Human resource management (HRM) is the management of people and systems that help support the business goals of a company. It encompasses activities such as recruiting and interviewing, salary management training, record keeping, and workplace security. The field also covers many legal responsibilities, including compliance with labor and employment laws. HR managers are required to implement and oversee policies that ensure ethical conduct of employees.
HR professionals utilize data to inform their decisions about benefits and compensation, such as salary increases or bonus payments and also to track the performance of employees. HR managers must be aware of developments and legal obligations related to these issues which can change quickly. They often collaborate together with other departments to formulate strategic plans that reflect the bigger goals of the company.
Companies that invest in a high-performing workforce experience higher productivity and sustainability, as well as profits. HR teams are accountable to assist employees in reaching their full potential by empowering and supporting them. They can employ the SWOT analysis method to analyze the weaknesses, strengths opportunities, threats and weaknesses. Then, they come up with specific strategies to increase the former, and decrease or eliminate the latter.
Implementing an effective strategy can take a lot of time. Unfortunately, short-range pressures like budgets and annual plans could push HR managers to focus on immediate issues rather than long-term goals. HR professionals who are successful know the importance of patience, perseverance and persistence.