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The expert's corner
Academic (Teaches on the BCom Honours Programme)
Regent Business School
The business world is in the throes of major global disruptions and in order to thrive in such a turbulent environment, organisations need to constantly be innovative. Even the World Economic Forum (WEF) states that the world belongs to innovation-based economies that are led by responsive and responsible leaders, and the same applies to organizations. It is within this context that Human Resources Management (HRM) becomes an invaluable tool for management to effectively utilise their most important weapon – human capital. One of the factors behind organisations giving extraordinary attention to their people is due to a steady movement towards a service-based economy. Invariably, it becomes an imperative for organisations in this sector to keep their employees motivated and productive. Equally, the same can be said for the manufacturing and the traditional sectors. The transformed business landscape has derived from a paradigm shift, which articulates the way organisations view their employees as more than just resources and instead adopt a “people first” approach. Thus building a responsive and responsible framework for business requires a global recognition of interdependency, and a welcoming of the element of being human. We are seeing that those organisation that display more humanitarian qualities enjoy better results.
In essence HRM focuses on the recruitment and management of human capital and provides direction for the people who work in an organisation. It is the organisational function that deals with issues related to people such as compensation, hiring, performance management, organisation development, safety, wellness, benefits, motivation, communication, administration, and training. Moreover, HRM is the strategic approach to the management of an organisation’s most valuable asset – the people who work for that organisation and who individually and collectively contribute to the achievement of the objectives of the business. In short, Human Resource Management means employing people, training them, developing their talents, and utilising, maintaining and compensating them for their services as appropriate to the requirements of an organisation.