Human resource management (HRM) refers to the policies, practices, and systems that influence employees’ behavior, attitudes, and performance.
What is Human Resource Management?
- Recruitment and hiring – Attracting and selecting qualified candidates for open positions. This involves job analysis, posting openings, reviewing applicants, interviewing, hiring, and onboarding new employees.
- Training and development – Building employees’ skills, knowledge, and abilities to effectively perform their roles. This includes orientation, workplace coaching, creating development opportunities, and running formal training programs.
- Compensation and benefits – Developing pay structures, bonus/incentive programs, and employee benefits packages including health insurance, retirement plans, paid time off, etc.
- Performance management – Setting employee performance and development goals, providing feedback and reviews, linking performance to compensation, and using performance data to improve individual and organizational outcomes.
- Retention – Implementing strategies to keep high performing employees engaged and motivated to stay with the organization. Efforts may include career development initiatives, rewards programs, work culture improvements and tracking satisfaction.
- Compliance – Ensuring employment-related policies and organizational practices conform with labor laws related to safety, diversity, discrimination, disability accommodation etc.
The overall purpose of HRM is to maximize employee performance and foster an employment environment that attracts, motivates, develops and retains top talent in service of an organization’s mission and business goals.
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