Definition of HRM & the 4 goals of HRM ,
Trends affecting HRM (Change in labor force/pool, Changing nature of work, etc.)
and
HR Metrics and HR Analytics (what they are and why they are important for HR).
Human Resource Management (HRM) is basic term which describes how systems are used to manage diversified people within the organization. Since HRM Deals with people, it’s core work is to maximize as much productivity as possible by effectively managing the people.
The 4 goals of HRM :
- Acquisition of the candidates in the organization – Hiring and recruitment
- Learning and development of employees – Give training’s to the employees
- Constant motivation to the employees – encouraging employees
- Maintenance of the employees – Keeping up with the people
The Trends which have been affecting HRM:
1. Rapid Globalization– Since the rapid increase in globalization, many new MNC’s have come up as result the requirement of the HR Managers is rapidly increasing. HR Professionals need to constantly look out for the best minds in the industry and hire them, they need to constantly train and develop the employees to keep up with the competition. Also, due to globalization there is a muti-culture
2. Varied Diversity- In today’s scenario, MNC’S have professionals working from various countries with varied backgrounds, culture, age, language and gender. It is extremely important to have a diversified work culture which helps the organization to get more creativity and ideas on the board and help in overall productivity.
3.Requirement of skill- Firstly recruiting the right people for the right job and then training the employees is extremely essential for any organization as jobs in today’s scenario need candidates with very high education background. If an employee does not have the right skill set, it can directly effect the productivity of the organization and will lead to losses.
HR Analytic s and HR Metrics:
HR Analytic s and HR Metrics are criteria’s of measurement which helps the HR to analyse and track down the performance in various aspects. Few HR metrics are:
- The time spend by the HR Professionals in the whole hiring and recruitment process: This directly shows the effectiveness of the Hiring and selection process
- Cost spent on hiring the new employees and in the whole process
- Revenue spent on an Employee- Revenue/Total Number of employees- It reflects the quality of the whole process.
These are the metrics which are used as measurements that allows the HR to track the progress, performance and work on the changes which are needed to optimize the efficiency level.