Meaning and Importance of Human resource management (HRM) approach.

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 Meaning and Importance of Human resource management (HRM) approach.

Meaning- Human resource management may be defined as a set of policies, practices and programs designed to maximize both personal and organizational goals. It is a process by which the people and organizations are bound together in such a way that both of them are able to achieve their objectives. 

Definition- 

According to Filippo, "Human resource management is the planning, organizing, directing and controlling of the procurement, development, compensation, integration, maintenance and reproduction of human resources to the end that individual, organizational and societal objectives are accomplished." 

Importance of Human Resource Management(HRM) or Personnel Management-

(a) Importance for the organisation- Human resource management is important for the organisation due to the following:

1. Good human resource practices help in attracting and retaining the best people in the organisation.

2. In order to make use of latest technology the appointment of right type of persons is essential. The right people can be fitted into new jobs properly only if the management performs its HR function satisfactorily.

3.  Globalization has increased the size of the organizations who employ thousands of employees in different countries. The performance of the company depends upon the qualities of the people employed. This has further increased the importance of HRM.

4. Human resource planning alerts the organisation to the types of people it will need in the short, medium and long run.

5. Human resource development is essential for meeting the challenges of future. The importance of HRM has increased because of the shortage of really good managerial talent in the country.

(b) Importance for the employees- The human aspect of organizations has become very important over the years. HRM stresses on the motivation employees by providing them various financial and non-financial incentives. Right organisational climate is also stressed upon so that employees can contribute their maximum to the achievement of the organisational objectives. Effective management of human resources promotes team work and team spirit among employees. It offers excellent growth opportunities to people who have the potential to rise. It also encourages people to work with diligence and commitment.

(c) Importance for the society- Society as a whole is the main beneficiary of good human resource practices. Good HR efforts lead to productivity gains (ratio of output to input) to the society, since it enables the managers to reduce costs, save scarce resources, enhance profits and offer better pay, benefits and working conditions to employees.

Conclusion-

All these are the importance of HRM(Human Resource Management).

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