Human Resource Management (HRM) Lecture Notes - University of Technology, Jamaica

UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION Introduction to Management (MAN1006) UNIT 10 – LECTURE NOTES Human Resource Management (HRM) The Strategic Role of HRM Evolution of HRM: HRM has evolved...

UNIVERSITY OF TECHNOLOGY, JAMAICA SCHOOL OF BUSINESS ADMINISTRATION Introduction to Management (MAN1006) UNIT 10 – LECTURE NOTES Human Resource Management (HRM) The Strategic Role of HRM Evolution of HRM: HRM has evolved from a traditional personnel function to a strategic partner in achieving organizational goals. Strategic Objectives: HRM aligns with the organization's strategic objectives to enhance employee productivity and achieve financial success. Key Role: HRM plays a crucial role in implementing strategies and managing the workforce to attain organizational goals. Current Strategic Issues in HRM Global Competition: The need to compete effectively in the global marketplace. Quality and Service: Enhancing quality, productivity, and customer service. Mergers and Acquisitions: Managing the complexities of mergers and acquisitions, including integrating workforces and cultures. Technology: Leveraging new information technology for e-business and virtual workspaces. Talent Acquisition: Accessing and utilizing international talent. Factors Affecting HRM Globalization: The interconnectedness of economies and businesses worldwide. Technology: Rapid advancements in technology impacting the workplace and HR practices. Knowledge Work: The shift towards knowledge-based jobs requiring specialized skills and expertise. Market Dynamics: Rapid changes in markets and the external environment. Societal Trends: Evolving societal norms and expectations influencing the workplace. Government Regulations: Compliance with labor laws and regulations. Organizational Culture: The shared values and beliefs shaping the workplace environment. Organizational Structure: The formal framework defining roles and relationships within the organization. Strategy and Goals: Aligning HR practices with the organization's overall strategy and goals.  Virtual Workspace and CRM: Managing remote work and utilizing Customer Relationship Management (CRM) systems. Tools for Implementing Strategy Leadership: Effective leadership to motivate and shape organizational culture. Structural Design: Designing the organizational structure to support strategy implementation. Information and Control Systems: Utilizing information systems and control mechanisms to monitor performance and facilitate decision-making. Human Resources: Recruiting, selecting, developing, and maintaining an effective workforce. The Changing Landscape of HRM Global HR Strategies: Developing HR strategies that address the complexities of a global workforce. Human Capital: Focusing on building and developing the organization's human capital. Information Technology: Leveraging technology to streamline HR processes and enhance decision-making. Human Capital and IHRM Human Capital: The economic value of employees' knowledge, skills, and capabilities. International HRM (IHRM): Managing the complexities of a diverse workforce on a global scale, including recruitment, selection, development, and retention. Information Technology in HRM HR Information Technology: Integrated computer systems providing data and information for HR planning and decision-making. e-HR: The transition from traditional HR practices to electronic HR systems, improving efficiency and reducing costs. Elements of HRM Managers as Resource Managers: All managers play a role in managing human resources. Employees as Assets: Viewing employees as valuable assets rather than costs. Matching Process: Aligning the organization's goals with employees' needs and aspirations. HRM Goals Attracting an Effective Workforce: Recruiting and selecting qualified candidates.  Developing an Effective Workforce: Providing training, development, and performance appraisal. Maintaining an Effective Workforce: Offering competitive compensation, benefits, and positive labor relations. Attracting an Effective Workforce HR Planning: Forecasting HR needs and matching individuals with vacancies. Recruiting: Activities to attract qualified applicants. Selecting: Choosing the best candidate based on skills, abilities, and fit. Matching Model: Aligning the company's needs with employee contributions and inducements with employee needs. Developing an Effective Workforce Training and Development: Planned efforts to facilitate employee learning and skill development. Performance Appraisal: Observing, evaluating, and providing feedback on employee performance. Maintaining an Effective Workforce Compensation: Monetary payments and benefits to reward employees. Benefits: Non-monetary rewards such as health insurance, vacation, and retirement plans. Termination: Managing employee departures, including retirements, resignations, and dismissals. Conclusion Effective HRM is vital for organizational success. By attracting, developing, and maintaining a talented and motivated workforce, organizations can achieve their strategic goals and thrive in today's competitive environment.