Every organization, big or small uses a battery of Capital to make the business work. The capital includes cash, valuables, or goods to generate income for the business. Whatever be the business, the one thing in common is the involvement of people who make their capital work. Human Resource Management is the process of following events:
Human Resource Management is the process of employing people, training, compensating, developing policies, and retaining them. In the last two and half decades Human Resource Management has undergone many drastic changes. It has become imperative for HRM to see ‘Right Person At The Right Place’. To figure it out is not at all an easy task.
People are the product of life experiences, the country, and the era they grow up in and the cultural influences. It is the HRM, with the help of ongoing training, learning and development ensures that the employee adapt to the changes to the new environment. Training, learning, and development helps employees to reskill and upskill which eventually helpful in advancing the organization towards its long-term goal.
Progression and succession planning are very crucial element in the loop of Human Resource Management. An employee if assured of progression in the career will always render his best keeping in mind that the performance will not only enhance his financial status but also status in the organization. Similarly, in a situation when a key employee is leaving the organization and if another employee is replaced then the continuity is guaranteed, and the organization can save significant money.
Fair compensation is the key in motivating and retaining employees. Compensation comprises primary compensation and secondary compensation. The primary compensation involves directly paid money for work which often is a monthly salary and sometimes performance-based pay. Secondary benefits are all non-monetary rewards which includes extra holidays, flexible working times, day care, company car, laptop and much more. It is primarily to reward employees that motivates them.
Safety is another major concern viz: many organizations have policies that employees who leave office in the night after a specified time are dropped to their home by the staff car resulting a feeling amongst especially the female employees that their organization takes care which ultimately helps the organization towards retention of talent.
In the recent years, due to the pandemic when people were forced to stay indoors,we have seen altogether a new working culture ‘Work From Home” (WFH) or a remote location when almost all possible work was imparted through ‘Internet’ even kids school classes were conducted online. As we all know that organisations like Police, Doctors, Paramedical Staff, and persons related toPublic Health Department were allowed to attend their job physically. There were otherslike Banking services, only skeleton staff were allowed to visit the office for transacting routine services.
Employers Federation of India in one of their booklet“Work From Home – A Policy Prescription” so published recently said that initially work from home was not an entertained as a right or entitlement to employees rather largely considered as privilege and was granted under appropriate circumstances whose job responsibilities were suited for such an arrangement.Later,when it was found that there is no other option available butto allow employees to work from home, it came to light that the level of productivity has increased. Employees were saving time. There is better work life balance. The family and leisure time has increased. The employees felt job satisfaction. The employers found it that there is reduction of management cost and substantial drop in attrition.
In a recent study conducted by The Economist in the USA, it has come out that before pandemic Americans use to spent only 5% of their working time at their home. By the end of spring 2020 the same figure gone upto 60%. During this time their productivity not only gone up but also, they reported a higher level of happiness.
After pandemic and reopening of the establishments, many organizations gave option to its employees either to still work from home or remote location or they can join office physically. Many organizations offered that their employees can have both the facilities viz: on certain days they can work from home and on rest of the weekdays they may visit their office physically.
Human Resource Management is a continuous process and in the present day many organisations have taken up the responsibility to train HR professional equipping them with interpersonal and intrapersonal skill in order to relate better at their places of work.