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Why Do Students Choose Human Resource Management Outline: Introduction. Making right decisions at college is important for future career. What is Human Resource: The factors of production. Human capital as a fourth factor of production Human capital becomes more and more important Human Resource Management (HRM): The definition of Human Resource Management The main functions of HRM: Planning the recruitment strategy Selecting the best personnel Staff benefits and compensations Educating and training employees Issuing company regulations Providing safe work environments Sustaining the best employees Conclusion. HRM is a perspective and a very demanded profession on the modern labor market, which many students choose to study. When young people decide to dedicate several years of their lives to studying at a University in order to aquire a good profession, they should think well about what subjects to choose.
they try to make up their minds on what subjects would be the most useful in helping them to become specialists in highly demanded fields of business. It is a well know fact, for example, that many companies nowadays are interested in computer specialists, lawyers, financial experts, etc. However, there is a matter in which practically any kind of organization might be interested how to manage best its Human Resources. It is particularly important because it is hard to imagine a company whose activity does not employ Human Resources. Let us now see why Human Resources bring so much importance to organizations. In economic theory, the factors of production, i.
e. the resources employed to produce goods and services, can be divided into the three broad classes: labor, land and capital. However, modern analysis also distinguishes a specific form of capital such as Human Capital, which is acquired through education and training. There also exists a more recent form called Intellectual Capital used mostly for Information Technology.
The primary factors of production lately have become less concrete. Now companies focus their attention first of all on such factors as knowledge, collaboration, process-engagement and time quality. According to the economic theory, a factor of production is used to create value and economic performance. That is why it came to be so important for enterprises to develop efficient ways of Human Resource Management. Now it is essential to give a definition of Human Resource Management. Just 20 - 30 years ago Human Resource Management process meant mostly handling the paperwork concerning hiring and firing people, providing for the payments and preparing other kinds of bureaucratic documentation.
Nowadays, Human Resource Management has become a much more complicated thing. Its function includes a complex of activities pointed to achieving a balance between the possibility of having a qualified staff in a company and keeping enterprise costs low (or one can also say have profits as high as possible). In other words, the objective of Human Resources is to maximize the return on investment from the companys human capital and minimize financial risk. Having the right staff means, first of all, to define correctly the staff needs of the company, to make a choice between using independent contractors or hiring employees, training and motivating the personnel. A great deal of work has to be done before the company obtains a really good performer.
Thus, the main activities of Human Resource Management are the following: - Planning the recruitment strategy. A company should make precise decisions about how many and what kinds of professionals it will need within a planned period. Selecting the best personnel. It begins with reading the CVs of potential employees carefully. Then there follows the organization of job interviews and, if necessary, testing of the candidates. It ends with trying the chosen specialists at work (trial period).
Making decisions on benefits and compensations of the staff. A company has to weigh all cons and pros and decide which kind of compensation system is the most suitable for it. Is compensation tied to responsibilities? Are increases in pay tied to contributions to the company, i. e. , pay-for-performance?
Does the company need a graded compensation system? These are the key questions the Human Resource Manager should answer before making decisions about how to pay the employees. Education and training employees. In order to perform the best on the market, companies should keep their staff updated and well informed about all changes that may concern their work. For employees, in order to do a certain kind of work (mostly for those, who deal with clients), it is necessary to arrange psychological and anti-stress trainings and seminars in addition to regular updating courses. For other specialists, it is vital to attend educational courses to be aware of all the news concerning their work.
There are plenty of possible educational and training activities a company might provide its staff with. The point is that all those activities are a way to maintain the Human Resource on the cutting edge. Issuing company regulations and assuring that the staff conforms to them. When every employee is aware of what he / she is supposed to do, what his / her and other employees responsibilities and competences are, it becomes much easier both for personnel and the company to collaborate. Therefore, Human Resource Managers should always ensure that all employees have personnel policies conforming to the company regulations. Providing safe work environments.
The work environments should all conform to certain state norms serving to create healthy, secure and comfortable conditions of work for all employees. Among the things that are required for that purpose there are providing suitable work space and work stations, sufficient lightning and ventilation, regulating work-room temperature, avoiding disturbing noises, keeping spaces clear, fencing dangerous machinery and providing safety signs and information, providing a regular service for machinery and equipment and many others. Sustaining the best employees. Employees perform better if they are motivated by the employer. All employees receive a compensation in return for their contribution to the company. However, other than providing employees with a base pay Human Resource Managers should consider the possibilities to sustain the employees that perform best.
For that purpose companies often use variable pay. Variable pay is based on the performance of a person and depends on how well that person achieved his or her goals for a considered period of time. For example, incentive plans, bonus plans and commissions are forms of variable pay. In many and dynamic companies there also exists a career growth opportunity. Here the Human Resource Managers task is to choose the right person to be promoted. As one can see, Human Resource Management plays a great role in companies activities.
Now that the knowledge and the intellectual potential has taken the place of the manual labor and has become of a prime importance for enterprises, it is obvious e that there is a demand for someone who would manage those resources in a most fruitful way. A Human Resource Manager should not only possess certain skills, but also be a good psychologist for he / she is supposed to reveal the potential of every employee and understand what kind of work an employee would perform best. Creating a comfortable micro-climate in a company is also important and depends much on a Human Resource Manager. Moreover, there is a tight connection between the Human Resource quality and companys profits / losses . Loosing good specialists is what a good manager should avoid to do. Everybody would agree that it takes much more effort, expenses and time to grow a new specialist, than to find a compromise with an old one, offering him better conditions of work.
Human Resource Management function and the profession of a Human Resource Manager have undergone enormous changes over the past 20 - 30 years. Now, organizations consider the Human Resource Department as playing a major role in staffing, training and helping to manage people so that people and the organization are performing at maximum capability in a highly fulfilling manner. That is why many students choose to study Human Resource Management. It is obvious that the profession of HR manager is an important and a very perspective one. On the other hand, even if a student does not aim at making a Human Resource Manager career, it will possibly serve him / her good in future work to know how a Human Resource department functions, what can be done for employees and how to protect his / her own rights.
This is another possible reason of why students choose to study Human Resource Management. The fact is that it is one of the most perspective and widely demanded professions on the modern labor market. Bibliography /list of references Armstrong, Michael, 2006, A Handbook of Human Resource Management Practice, 10 th edition, London: Kogan Page. BA in Human Resource Management, What our graduates say, KEEL University web BA in Human Resource Management, Why study HRM? KEEL University web Carter McNamara, MBA, PhD.
Human Resource Management web Essentials of Safe Working Environment, 1998 - 2007, The Royal Borough of Kensington and Chelsea, web Factors of Production, 2007, Wikipedia, the Free Encyclopedia web Henry George School of Social Science, Factors of Production, Land and Freedom web Human Resource, 2008, Wikipedia, the Free Encyclopedia web International Human Resource Management Textbook, 2005, Indiana University web McNamara, Carter, MBA, PhD. Employee compensation (In the U. S. A), Free Management Library web Production, theory of. 2008, In Encyclop? dia Britannica, Encyclop? dia Britannica Online: web Why Study HRM?
University of Strathclyde web Winning, Ethan A. 2005, When Is a HR Department necessary? web
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Research essay sample on Why Do Students Choose Human Resource Management
