Integrating both employer’s interest and employee interest is essential in order to achieve organizational objectives.
Here are the summaries of HRM objectives:
- To create, provide, utilize and motivate employees to achieve organizational goals.
- Securing integration of individuals and groups to secure organizational effectiveness.
- To create an environment for individual and groups growth along with the growth of the organization by training and development, compensation etc.
- To utilize human resources effectively by upgrading their skills and ability.
- To maximize employee’s job satisfaction and self-actualization; which helps them to realize and use their actual potential.
- Encouraging suggestions from employees to create a sense of belonging and team-spirit.
- To maintain ethical policies and behavior both inside and outside the organization.
- Help to maintain high moral and good human relations inside the organization.
- Implement change management for mutual advantage of individuals, groups, the organization and the society.
- To make sure that there is low unemployment rate, inequalities, adopting a policy recognize employee contribution & merit, and create an atmosphere for retaining the employee.
Importance of Human Resource Management:
One of the valuable assets of the corporate bodies is human resources. They are their strength. Effective human resource management must be implemented to face the new challenges on the fronts of knowledge, technology and changing trends in the global economy. Importance of HRM can be viewed in three aspects: organizational, social and professional. Let’s discuss in detail about all the three.
HRM is crucial to the individual organization for achieving their objectives. It helps organization to achieve objectives in the following ways:
- Better human resource policies and practice can help in retaining and attracting the top talent in the organization.
- Through training, development, and performance appraisal we need to develop the necessary skills and right attitudes among the employees.
- Gain employees coordination and cooperation through participation, motivation, grievance handling, etc.
- Utilization of available human resources effectively.
- Ensure that the enterprise will have a team of competent and dedicated employees in future.
Social significance of HRM lies in satisfying the needs of employees in the organization. Since these employees are part of the society, their effectiveness adds to the welfare of the society. Society, as a whole, is benefited from better human resource practice.
- Employment opportunities increase.
- Through conservation of physical and mental health, eliminate waste from human resources.
- Companies that compensate and treat employees well always will be ahead of competitors and deliver excellent results. Rare talents are put to best use.
Professional significance of HRM lies in developing employees and providing a good environment for effective utilization of their skills & capabilities. This can be achieved by:
- Training employees on a continuous basis to meet job challenges.
- Encouraging and appreciating team-work and team-spirit among employees.
- Offering growth opportunities in the organization to employees who have the potential to rise.
- Providing incentives and environment to develop and utilize their creative skills.