Human Resource Management Market Competencies

Question: Discuss about theHuman Resource Managementfor Market Competencies. Answer:` Introduction Human resource management is an approach that helps business organisations in managing their workforce in the best possible manner and in optimising the performance levels of the employees. The concept of human resource management was started during the industrial revolution and has greatly been evolving since then (Armstrong Taylor, 2014). Human resource management uses a number of core functions, such as performance management, training and development, career development, etc. and non-core functions, such as employee motivation, attraction and retention, etc. to foster positive work conditions in the workplace and to improve the relations between the employees and the employers. Human resource management has been regarded as one of the most important departments that can assist an organisation in achieving market competencies and its organisational goals and objectives. Aligning the human resource management of a company with its organisational strategy can prove to be a huge benefit for the stakeholders as the employees can become more productive and efficient (Jackson, Schuler, Jiang, 2013). On the overall, human resource management can help business organisations in becoming more productive, efficient and profitable. Therefore, this report is aimed at discussing the ways in which human resource management can add value to an business organisation. Strategic Importance of Human Resource Management Business organisations are attaching a lot of value to human resource management because of the benefits it can have in the long run. The ways in which human resource management can add value to a business organisation are given below: Recruitment and selection recruitment and selection is a core function in human resource management that allows business organisations to identify upcoming job vacancies, advertising them, inviting and accepting applications and carrying out programs to select the right fir for the right job at the right time (University of California, 2015). Recruitment and selection is the stepping stone in human resource management that can help in adding value to the business organisations by ensuring that the workplace is never under staffed or over staffed with employees, so that the operations can run smoothly and the organisation can also save itself from unnecessary expenditures (French Rumbles, 2010). Recruitment and selection also add values to an organisation by recruiting those candidates who have the right personality and skill set that the organisation requires and ensures that the candidates will stick to the organisation for a longer period of time. Human resource management also a llows business organisations in selection a staffing approach, which is in accordance with their organisational strategy, so that they can fulfil the human resource demand of their subsidiaries. Training and development Training and development programs are learning programs that are designed and implemented by business organisations in order to help their employees in learning new skills and becoming more competent. Training and development, if regularly implemented in an organisation, can greatly help business organisations in becoming more competitive as the employees learn new skills and are able to perform better. An increase in the employee performance levels can help a company in bridging the gap between actual performance and expected performance levels (Jehanzeb Bashir, 2013). Further, training and development can also help in motivating the employees as they are able to experience growth opportunities in their careers. Business organisations that regularly arrange for training and development programs for their employees are able to keep the employees satisfied with their jobs and the employees in turn show less tendency to quit their companies. Thus, training an d development can greatly help a business organisation in becoming more competitive in the market and in developing a talented pool of employees (Hrwale, 2012). Performance management performance management is an approach that helps human resource managers in working in collaboration with the employees to plan, monitor and review their performance objectives and the contribution that the employees have been able to make to the organisation. Performance management adds a lot of value to a business organisation as it helps business organisations in fostering a workplace environment where performance is on the top of the priority list (Armstrong, Armstrong's Handbook of Performance Management: An Evidence-Based Guide to delivering high performance, 2009). It helps managers in optimising the performance of the employees and identifying the performance gaps. Identifying the performance gaps can also help the managers in identifying the skills that are lacking in the workforce and could have helped them in performing better. Consequently, the managers are able to identify the training needs of the employees and can design training programs that c an help the employees in learning the skills which they lack (Heathfield, 2016). Therefore, performance management helps human resource managers in adding value to their organisations. Legal compliance and labour relations in the modern day business world, the legal system and the labour unions are playing a dominant role. The legal authorities throughout the world have formulated certain rules and regulations that the business organisations are to follow while manging their employees. There are a number of policies that have been formulated by the legal authorities so that the employers behave in an ethical way towards their employees and do not treat them as machines. On the other hand, labour unions too are becoming more and more aware about their rights and are playing a greater role in the bargaining process. In such circumstances, human resource management ensures that all the human resource management practices of a company are compliant with the rules and policies framed by the government so that business organisations do not have to face legal issues (Kokemuller, n.d.). Further, it also helps in developing better relations with labour unions and employees so that the companies can foster a positive image in the market. Conclusion From the above information, it is evident that human resource management has a crucial role to play in business organisations and can add a lot of value to a firm because of its core functions as well as non-core functions. Bibliography Armstrong, M., Taylor, S. (2014). Armstrong's Handbook of Human Resource Management Practice. Kogan Page Publishers. Jackson, S. E., Schuler, R. S., Jiang, K. (2013). An Aspirational Framework for Strategic Human Resource Management. The Academy of Management Annals, 8(1). French, R., Rumbles, S. (2010). Recruitment and Selection. Leading, Managing and Developing People. Jehanzeb, K., Bashir, D. N. (2013). Training and Development Program and its Benefits to Employee and Organization: A Conceptual Study . European Journal of Business and Management , 5(2). Hrwale. (2012, July 7). TRAINING DEVELOPMENT. Retrieved from www.hrwale.com: https://www.hrwale.com/2012/07/07/training-development/ University of California. (2015, July 17). Recruitment Selection Hiring Process . Retrieved May 30, 2017, from hr.ucr.edu: https://hr.ucr.edu/recruitment/guidelines/process.html Heathfield, S. M. (2016, October 31). Performance Management . Retrieved May 30, 2017, from www.thebalance.com: https://www.thebalance.com/performance-management-1918226 Armstrong, M. (2009). Armstrong's Handbook of Performance Management: An Evidence-Based Guide to delivering high performance. Kogan Page Publishers. Kokemuller, N. (n.d.). How Does HR Add Value to an Organization? . Retrieved May 31, 2017, from smallbusiness.chron.com: https://smallbusiness.chron.com/hr-add-value-organization-50980.html