The Importance of Human Resource Management - 1287 Words

Human resource management (HRM) is undoubtedly being considered as an indivisible element of the organisations from the outset. From recruitment to employee retention, HRM has always committed to assist company to search and retain talents that have values toward the sustainable development. In view of the fact that, there are several studies with evidences presented to prove that there is a relationship between HRM and organizational performance, in which some HRM theorists also suggested that there is a causal link between them (Cooke, 2000). Though Gerhart (2005) stated that their relationship is regarded as a ‘black box’ that it lacked of clarity concerning what leads to what; it can be both performance leaded to HRM and vice versa.†¦show more content†¦The effective training of problem solving skills, social communications skills and technical skills can help employees to tackle with issues and remove bottlenecks that emerge from the changing market. Resear ch showed for companies that put forward formal training programs are 19% increased in productivity than those who did not (Kling, 1995). The extensive recruitment and selection as well as effective trainings on different skills enhanced KSA for employees according to resource-based view, which eventually lead to the increased in productivity and standard of products guaranteed. Besides enhance employees’ KSA, the application of HPWPs allows them to increase their motivation and actively participate via business strategy. The AMO-model from Appelbaum et al.’s (2000) showed that employees’ ability, motivation and opportunity in the workplace will reflect on the operational profits. Employees’ motivation can be enhanced through compensation policy such as profit sharing, performance appraisal and promotion (Huselid, 1995). For profit sharing, it is a direct way for employees to optimize their skills and abilities to work hard for their companies since they realize that their workforce is correspond to their own profits. Similarly, compensation policies can attract employees to maximize their performance if they can see promotion prospect or incentive systems operating in their companies. As HPWPs provideShow MoreRelatedThe Importance of Human Resources Management1233 Words   |  5 PagesThe economic environment in nowadays dynamic , it is fairly important for organisations and managers to recognise the curtail of Human Resource Management. It is clear that Human Resource Management (HRM) has become one of the most recommend management strategy in the modern business (Leopold and Harris, 2009). Human Resource Management is a technique process of managing people in the workplace to enable and enhance organization performance (Leopold and Harris, 2009). This theory involved the responsibleRead MoreHuman Resource Management And Its Importance1517 Words   |  7 PagesIntroduction In the 21st century, human society has undergone tremendous changes, it began to change from the industrial economy to a knowledge economy era. Economic globalization and improve the level of global competition, organizations have had to make full use of all their resources to ensure its survival and development. As an important resource organization human resource organization also attracted more and more attention. Effective human resource management has become a key organizational developmentRead MoreThe Importance of Human Resources Management670 Words   |  3 PagesHuman Resources Management Human Resources Management is a significant and very large area of business. It came about through the need to focus on what people were doing with their lives in the workplace that was not specifically related to actual work. In other words, there is more to the workday than the work that is being done, and people who work closely with one another can and should get along. Rules and regulations to facilitate this were needed, and had to be created on the individualRead MoreRoles And Importance Of Human Resource Management Essay1693 Words   |  7 PagesAnswer1. Roles and Importance of Human Resource Management Human Resource Management is the procedure of requirement, selection, giving orientation , making giving trainings to employees and the creating skills, appraisal of worker , giving remuneration and advantages, benefits, providing motivation, keeping up workers security, welfare and wellbeing by following work laws of concern state or nation. Human Resource Management is the procedure of usage of accessible restricted talented workforceRead MoreThe Importance of Human Resource Management Essay1439 Words   |  6 PagesArmstrong (2006) defined Human Resource Management as a strategic deployment of an organisations most valued assets; the people working there, who individually and collectively contribute to the achievements and the objectives of the business. Links between HRM and performance are predominantly focused on the following practices: sophisticated selection and recruitment methods, training, teamwork, performance-related pay and employment security (Wall, Wood, 2005). Pro ducts can be copied, methodsRead MoreImportance of Human Resource Management Essay1177 Words   |  5 PagesHuman resource is the most valuable asset of an organisation as it is the source of operational performance and competitive advantage in an organisation. An asset, by definition, is a useful or valuable thing or person. An organisation comprises of three types of assets, namely; financial assets, physical assets (infrastructure and equipment), intangible assets. Intangible assets include intellectual capital (patents, copyrights and trademarks), social capital and human capital. The creative thinkingRead MoreThe Importance Of Human Resource Management Within The Business1738 Words   |  7 Pages The Importance of Human Resources in Small Business Derrick Rowley Business 224 Dennis Oden 7 June 2015 â€Æ' Abstract Within this paper you will find that HR is vital to all businesses, but can greatly affect the long-term success of a small business. Small businesses can have a difficult time finding qualified individuals to help with the production side of the business. That is why having human resource management within the business is so important. HR sets the planning process and withinRead MoreThe Importance Of Human Resource Management For Any Organization1495 Words   |  6 PagesINTRODUCTION This report provides the understanding and importance of Human Resource Management for any organisation. The report shows how HRM contributes in any organisational achievements. In this report HR planning and development methods are examined in detail and the way to improve HR performance are suggested. COMPANY BACKGROUND The Coca-Cola Company is one of the world’s top soft drink makers. Coca-Cola owns the best-known soft drink brands such as, Coca-cola, Diet Coke, Fanta and SpriteRead MoreHuman Resource Management and Its Importance to Businesses Today2964 Words   |  12 PagesRhonda S. Culvahouse Human Resource Management and Its Importance to Businesses Today MGT 445 Human Resource Management Professor Robert Borger June 4, 2009 Human Resource Management and Its Importance to Businesses Today Introduction In order to understand what Human Resource Management is, one must understand what a resource is. Resources are assets that one has access to, and therefore, can rely on. In our own personal lives we rely on resources of various types such as our money, ourRead MoreHuman Resources Management Importance, Benefits And Effects Of The Organization918 Words   |  4 PagesSUBJECT: Human Resources Management Importance, Benefits and Effects in the Organization. 1. Purpose: The purpose of this memorandum is to outline and defend the benefits of having a Human Resources Management (HRM) in Green’s Hospitals. Green’s Hospital is a leading medical facility that is facing some human capital challenges. A Human Resources Department will help the stake holders and the board of direct 2. HRM practices can help the hospital to deal with the competition in the following

The Influence of History on the Present and the Future of...

The Influence of History on the Present Life, and the Future of Human beings The past is not entirely part of the present and the past. It happened then, not now and ignoring it is never possible. The fact that it happened leaves no choice to forget it. Past events could influence the present and the future, but unlike the past, the future is yet to happen. Events in the past do not have to change the future. Doing future events keenly may avoid a repeat of the past. Narrating, past events and recalling them stops the past from haunting the involved because they have honored it (Butler 12-17). The past has no effect on the future, but it may influence it in some way. Changing the past is possible by altering the memory of it. Changing the memory of it is possible through changing thoughts of what happened by thinking about past ordeals differently. This creates an alternate past leading to the creation of an alternate present free of the past. History lives in the conscious part of the mind, which describes it as living in this context. It is hard to ignore this fact, and that is why the past has some influence on the future. Altering the perception on the past results in breaking the pasts connection with the present reality. A horrible past is not worth recalling and, avoiding slavery in history requires something extra to be done, going back in time. At times, history does not seem real. Time is an illusion and it plays a great role when changing the past. EverythingShow MoreRelatedThe Hungry Tide, By Amitav Ghosh1377 Words   |  6 PagesNature cannot be separated from humanity. This may seem obvious as humans are a part of the natural world, but too many times people often overlook this fact of their existence. Most likely this is a result of movements such as the Industrial Revolution which has brought man from the natural environment to an artificial environment. In the beginning, and even now, this has been seen as a luxury and a testimony to the power of mankind. It seems as if man has outsmarted nature. However, we are onlyRead MoreWestern Culture And Its Influence On Modern Culture1235 Words à ‚  |  5 Pagesand these examples barely begin to scratch the surface of institution’s influence on America. This is not to say that the prevalence of these institutions is not specific to the United States’ culture, but present in all cultures labeled as inherently â€Å"western.† The concept of institution is an idea constructed by humans, and as a human construct, the idea must have implemented itself successfully into human culture to be present today. Western culture (today primarily North America and Europe), hasRead MoreThe Negro Digs Up His Past920 Words   |  4 Pagesa powerful statement, â€Å"The American Negro must remake his past in order to make his future† (Arthur Schomburg). It is very clear, Schomburg realized the importance of being knowledgeable on your true history. â€Å"History must restore what slavery took away, for it is the social damage of slavery that the present generations must repair and offset†. Therefore, I acqui esce with such statement, it is up to the present generation to fight, and to aspire on restoring what was taken away. As we acquiredRead MoreTime As A Dominant Mode1544 Words   |  7 Pagesexperience of modernity. Modernity has shattered the sense of continuity and fixedness on which man s identity was built. Many modern dramatists, who attempt to articulate man s Being-in-the world and his experience in the modern world, explore different representations of the concept of time, because time is capable of endowing human experience with a feeling of continuity and discontinuity. Since modernity has ripped man out of a sense of time consistent with his organic relationship to the world, experimentingRead MoreAnalysis Of George Orwell s Pigs And The Party 1562 Words   |  7 PagesWinston Churchill once said, â€Å"History is written by the victors.† This means that victors ultimately document history and have jurisdiction over it. They control the past, present, and the future, establishing their accounts of â€Å"history†. In 1984 by George Orwell, Oceania and the Party is the victor and have absolute power over history. The totalitarian government authorizes practically everything and manipulates the citizens to the most extreme level. From psychological manipulation to NewspeakRead MoreWhat Is The Value, If Any, Of Studying History?877 Words   |  4 PagesWhat is the value, if any, of studying history? 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Yet for others, this exhibit sticks out likeRead MoreThe Destructive Influence Of Control And Paranoia1363 Words   |  6 PagesThe Destructive Influence of Control and Paranoia in Oceania Thesis: The restrictions that the government forces on the citizens of Oceania creates uniformity that strips members of society of their individuality. The people of Oceania have their futures carved out and predetermined for them, so this causes no desire or pursuit of happiness or fulfillment; this connects to the theme of paranoia and how citizens struggle to trust others within the dystopian society. The government’s surveillanceRead MoreDimensions for a Concept of Humanity1534 Words   |  7 Pagescharacteristics that create a degree of consistency to peoples behavior. Personality influences everything that people do in their lives; giving people the idea of what is right and wrong. There are six dimensions in the personality of individuals. The dimensions that will be examined are: determinism versus free choice, conscious versus unconscious determinants of behavior, biological versus social influences on personality, and teleology versus causality. Determinism and free choice deal withRead MoreHumans have come to accept that History by mere definition is the exploration and study of history1000 Words   |  4 PagesHumans have come to accept that History by mere definition is the exploration and study of history whereas the Human Sciences are defined as the in depth study of social, biological and cultural aspects of human beings. History and Human Sciences seek to in fluence humans through language, reason, and emotion. By looking at the title, I am coming to the conclusion that historians only focus on understanding the past and the human scientist is only looking to change the future. That conclusion is reasonable

Concepts of Beyond Budgeting †Free Sample

Question: Discuss about the concepts of beyond budgeting. Answer: Introduction Corporations around the world prepare budgets as a procedure for controlling as an important management accounting tool for setting desired targets(Dugdale, 2011). The budget is intended for managers to take decisions and make them binding on the employees such that actual performance can be can be generated near desired output. Daum(2002) in his research works deeply criticized fixed budgets that organizations make and proposed that budget are a static instrument that are ineffective in todays global markets with high competition and changing value of customers(Dugdale, 2011). Works of several researchers inspired the creation of Beyond Budgeting Round Table by more than 50 odd companies around the world, who questioned the relevance of traditional budgeting in modern organization. The essay is an evaluation of the statement, Advocates of the beyond budgeting philosophy claim that it supports decentralization and employee empowerment initiatives that are required for firms to compet e in todays fast changing environment. There are arguments that support as well as criticize the application of Beyond Budgeting philosophy with relevant cases from business organizations(Hope, 2013). Critical Assessment of Beyond Budgeting Organizations today compete in larger global framework with greater competitive pressures, demand from shareholders, complex market conditions and creating greater value for customers, which creates a need for new budgeting model. Horngren(2003) through his research supported the idea of Beyond Budgeting as it had positive implications on the managers, management as a whole due to its improvised systems of control(Aldrich, 2008). The Beyond Budgeting Round Table (BBRT) suggested that new tools and techniques had been accommodated in the system, and defined it as, a management philosophy based on a set of principles developed from real cases leading to adaptive performance management.(Cameron, 2014). The concept focused on two set of principles, process principles and leadership principles. The concept was designated to increase adaptability of organizations for improving their performances in the competitive business environment. The process principle focuses on adaptive management p rocesses such that organizations are able to react in their competitive environment and divergent customer demands. The leadership principle is focused on decentralization of responsibility and creating accountability in teams that perform tasks such that customer demands can be adequately met(Marquardt, 2011). The Beyond Budgeting has Key Performance Indicators (KPIs) which are a set of measurement tools for assessing critical success factor for organizations. According to Daum (2002) the KPI is used by companies to create estimates for sales in accordance to industry trends, share within the market and sales that can be generated from channels, as against fixed budget(Ashkenas, 2015). Hence the focus of beyond budgeting is focused on enterprise capability to maximize customer along with shareholders value surpassing financial objectives(Osborne, 2007). Figure 1 : Comparison of budget and beyond budgeting Source : (Dugdale, 2011) The concept of beyond budgeting does not uses performance contracts as in traditional budgeting but fixes a reward system for continuous improvement on basis of relative performance. Thus applying Beyond Budgeting helps the organization have faster response, greater innovation, low cost with loyal customers(Holtkamp, 2011). Borealis a company with its headquarters in Copenhagen, Denmark was formed by merger between petrochemical divisions of two Scandinavian oil companies had long back adopted the tools and techniques of beyond budgeting(Holtkamp, 2011). Advocates of beyond budgeting have argued that in traditional budgeting approach managers are more likely to bargain on targets that can lead to conflicting interest with the organizational goal. When managers in organizations are faced with challenges like market price volatility they are more likely to use cheap quality raw materials in order to conform to budgetary trends, which lowers overall product quality. The lower product might face severe and fierce competition in the market and dislikes from customers which will in turn hamper companys profitability from lower sales. The company on the other hand have invested to ensure quality process engineering and quality programs for creating new ideas that caters to the budget, but efforts go useless(Bogsnes, 2008). The approach of beyond budgeting is based on a central control system along with multilevel controls which is influential to create effective governance, generate proper trend analysis, set key performance indicators, ach ieving financial outcomes, achieve performance ranking which in turn results in management by exception. James Creelman in his book on Business Intelligence report Reinventing Planning and Budgeting for the Adaptive Enterprise highlighted that organizations that have more focus on cumbersome and complex budgets end up being dysfunctional(Bogsnes, 2008). Volvo Cars had also adopted beyond budgeting in the year 2000 as the finance director had stressed on the ineffectiveness of budgets and long range planning that cease to render usefulness to the company. The financial director realize the more complex and divergent set of problems that face business organization in the globalized age hence organizations should be well equipped to deal with these challenges(Cameron, 2014). The researchers who have argued against the application of beyond budgeting as companies in order to apply methods and techniques will need to train employees(Savitz, 2012). Employees will have to devote their time from productive hours in order to study the method and understand the way beyond budgeting is conducted; the company might have to additionally hire employees who are expertise in the area(Savitz, 2012). In small and medium scale organization application of the beyond budgeting tools and techniques might require unnecessary costs and the tools might not be applicable foe the organization. as in small and medium enterprises balance scorecards have no relevance as they do not require to improve communication, thus adopting beyond budgeting might be time consuming for them. In most organizations abandoning budgets will not have significant effects as the traditional method have let control mechanisms and enabled managers to take decisions(Marquardt, 2011). Budgets have render ed an effective methods for ensuring performance in employees, hence beyond budgeting is an appropriate tool for larger corporations compared to smaller ones. Conclusion The concepts of beyond budgeting have been adopted by large corporations as they visualize it as a tool for increasing their effectiveness and efficiency in the market and within the corporation. Managers within organization uses beyond budgeting tools as benchmarking, balance scorecards and other measures to increase employees overall performances in order to attain organizational goal. On the other hand it has been argued that discarding traditional budgeting methods can have negative impacts on the companys overall profitability and performances, as budgeting has been providing these corporations with enhanced competitiveness and a standard for measurement. Though budget is time consuming and outdated it is still required to evaluate performances and entail communication as well as coordination. Managers can easily distort data in budget which had created a need for extended measurement techniques. When organizations grow and they are faced with greater level of challenges which a re non-financial in nature but affect financial results of the company, they need to have a new improvised tool for tackling and diagnosing the new age challenges, beyond budgeting has been able to meet these challenges in corporations. References Aldrich, H. (2008) Organizations and environments. , Stanford University Press. Ashkenas, R..U.D..J.T.a.K.S. (2015) 'The boundaryless organization: Breaking the chains of organizational structure. ', John Wiley Sons. Bogsnes, B. (2008) Implementing beyond budgeting: unlocking the performance potential., John Wiley Sons. Cameron, K.S..Q.R.E..D.J.a.T.A.V. (2014) Competing values leadership., Edward Elgar Publishing. Dugdale, D.a.L.S.R. (2011) 'Beyond budgeting. In Review of Management Accounting Research', Palgrave Macmillan UK., pp. 166-193. Holtkamp, R. (2011) 'Should we go beyond budgeting?', Erasmus. Hope, J.a.F.R. (2013) Beyond budgeting: how managers can break free from the annual performance trap., Harvard Business Press. Marquardt, M. (2011) Building the learning organization: Achieving strategic advantage through a commitment to learning. , Nicholas Brealey Publishing. Osborne, D. (2007) 'Reinventing Government: what a difference a strategy makes.', In 7th Global Forum on Reinventing Government: Building Trust in Government, pp. 26-27. Savitz, A. (2012) The triple bottom line: How today's best-run companies are achieving economic, social and environmental success--and how you can too., John Wiley Sons.