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             HRM is concerned with the total working life of an employee at work. It performs a variety of functions from the time of entry to exist of an employee in the organization. Functions denote components of HRM. Functions helps achieve the objectives of HRM. The major functions of HRM are: 1. Acquisition Function:          This is staffing function. It ensures entry of the right number of employees at the right time in the organization. It is concerned with hiring competent employees. It consists of the following activities: Human resource planning: It is the process of predetermining future resource needs. Human resource information systems is developed for planning purposes.   Job analysis: It specifies job requirement and determines qualification and skills for various jobs. Recruitment: It consists of identifying prospective candidates and stimulating them to apply for the job. It locates employees. Selectio...

           HRM is an important function management. Its overall objectives is to ensure a competent and committed workforce to achieve organizational goals.  The  objectives of HRM are: 1. Goal Achievement:  HRM helps achieve the following goals: Personal Goals HRM Goals Organization Goals Societal Goals 2. Goal Harmony:          HRM creates harmony between organization goals and the personal goals of employees. It satisfies individual needs. it maintains high morale of employees. It promotes job satisfaction and commitment. 3. Structure Maintenance :           All organizations have structure. It assigns tasks to people. It defines jobs and relationships. HRM helps maintain organization structure. It staffs the positions provided in the structure. It fulfills vacancies.  4. Productivity Improvement:           HRM continuously develops employees. Better quality hu...

   Human resource management is concerned with the management of human energies and competencies. It has following characteristics: Human Focus Management Function Pervasive Function Continuous Commitment Dynamic System Mutually oriented These above mentioned points are explained below in brief: 1. Human Focus:          HRM is people centered. It is concerned with human element at work. It focuses on people possessing energy and competencies. It regards people as the most important resource of an organization. It develops human potential. Employees are regarded as human assets. Every employee is the concern of HRM. 2. Management Function:             HRM is concerned with management function of staffing. it is an important function of management. HRM function is needed in all types of organization.   3. Pervasive Function:          HRM is a pervasive function of management. It is concerne...

    People are the focus of human resource management. Organization need people and people need organizations. Human resource management is concerned with managing people in organizations. It is essential function of management. It is every manager's job.              Human resource are vital for achieving organizational objectives. Better people achieve better results. Organization effectiveness depends on the performance of people working in organizations. All people posses energy and physical strength. People become human resource when they combine energy and physical strength with competencies. Competencies consists of knowledge, skills, attitudes and potential for growth.    Human resources are people who are ready, willing and able to contribute to organizational objectives. Human resources of an organization include all employees engaged in various jobs at different levels. It is about managing people. It is concerned with t...

  SWOT analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threats.                   Further description of SWOT analysis: Strength: Strengths are things that your organization does particularly well, or in a way that distinguishes you from your competitors. Think about the advantages your organization has over other organizations. These might be the motivation of your staff, access to certain materials, or a strong set of manufacturing processes. Weakness:  Weaknesses, like strengths, are inherent features of your organization, so focus on your people, resources, systems, and procedures. Think about what you could improve, and the sorts of practices you should avoid.   Opportunities:  Opportunities are openings or chances for something positive to happen, but you'll need to claim them for yourself .  They usually arise from situations outside your organi...

  A PESTLE analysis studies the key external factors ( Political, Economic, Sociological, Technological, Legal and Environmental ) that influence an organisation. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making.   PESTEL reflects the names of the six segments of the general environment: Political:   Political factors include government policies, leadership, and change; foreign trade policies; internal political issues and trends; tax policy; regulation and de-regulation trends.           2. Economic:   Economic factors include current and projected economic growth; inflation and interest rates; job growth and unemployment; labor costs; impact of globalization; disposable income of consumers and businesses; likely changes in the economic environment.     3. Social:   Social factors include demographics (age, gender, race, family s...

Organizational (Corporate) Strategy. Functional Strategy. Business (Competitive) Strategy. Operating Strategy. 1. Organizational (Corporate) Strategy: Corporate strategy is a unique plan or framework that is long-term in nature, designed with an objective to gain a competitive advantage over other market participants while delivering both on customer/client and stakeholder promises (i.e. shareholder value). A corporate strategy refers to a companywide strategy aligned with the company’s vision and objectives, aiming to create value and increase profit. It considers an organ 2.  Functional Strategy: A functional strategy is the approach a business functional takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It deals with a relatively restricted plan that provides the objectives for a specific business function. A functional strategy, also known as a “departmental strategy”, concerns each organizational function, and how that ...