The key functions of the Human Resources Management HRM team include recruiting people, training them, performance appraisals, motivating employees as well as workplace communication, workplace safety, and much more. The beneficial effects of these functions are discussed here: Recruitment and Training This is one of the major responsibilities of the human resource team. The HR managers come up with plans and strategies for hiring the right kind of people.
In particular, we have analyzed how effective people management goes a long way in ensuring better economic performance. Among the components of people, management that the HRM function does is the aspect related to leadership development. Research into the HRM practices of successful companies has shown that these companies significantly outperform their peers in terms of economic profitability by following the leadership development practices discussed in this article.
By successful companies, we mean Importance of human resource development companies in the Fortune list that have managed to retain their position in the firms over a decade. To put this in perspective, it needs to be remembered that many companies that were in the Fortune list for a few years failed to retain their positions in subsequent years and hence, the fact that these companies have managed to stay in the hunt means that they have outperformed their peers and competitors.
The Components of Leadership Development The leadership development programs in these companies follow the philosophy of grounding them in value, the expected contributions from the leaders are defined, and the organizational culture geared towards inspiring leaders.
In other words, promotions are based on individual performance as well as people development activities and these in turn are linked to the business strategy and objectives. These companies also have a leadership pipeline, which means that the leadership development is embedded in their strategic workforce planning which is comprehensive, and longer term oriented.
These companies also ensure that they divide their workforce into job families and the potential leaders are identified and groomed for higher roles and responsibilities.
In many of these companies, it is common to find lists of potential leaders known as high potentials who are earmarked for fast track career progression based on the organizational assessment of the skills and capabilities of these leaders.
Further, the recruitment and training of new employees is based on longer-term analysis of demand and supply patterns, which ensure that newer generation of leaders, are hired into the company to replace those who have made it to the higher levels.
Collaboration between the HRM Function and Senior Management The HRM functions in these companies work on a collaborative model with their potential leaders which means that the job of people development is not left to the HRM function or the leaders alone.
Instead, the potential leaders are identified and then their performance is linked to the enabling and empowerment of others to move up the chain.
In other words, the ability to spot talent and identify leaders for the future is done by both the HRM function and the senior management who work in tandem in this effort.
Research into these successful companies has shown that the people management in these companies is world class and the contributing factor that differentiates these companies from others is that the HRM function plays a critical role throughout the employee lifecycle and not at the recruitment and training phase alone.
The other factor is that the leaders in these companies are expected to have skill sets that match the need for adapting to the challenges of the 21st century business landscape. In other words, these companies groom the leaders of the future right from the middle management level.
Closing Thoughts Finally, leadership is a combination of natural abilities and the organizational nurturing of the employees with those skills. Hence, this interplay between nature and nurture is what determines the success or otherwise of the HRM function and the senior management efforts to develop leadership in these companies.Strategic human resource management aligns your human resource function to your core business objectives.
HR is at the very center of organizational success.(Foto by Mike Mccormick) To effectively manage your employees is not as daunting as you may think.
In recognition of the important role fathers play in the welfare and development of their children, this manual builds on the information presented in earlier user manuals in this series as it relates specifically to fathers.
It was written to help child protective services caseworkers work effectively with, support, and strengthen the role of fathers in their children's lives.
The major functional areas in human resource management are recruitment and selection (staffing), employee orientation, training and development, compensation and employee benefits, assessing employee performance, career planning and development, job analysis, human resource planning and auditing, welfare, healthy and safety measures of employees and maintaining labour relations.
Human resource development meaning and Importance yunusrock Human resource notes, MBA Notes Human resource development (HRD) is a .
The emotional, social and physical development of young children has a direct effect on their overall development and on the adult they will become.
Leadership development in successful companies is done by a collaborative effort between the HRM function and the senior management. This article discusses the insights gleaned from recent research into the leadership development efforts of successful companies by the HRM function in .