Principles of Human Resource Management

Human Resource Management

• Definition: Human Resource Management is an organizational function that concentrates on staffing/recruiting, managing, and directing the people who work for a company.
  • Human Resource Management is said to be a process of bringing organizations and people altogether in order to meet the goals of both.
• Key Responsibilities of the HR department:
  • HRD deals with employee benefits, compensation, performance and reward management, wellness, safety, organizational development, employee relations, motivation, etc.
  • HRD plays a significant and strategic role in managing people as well as workplace culture.
  • It can hugely contribute to a company’s growth and stability if implemented effectively.

Principles of Human Resource Management- Importance

• Relevance: Human Resource Development is the backbone of the organization as it deals with each and every aspect of the employees.
• Multidisciplinary in Nature: it applies most of Law, Psychology, Sociology, and Economics disciplines.
• Usefulness: Principles of Human Resource Management are useful for HR practitioners and professionals to determine how strategic Human Resource Management affects three stakeholders:

1. 1. Individual employees of the concerned organization.
   2. The society and
   3. The organization itself

Principles of Human Resource Management- Key Principles

• Key Principles of HRM: Human Resource Principles are a fundamental truth established by research, investigation, and analysis. The following can also be considered as the key principles of Human Resource Management:
  • Principle of Individual Development: To offer an equal opportunity to every employee so as to realize his/her potential and capability.
  • Principle of the Scientific Selection: To place the right individual in the right job.
  • Principle of the Free Flow of Communication: To open & encourage upward, downward, formal, and informal communication.
  • Principle of Participation: To associate with employees at each and every level of decision-making.
  • Principle of a Fair Remuneration: To pay fair and equitable wages & salaries to talented employees.
  • Principle of an Incentive: To review the performances of the employees and to reward them accordingly.
  • Principle of the Dignity of Labor: To treat each and every employee with respect and dignity.
  • Principle of Labor-Management co-operation: To promote industrial relations and labor laws.
  • Principle of Team Spirit: To ensure co-operation & teamwork amongst the employees.
  • Principle of Contribution to National Prosperity: To provide a higher work purpose to all the employees and to contribute to the national prosperity and integrity.