HRM for IIIrd yr B Com Hons

Every business unit needs human resource (manpower) for the conduct of different business activities. In fact, no organisation can exist or operate efficiently without the support of human resource. Such human resource includes top level managers, executives, supervisors and other subordinate / lower level staff / employees. A business organisation has to estimate its future manpower needs and adjust its manpower planning and development programmes accordingly. This is called 'staffing' function of management. Human resource management is also described as personnel management or manpower management.

Meaning of Human Resource ↓
In an industrial unit, large number of persons are employed in order to conduct various operations and activities. This is treated as human resource or manpower employed. A business unit needs material resources as well as human resource for the conduct of various activities. Of all the "M"s in management (such as Materials, Machines, Methods and Money) the most important "M" stands for Men i.e., manpower working in the organisation. It is through manpower/employees that all other ingredients of an enterprise-money, machines, materials, marketing, etc., are managed. In brief, Human Resource (HR) constitutes the most important and the most productive resource of an industrial / business unit.
It is rightly said that "machines are important in the production process but the man behind the machines is more important". He transforms the lifeless factors of production into useful products. Human resource (HR) is an important asset of a business unit. Well-trained, loyal and efficient team of workers brings success and stability to a business unit. This suggests the importance of human resource in business. People and the organisation in which they work are inter-related and interdependent. organisation moves towards prosperity only by using its available human resource purposefully. Similarly, employees get various monetary and other benefits through the prosperity of their organisation.

squareWhat is Human Resource Development? HRD ↓
Human Resource Development (HRD) means to develop available manpower through suitable methods such as training, promotions, transfers and opportunities for career development. HRD programmes create a team of well-trained, efficient and capable managers and subordinates. Such team constitutes an important asset of an enterprise. One organisation is different from another mainly because of the people (employees) working therein. According to Peter F. Druker, "the prosperity, if not the survival of any business depends on the performance of its managers of tomorrow." The human resource should be nurtured and used for the benefit of the organisation.

squareImportance of Human Resource in Management ↓
Human resource is most important resource in management and needs to be used efficiently. This is because success, stability and growth of an organisation depend on its ability in acquiring, utilizing and developing the human resources for the benefit of the organisation. In the final analysis, it is the people (i.e employees) who produce promising results and generate a climate conductive to the growth and development of an organisation. HR is a highly productive corporate asset and the overall performance of companies and corporations depends upon the extent to which it is effectively developed and utilised. It is the most delicate factor of production and need not be treated merely as a commodity to be bought and used in factories.
According to Peter Drucker, "The function of management is to manage managers, workers and work". The importance of manpower in business management is now universally accepted. Employees have a capacity to grow and develop, if suitable opportunities are offered. They give positive response to monetary and non-monetary incentives, training opportunities, favorable work environment and motivation. According to Pigors and Myers, "Good management means getting effective results with people". This suggests the importance of human resource.
Human resource is certainly important even in this age of extensive use of computer technology. This is because machine cannot be used as a substitute for human brain which has capacity to think, assess and react. It is correct to say that man is a power rather than man has a power. Progressive / professional managements invest huge funds on training and development of human resource and this suggests the importance of human resource and its contribution in industrial and economic development. Professionally managed companies in India such as Larsen and Toubro Ltd, TELCO, Reliance, etc., give special importance and good attention to HRD.
The following remark of Shri Dhirubhai Ambani, former chairman of Reliance Industries Ltd. (made in the 21st AGM held on 3/8/95), is worth noting in this regard. "Our People : People are assets you can never show on a balance sheet. Our company has a human resource asset of around 12,500 people; 3,000 of which constitute scientific and technical manpower. Every year we add over 450 young professionals. These motivated and well-trained people are the backbone of our business. The team is young in spirit, conscious of its responsibilities and committed to building world class assets for the country".

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