Test Your HRM Knowledge

HRM stands for Human Resource Management. It refers to the strategic approach of managing an organization's workforce. The scope of HRM includes recruitment, selection, training and development, performance management, compensation and benefits, employee relations, and employee engagement. HRM plays a crucial role in aligning the human capital with the organization's goals and objectives.

The objectives of HRM include attracting and retaining talent, developing and enhancing employees' skills, ensuring compliance with labor laws and regulations, fostering a positive work culture, and facilitating organizational growth. The functions of HRM include recruitment and selection, training and development, performance management, compensation and benefits, employee relations, and HR planning.

HRM focuses on the strategic management of human resources to achieve organizational goals, while personnel management focuses on administrative tasks related to employees, such as payroll, benefits, and employee relations. HRM takes a proactive approach and considers employees as valuable assets, whereas personnel management is more reactive and treats employees as a cost.

<p>Demand forecasting in HRP involves estimating the future requirement for human resources based on factors such as business expansion, new projects, turnover rates, and technological advancements. It can be done through techniques like trend analysis, ratio-trend analysis, regression analysis, and Delphi method. The aim is to anticipate the quantity and quality of employees needed to meet future organizational needs.</p> Signup and view all the answers

<p>HRP stands for Human Resource Planning. It is the process of forecasting an organization's future human resource needs and ensuring that it has the right number and types of employees to achieve its strategic goals. The process of HRP involves analyzing the organization's current workforce, identifying future HR needs, forecasting HR supply and demand, and implementing HR strategies to bridge the gap between supply and demand.</p> Signup and view all the answers

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