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importance of human resource in an organization
importance of human resource in an organization
The Importance of Human Resources to an Organization
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Introduction
It has become essential for companies to maintain their competitive edge, especially in today’s rough economic times and diverse workplaces. On the other hand, how do companies remain competitive with shrinking budgets and shrinking workforces in a constant state of flux? One of the most important components of a successful company is their human capital or put in plain words; their employees. Human capital is defined as “the collective value of the capabilities, knowledge, skills, life experiences and motivation of an organizational workforce” (Mathis & Jackson, 2011). Every individual person has different characteristics and traits that can be brought to the organization. It does not matter if they have been with the company for 20 years or just graduating from college and beginning their careers. The key is to find the strengths and weaknesses of each person and capitalize on them. This is where managing human resources fits nicely into organizational goals and objectives. Nevertheless, how do companies acquire and retain their best and brightest employees? Careful analysis will show that one important way is through the pursuit of talent management programs in the workplace.
In Pursuit of Talent Management
What is talent management? Talent management is one of the core competencies of human resource management and entails attracting, selecting, nurturing, promoting and retaining employees among the organization. Talent management consists of acquiring the right people, developing them for the right job; at the right time. The future of the company depends on taking the necessary steps to achieve the organizational goals or the desired end results of the company. Accordingly, this is accomplished through...
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... properly and reviewed continuously. In the years to come talent management plans will become prevalent in the work environment. It is imperative for human resource managers to remember a happy employee makes the best employee and creates euphoria in the workplace. The company will reap the benefits and rewards with adept employees who are satisfied with their jobs. The end result will lead to customer satisfaction and higher profits.
Works Cited
Fulmer, R. (2002). Choose tomorrow’s leaders today. Graziadio Business Review, 5(1), Retrieved from http://gbr.pepperdine.edu/2010/08/choose-tomorrows-leaders-today/
Je-yup, K. (2011, October 9). Korea times. Retrieved from http://www.koreatimes.co.kr/www/news/bizfocus/2011/10/330_96348.html
Mathis, O. L., & Jackson, J. H. (2011). Human resource management. (13th ed., pp. 282-315). Mason, OH: South-Western Pub.
"First, Break All the Rules: What the World's Greatest Managers Do Differently” was written by Marcus Buckingham and Court Coffman. It’s based on in-depth interviews by the Gallup organization of over 80,000 managers in over 400 companies to help managers as well as talented employees who have the potential and plan on eventually becoming great managers. The book is mainly branched into "four keys" that are vital to proclaim the potential and perplexity of human resource development in organizations of all sizes. These keys consider the capacity of a manager to select the optimum personnel based on talents, results, strengths, and fit. It’s an excellent book that turns the conventional wisdom about managing people upside down and provides great insight on how to assess the performance of an organization in general.
Importantly, human capital therefore is not merely the people – but rather their potential. As a result, human capital is a critical resource for an organization.” (Hitt and Ireland, 2002). Human capital is arguably any organizations most important resource and continually adding value to that resource is critical to success. Whether by training or mentoring programs, this helps ensure that employees continue to grow and learning never stops. Also, when an employee feels that they are being invested in, then they will not only have greater knowledge, but might be more willing to go the extra mile for their company that has invested in them. Human capital is a company’s most unique resource along with the most important, because no two people are exactly the same. This sets people apart and companies apart by the employees they have, train and can ultimately keep, as headhunters are always on the lookout for talent. Evidence of this at BMW is that they provide its associates with training and benefit programs. “BMW doesn’t just hire tomorrow’s talent; we help build it. In addition to on-site training, BMW offers tuition assistance for courses taken by associates at local universities. You’re in the driver’s seat controlling your destiny, and we stand ready to help at each turn. It’s part of a corporate philosophy that includes respect for the individual and dedication to self-improvement.” (BMW Group,
Gaining and retaining the best possible employees is something every company wants to do. The best way to accomplish this is by implementing talent management into the fabric of human resources. It may take a high level of commitment and planning, but the rewards can be astounding. From specific training, to motivation, optimizing each aspect of talent management allows for businesses and groups to reach their goals. “It is difficult to identify the precise meaning of talent management because of the confusion regarding definitions and terms and many assumptions made by authors who write about talent management” (http://www.irproje.com/media/userfiles/610013.pdf).
The talent management is defined by the Five STAR program where managers “begin a process of cascading, aligning, and translating these imperatives into clear goals and SMART (specific, measurable, attainable, realistic, and timely) objectives that relate specifically to each of the five STAR points” (NCHL). The programs institutes and refines goals, stipulates accountability and heighten company objectives correlating with each employee’s potentials. The principles of the succession planning and talent management strategy are to review and assess key talents to foster innovation and advancement in their careers.
Talent management is an evolving notion in corporations. The term is often used familiarly without any exact definition. Some people use talent management synonymously with human resource management but it represents something more than just a collection of existing HR processes.
To sum up, talent management is a favorable proposal for HRM to utilize. As being proved that the organizations that applied talent management had positive impacts toward employees psychologically in a way they gain acceptance and eventually increase performance. In the perspective of financial outcome, it showed that there is a tendency to have higher success rate in organization. Firms should consider the use of talent management in order to have a sustainable development.
The management team aims to employ the right persons for the right job to ensure goals are achieved effectively. Human resource management will not just employ employees but will also be responsible in developing and utilizing every individual’s capabilities and talents and bring the most out of it. By doing so, this will help to boost employee morale, motivate each of them to do their best and make them feel that they are not just an employee but also making them feel that they are being treasured and valued which will lead to the attainment of the business
Now a day business environment is becoming increasingly complex and global. To survive in this environment, an organization must have their own competitive advantage. Competitive advantage can be achieved with new products, entry into new markets, operational efficiency, proper workforce management, effective HR practices etc. Competitors can replicate easily almost everything except a high quality and highly managed workforce. Hence talent management can be one the key factors in the success of an organization, which is the reason why talent management has become one of the important areas in organizational HR practices. Talent management refers to the process of acquiring, training, developing and retaining human resources in an organization.
♦The talent management practices necessary to create a high performance workforce (and what adjustments will be needed to create a climate that stimulates and engages the total organization for peak performance)
Human Resource Management (HRM) is fundamentally another name for personnel management. It is the process of making sure the employees are as creative as they can be. HRM is a way of grouping the range of activities associated with managing people that are variously categorised under employee relations, industrial/labour relations, personnel management and organisational behaviour. Many academic departments where research and teaching in all these areas take place have adopted the title department of human resources management. HRM is a coordinated approach to managing people that seeks to integrate the various personnel activates so that they are compatible with each other. Therefore the key areas of employee resourcing, employee development, employee reward and employee involvement are considered to be interrelated. Policy-making and procedures in one of these areas will have an impact on other areas, therefore human resources management is an approach that takes a holistic view and considers how various areas can be integrated.
According to McKinsey says “talent is the sum of person’s abilities, his or her intrinsic gifts, skills, knowledge, experience, intelligence, and judgment attitude character drive, his or her ability to learn and grow.” Talent management is managing the ability, competency and power of employees in the organisation. The main objective is to create and use the talent to achieve the organisational objectives. The concept of talent management is not restricted to recruiting the candidate at the right time but it also extends in exploring the hidden and usual qualities of the employees and developing and nurturing them to get the desired results. Selecting and retaining the best talent from the according to the culture of the organisation is a big concern for the organisation. Talent management requires both systems and an organizational commitment to attract, acquire, manage, and measure the talent needed to achieve a company’s business objectives. If business and talent management systems are not aligned with processes, companies not only fail to take advantage of their benefits, they also put their goals at risk. Talent management is different from organisation to organisations, some organisation it is about the management of the high worth individual or talented but for
Talent Management: It focuses on learning and development, recruitment support, and employee rewards. The Recruitment support includes activities from pre- screening and final-screening, offer management and interview management.
Talent management is an organization’s ability to recruit, keep and train talent within their organization (Business Dictionary). Talent management usually gives roles to recruit and retain members (Business Dictionary). Talent management is known to be a business strategy. This is the case because this management is generally enforced to retain or attract top candidates (Heathfield). On the other hand, there is analysis called SWOT. According to Taylor, a SWOT analysis stands for strengths, weaknesses, opportunity, and threats. A SWOT analysis can be an analytical framework that can help organizations with their challenges (Taylor, 2016)
Human Resource Management (HRM) can be defined as “the set of programs, functions, and activities designed and performed in order to capitalize on both employee as well as organizational effectiveness. It is a management function that helps organization in recruiting, selecting, and training, developing and managing
It has been suggested that organizations seek competitive advantage through the best of their people. The challenge, however, is that organizations want to maximize employee performance, employees want to make the best out of their careers, and such goals are not one in the