: Evolve and influence policies, Including: planning, recruitment and selection, compensation, and other related concerns.

The Human Resources Triad

• Human Resources are too important to be left solely to the HR department.
• Line managers, HR professionals, and employees are responsible for HR issues.

Strategic Partnership

• Stakeholders are individuals or groups with a vested interest(s) in an organization and its operations.
• Proficient HRM is critical to a company’s ability to satisfy various stakeholder groups.

Organizational Stakeholders

• Stakeholders include owners/investors, other organizations, customers, society, and organizational members.

Stakeholders and HRM

• Employees significantly affect customer satisfaction.
• Employee stakeholder group considerations include compensation and benefits, work environment quality, and opportunities for professional growth.
• HRM practices play a pivotal role in ensuring compliance with laws and regulations, fostering positive community relations, and promoting social responsibility.

Managing Globalization

• Managing foreign employees within companies abroad.
• Managing expatriates abroad.
• Managing foreign workers at home.

Managing Change

• Implementation of new technology.
• Adapting to changing laws and regulations.
• Navigating corporate mergers and structural modifications.