Unit -1 Essentials of Human Capital Management.pptx

Essentials of HRM

1. Unit 1- Essentials of Human Capital Management Dr.Madhavi Assistant Professor IASMS

2. Topics To be covered Meaning Of HRM Nature of HRM Scope of HRM Functions of HRM Importance of HRM Evolution of HRM Differences with HRD Contemporary Issues and Practices in HRM Changing Concepts of HRM in India and in Globe

3. Meaning of HRM Human Resource Management refers to the strategic approach to managing an organization’s workforce. It involves the recruitment, selection, hiring, and onboarding of employees, as well as managing their performance, development, and overall well-being. HRM also encompasses activities related to compensation, benefits, employee relations, and ensuring legal compliance within the workplace.

4. Definition of HRM According to Armstrong (1997), Human Resource Management can be defined as “a strategic approach to acquiring, developing, managing, motivating and gaining the commitment of the organisation’s key resource – the people who work in and for it.” According to John Bratton and Jeffrey Gold (2007), “Human Resource Management is a strategic approach to managing employment relations which emphasizes that leveraging people’s capabilities is critical to achieving competitive advantage, this being achieved through a distinctive set of integrated employment policies, programmes and practises.”

5. Nature of HRM 1. HRM is based on certain principles and policies. 2. HRM is a pervasive function. 3. HRM is people oriented. 4. HRM is continuous activity. 5. HRM is a part of management function. 6. HRM aims at securing maximum contribution. 7. HRM aims at optimum use of personnel power.

6. Nature of HRM 1. HRM is based on certain principles and policies - It contribute to the achievement of organizational objectives. 2. HRM is a pervasive function – Human resource management is not specific to an individual department, rather it is a broader function and spread throughout the organization, it manages all type of people from lower level to top level departments of the organization.

7. Nature of HRM 3. HRM is people oriented – People or human resource is the core of all the activities of human resource management. Human resource management works with and for people. It brings people and organization together to achieve individual and organizational goals. 4. HRM is continuous activity – All factors of production are required to be continuously updated and improved to cope up with the changes and increased competition. Similarly, human resource also continuously trained, developed, or replaced to face the next level of competition. Hence, it is a continuous activity.

8. Nature of HRM 5. HRM is a part of Management Function - HRM allows businesses to effectively manage their most critical asset—the workforce. Human resources serves as a company’s personnel department, with HR managers playing a pivotal role in talent acquisition, development, and employee retention. 6. HRM aims at securing maximum contribution - HRM promotes employee engagement through effective performance management, compensation, and benefits strategies. It promote diversity and inclusion, which can lead to overall employee satisfaction and smooth labor relations.

9. Nature of HRM 7. HRM aims at optimum use of personnel power - Human Resource Management refers to the strategic approach to managing an organization’s workforce.It involves the recruitment, selection, hiring, and onboarding of employees, as well as managing their performance, development, and overall well-being.

10. Scope of HRM 1. Personnel Aspect 2.Welfare Aspect 3. Industrial Relation Aspect

11. Scope of HRM - Personnel Aspect 1. Human Resource Planning 2. Job Analysis and Job Design 3. Recruitment and Selection 4. Orientation and Induction 5. Training and Development 6. Performance Appraisal 7.Compensation Planning and Remuneration 8. Motivation

12. Scope of HRM - Welfare Aspect 1. Health and Safety 2. Aminities 3. Recreation Facilities.

13. Scope of HRM - Industrial Relations Aspect 1. Legal regulations. 2. Disciplianary procedures. 3. Grievience Handling.

14. Functions of HR 1.Employee Recruitment and Selection 2.Training and Development 3. Performance Management 4.Compensation and Benefits Management 5. Employee Relations and Engagement 6. Health and Safety 7.HR Information Management 8. Legal Compliance and Ethical Standards 9. Provide Positive and Inclusive Workplace Culture 10. Crisis Management and Change Management

15. Importance of HRM 1.Quality of work-life 2. Meeting demand and supply gap for human resources 3.Training and overall development 4. Employee motivation and retention 5. Building a healthy work culture 6. Employee wages and salaries 7. Maximizing profit and productivity 8. Strategy Management 9. Establishing corporate image

16. Evolution of HRM The evolution of Human Resource Management (HRM) approaches can be traced through various stages, reflecting changes in how organizations perceive and interact with their employees. 1. Transactional Approach (1900s - 1950s) 2. Personnel Management Approach (1950s - 1970s) 3. Human Resource Management (1980s - 1990s) 4. Strategic Human Resource Management (2000s - Present): 5. People-Centric Approach (Present and Future):

17. Evolution of HRM

18. Strategies For Modern HR

19. Importance of HRM Evolution

20. Differences Between HRM and HRD

21. Contemporary Issues and Practices in HRM As businesses continue to evolve, new challenges arise that require HRM professionals to adapt and address contemporary issues. In this post, we will discuss 10 contemporary issues in human resource management and ways to resolve them. 1.Diversity and inclusion 2.Talent management 3.Employee engagement 4.Workplace flexibility

22. Contemporary Issues and Practices in HRM 5.Remote work 6.Skills development 7.Performance management 8.Compensation and benefits 9.Compliance with labor laws 10.Employee well-being

23. 1.Diversity and Inclusion

24. 2.Talent Management

25. 3. Employee Engagement

26. 4.Work Place Flexibility

27. 5.Remote Work

28. 6.Skill Development

29. 7. Performance Management

30. 8. Compensation and Benefit

31. 9.Compliance with labour laws

32. 10.Employee Well Being

33. Changing Concept of HRM in INDIA

34. ANY QUESTIONS? THANK YOU