The more common usage within corporations and businesses refers to the individuals within the firm, and to the portion of the firm's organization that deals with hiring, firing, training, and other personnel issues. This article will address both definitions."
This has come to be regarded as the most integral part of businesses today globally. The labour is an asset in the businesses of today and the way it is managed has loads of effects on the performance and efficiency of the business. Labour is the most important component of the production function. It is the only factor of production that could be changed in the short-run and its performance depends upon a lot in the way it is managed and controlled.
The bad and poor management of labour could easily turn it into a liability that would perform inefficiently and thus, the business on the whole will suffer a setback. The human resource department in the company these days has a proper hierarchy and organisational culture and the head of this department is regarded as an important member of the business itself. It is a position that requires constant interaction with the labour and is of great consequence for the firm.
The recruitment of labour and the quality and quantity of labour recruited depends upon the human resource department. ...
We often come across the terms human resource and personnel management. This leaves confusion in the minds of some whether both are the same or have different meanings and connotations.
There is in reality a slight difference between the two. The personnel management could be seen as a prelude to the contemporary human resource management that is prevalent and found amongst the organizations today.
We can actually search for and find the concepts relating to human resource management in business literature of old times such as the decade of 1970s.These concepts include theories such as human capital theory and human asset accounting. The contemporary and modern view of human resource management gained recognition in the year 1981 when it was included in the course of the famous MBA of the prestigious Harvard Business School.
It was a kind of a prelude and introduction to the kind of courses throughout North America and the rest of the world making this version and interpretation of human resource management highly popular and in vogue.
Other interpretations of the concept were developed in Michigan and New York.
These ideas travelled to other countries in the decades of 1980s and 1990s that included Australia, New Zealand and Northern Europe including specifically the UK, Ireland and Scandinavia. South and South-East Asia and South Africa also got a taste of the approach. Nowadays, the HRM approach is successfully practiced in many countries of the world. Besides being influential it is practised in many parts of the world. It is essentially practised anywhere where businesses want to prove their mettle and become successful. It is an approach used by businesses; small and big alike. It is also recommended by