Human Resource Management as applied to management, leadership, or any decision-making position
During the first week of our course, we dealt with the basic concepts of Human Resource Management where we understood it is all about the systematic approach of managing people. We discussed various topics like functions, processes, strategic focus, goals and roles of human resource management. Along with this we also put some insights on succession planning, how human resource management is today and international human resource management. We understood the concept of human capital, human capital management, knowledge management, and Corporate Social Responsibility as well.
The various functions of Human Resource Management that we studied in our first week, helps an organization to identify and acquire a high potential candidate and retain him/her as per the job description and job specification. Having a sound knowledge about human resource management, we can understand and analyze training should be given to employees as per the business requirement not as per the individual requirement. In an organization, compensation and benefits should be designed in such a way that there will create implication in individual or organization which is only possible if we are aware of various aspects of human resource management.
Succession Planning is the process of successfully replacing the key business leadership positions in the company. If future successors are known within an organization, then preparations and plans can be drafted in order to accommodate the changes (1000 Cranes, 2008). Knowing the basic concepts of succession planning helps us to manage the human capital as well as drives to make a rational decision. Since the past few years, human resource management is evolving as many multinational companies have come to Nepal. Also, the digital revolution that is taking place makes people resistant to change especially to senior employees who have been working in the organization since long.
Understanding how to interlink Human Resource strategy with Business Strategy allows us to make the best business decision by making sure qualified people are assigned to key business functions which support competitive advantage in terms of higher revenues and profitability (Oster). International Human Resource Management (IHRM) is the process of managing people across international boundaries. In today’s world business expansion is taking place day by day because of globalization. Therefore, understanding IHRM allows managers to set and streamline their HR policies to the organization objectives. Knowledge management is the process of creating, sharing, using and managing the knowledge and information of an organization.
We also discussed various ethical dimensions of human resource management and Corporate Social Responsibility (CSR) activities as well. This concept brought insight within us regarding every stakeholder is equally important and must be treated equally. Also, if a business wants to sustain for a long run then it must be responsible for society and the environment as well.
1000 Cranes. (2008). Retrieved from http://1000cranes.com/succession-plan/
Oster, K. V. (n.d.). azcentral. Retrieved from https://yourbusiness.azcentral.com/hr-strategies-business-strategies-16381.html