Session 1 HRM Overview PDF

Human Resource Management Overview Assets & Resources In any workplace or industry, three primary assets and resources are crucial: 1. Human capital 2. Equipment 3. Material  Competive Business The essence of a competitive business lies in the effective collaboration of individuals, the pro...

Human Resource Management Overview Assets & Resources In any workplace or industry, three primary assets and resources are crucial: 1. Human capital 2. Equipment 3. Material  Competive Business The essence of a competitive business lies in the effective collaboration of individuals, the proficient operation of equipment, and the optimal utilization of materials. This synergy enables the production of high-quality products or services at a competitive price point. Have you ever heard these statements? ▪ “My people are my most valuable resources”- Management ▪ “Management does not give a damn about the people. All that management cares about is making profit”- President General (P.G.) of the Oilfield Workers Trade Union. Which of the statement is correct – the statement by management or the statement by the P.G. Human Resource Function Developing a comprehensive total compensation strategy. Implementing performance measurement and feedback mechanisms. Utilizing performance-based incentives to boost motivation. Offering a range of benefits and services. Upholding workplace safety and health standards, ensuring compliance with relevant laws like the Occupational Safety and Health Act (OSHA). Human Resource Function (cont’d) Addressing interpersonal conflicts in alignment with company protocols. Conducting diversity training to educate employees on interacting with individuals from diverse backgrounds. Implementing unionization and collective bargaining processes. The Strategic Importance of Managing Human Resources Competitive Advantage: When a firm's products and/or services are preferred by the entirety or a portion of the market. Ways in which firms can leverage Human Resource Management (HRM) to attain sustainable competitive advantage: Maximizing the value contributed by employees Recruiting employees with unique skills or attributes Cultivating an organizational culture that is difficult to replicate. Framework for Managing Human Resources Through Strategic Partnerships The Global Environment ▪Economic and Political Trends ▪Technology ▪Culture ▪Local, national and multinational conditions Human Resource Management Activities ▪Formal Policies ⮚Expectations and aspirations ▪Informal practices ⮚Evolve and influence policies ▪Include: ⮚Planning ⮚Recruitment and selection ⮚Compensation etc. The Strategic Importance of ManagingThe Human Human Resources Triad Resources  Strategic Partnership Stakeholders are individuals or groups with vested interests, rights, or ownership in an organization and its operations. It is imperative for organizations to cater to the needs of various stakeholders. A proficient Human Resource Management (HRM) approach plays a pivotal role in ensuring stakeholder contentment. Organizational Stakeholders  Stakeholders and HRM Employees play a significant role in influencing customer satisfaction. Employees represent a stakeholder group with vested interests in aspects such as: Compensation and benefits Work environment quality Opportunities for professional growth  Stakeholders and HRM (cont’d) Human Resource Management (HRM) practices play a pivotal role in: Ensuring compliance with laws and regulations Fostering community relations and upholding social responsibility HR has the capacity to harmonize the multifaceted interests of different stakeholders, thereby creating synergies.  Managing Globalization ▪ Managing foreign employees working in 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 - THANK YOU!!! -