Management is the most happening function as of now. This is so because people of our competitive advantage to a firm, and managing people is per domain of HRM. An organization enjoys competitive advantage when it is the only one which can offer a product at a price and at quality, while its competitive cannot do so.
Fast changes are taking place in the business environment. An organization must have the ability to absorb the changes at a fast rate than in the past, not simply to prove it competency alone, but to justify it existence in the dynamic business word as well. All organizations whether larger to small must ensure themselves that they have the competent people capable of accepting with challenge.
Human Resource Management is a relatively modern concept, which involves an arrangement of ideas and practices in managing people. Human resource is the most valuable resources in any organization because it can function only through people. Human resource management has come to be a recognized as an inherent part of management, which is concerned with the human resource of an organization. Its objective is the maintenance of better human relations in the organization by the development, application and evaluation of policies, procedures and programs relating to human resource to optimize their contribution towards the realization of organization objectives.
In other words, HRM is concerned with getting better results with the collaboration of people. It is an integral but distinctive part of management, concerned with people at work and their relationship within the Enterprise. HRM helps in attaining maximum individual development, desirable working relationship between employees and employers, employees and employees, and effective modeling of Human Resource as contrasted with physical resources. It is the recruitment, selection, development, utilization, compensation and motivation of Human Resource by the organization.
HRM is the philosophy of people management based on the belief that human resource are extremely important for sustained business success. An organization accurate competitive advantage by using its people effectively and utilizing their expertise, you meet clearly defined objectives. HRM is aimed at recruiting capable, flexible and committed people. Managing and regarding their performance and developing key competencies.
Human resource is the most important aspect of an organization. Human resource planning is the important managerial function. It ensures the right type of people, in the right number, at the right time and place, who are trained and motivated to do the right kind of work at the right time, there is generally a shortage of suitable persons. The enterprise will estimate its manpower requirements and then find out the sources from which the needs will be met. If required manpower is not available, then the work will suffer. Developing countries are suffering from the shortage of trained managers. Job opportunities are available in these countries, but properly trained personnel are not available. These countries try to import trained skill from other countries. In order to Cop up with the human resource requirements, an enterprise will have to plan in advance its needs and the sources. The terms human resource planning and manpower planning or generally used in the "changeably".
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