Human Resource Management (HRM) is the management process of an organization's workforce or human resources. It is responsible for the attraction, selection, training, assessment & rewarding of employees while also overseeing organizational leadership & culture and ensuring compliance with employment & labour laws. In start-up companies HR duties may be performed by trained professionals. In larger companies, as entire functional group is typically dedicated to the discipline with staff specializing in various HR tasks & functional leadership engaging in strategic decision making across the business.
Success in today's highly competitive environment requires the contribution of every employee in your organization. Progress is often hampered because, while everyone is working hard, they are working hard in different directions which results in non-achievement of common organizational goal. While managing a business, it is very important for the employees to know and understand where the organization is try to go and what it wants to achieve. Innovation in HRM means coming up with new techniques and bringing up new ideas to deal with the employees in an effective way so as to generate maximum output and at the same time ensuring employee satisfaction. HRM acts as a guide and facilitator in partnering the employees and organization together to work for a common goal. As we know that employees are assets to an organization, which in turn invests lot of money on each employee. Nowadays, companies have also started spending lot of money on training and development of its employees which reaps good results for the organization. Some of the initiatives / innovations started by various companies in terms of their innovation in HRM practice are as under
• Six Sigma
• HR outsourcing
• Total Quality Management (TQM)
• Retention Strategies
In the current global work environment, all companies are focussed on retention of talent. Companies are emphasizing on lowering the employee turnover and preserving the knowledge pool. HR department also strives to offer benefits that will appeal to workers thus reducing the risk of losing good manpower.