Why Do Organizations Need HR Management

Youndt1, 1996). Organizations need HRM simply because of recruitment and selecting employee, training, and development, evaluating of an employee through their performance, providing compensation and benefits to the individual employees who have earned it, motivating, maintaining proper relations with employees and with trade unions, maintaining employee’s safety in compliance with labor laws of the land. Specify the four types of Organizational Assets and why these are important to Human Capital? According to the dictionary, an “asset” is resource controlled by a person, a group, an organization, from which future economic benefits can be drawn from. The four type of Organization Asset includes; Physical assets (buildings, furniture, etc), Financial assets (cash, bonds, etc), Intellectual property assets (patents, designs etc) Human assets (individuals with their talents, capabilities) Human capital is most important simply because until we develop artificial intelligence, we need human capital to accomplish anything in the organization.

All the asset are linked to human capital as they all depend on humans to control them. Its important for the HR to understand motivation simply because a motivated workforce means a highly productive staff, all of which will help you achieve your business goals. Specifically, discuss the myths and realities associated to retention? Money is the main reason people leave. This is a reality as Money certainly is an important HR tool, if employees feel they aren’t being paid fairly they will leave. Hiring has little to do with retention. This is not true. • Rewarding; recognition and acknowledgment from the employer of a job well done are key to job satisfaction. and retention • Community – People still need to feel and be identify with the organization they are working with as it gives job satisfaction to them feeling as a community.

• Balance – This one is relatively new as the Y and X Generations require a life and work balance or as they define it – Quality of Life. If you want to keep your talented younger people then this is the faster way to get their attention. Glen, 2006) 8. Intangible elements that relate to the total rewards It is the type of rewards which cannot be seen or touched but help in motivating the employee. Tangible indirect rewards are a type of reward which can be seen and touched, in this, the employees are not rewarded but rather there people in their life is rewarded like there children can be given scholarship by the company employing. Tangible direct this is a type of reward in which it is the employee themselves are rewarded like given monetary cash or bonus on their salary.

Lara & Ponzoa, Number 2, June 2008) 11. Explain the two factors associated to Compensation Fairness and Equity The two factors include the type of compensation and the type of pay In compensation; it is all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship.   What are the key responsibilities The importance of the selection process is it in Recruiting and hiring the candidates that fit best with your company has a tremendous impact on its success. The key responsibilities are Selection Basics; The HR selection process refers to the normal procedures that are used and steps taken by an organization to employ. Hiring Quality Employees; every selection tool used to determine candidates should increase value to your ability to effectively evaluate a candidate is the best for space.

Legal Considerations; all the legal considerations are considered important when doing an interview and using the selection tools the HRM will create a a fair environment to avoid baising. Define and provide an example of selection criterion Selection criteria are the steps that are designed to help make the most accurate match between the requirements of a position and the skills of an applicant. • Through the conducting of the interview, the panel is able to verify the important facts concerning the interviewee taken into account before providing jobs to the candidates. Compare and contrast Talent Acquisition versus Recruiting. Talent acquisition vs recruiting can be differentiated by the following categories Planning and strategy; when developing a solid talent acquisition strategy need a whole lot of planning.

Unlike recruiting, talent acquisition requires a deeper look at the nature of your business and an understanding of future workplace needs. Metrics and Analytics; through collecting and analyzing recruiting can be improved, unlike talent acquisition which cant be complete unless one is using the key metrics to evaluate and collect analysis. Lengnick-Hall, C. A. H. Strategic Human Resources Management: A Review of the Literature and a Proposed Typology. Academy of management, vol 3. Jones and Barlett. Print.