Effectiveness Of A Competitive Market Environment

The organization started out by considering humans as a mean to end, but as time grew they started leveraging value from their human resources and slowly focus moved to Human resource management or people management. But people have a tendency for attrition and reluctance to change, with growing complexity and competition the available opportunity of jobs and need to change and adapt are growing rapidly, so there is a need to achieve system Management.

The 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 responsible to attracting, selecting, training and managing people which make employees become more valuable to the organisations. It invests effect in learning and development at work. Also to communicate with all employees at each level to reward successful employee relations (Wilton, 2011). Human Resource Management plays a very important role in the operation strategy and management concerns in work organisations of all kinds (Leopold and Harris, 2009). In aim to justify this statement by evaluate the benefit and importance of Human Resource Management in contemporary work organisations. This essay will focus on analysis the advantages of use Human Resource Management in business also underline by explain more detail about the different HRM strategy brings benefits and give competitive advantages impact to the organisation success. Then summarise by a general conclusion on the importance of HRM in contemporary work organisations.

The working environment of many western companies is currently changing a lot. Due to the globalisation and opening of markets companies are confronted with new problems. As a consequence organisational structures and practices are altering. In addition, human resource management practices need to be adopted as well. This is nothing unusual and has constantly happened in the past. In the beginning of the 20th century the scientific management theory of Frederick Taylor was extremely popular. Later, theories of Henri Fayol or Max Webber gained influence. A major shift in HRM came than from the human relations theory of Elton Mayo. Today the main concern of modern HRM theories is selecting and developing the employee.

People are the key to business success. However nowadays of business this is often neglected and people are seen to be a necessary expense. A successful business does not just rely on a person’s power instead it involves continuous effective teamwork and communication. Storey (1995) defines that human resource management is an individual approach to employment management which seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce, using an integrated array of cultural, structural and personnel techniques.

These regulations exist to ensure that natural monopolies are not charging consumers monopoly prices which in turn hurt the consumers as well as society as a whole. Industrial regulations affect the market by its regulation of the natural monopolies which in turn protects the markets consumers. These regulations also allow for a fair profit to the natural monopoly by setting a fair rate, protecting its consumers, but also a “fair return to the enterprises”. (McConnell & Brue, 2008, p. 382)

‘Human Resource Management is a strategic approach to managing employment relations which emphasizes that leveraging people’s capabilities and commitment is critical to achieving sustainable competitive advantage or superior public services.’ (Bratton and Gold, 2012, p.7). Therefore, it is important to understand the concept of human resource management model and how does it work and influence organization. While many model of HRM emerged, soft and hard model are both most widely adopted (Truss, et al., 1997). Both soft and hard HRM model are emphasizing to integrate the HR policies with business strategic, but the main distinction is how organization sees individual, which is as resource in hard model or as human in soft

Human Resources constitute as one of the most imperative components of any organization, be it small scale business or a large conglomerate. Some of the key functions of the Human

Whether you are employed as a manager in a bank or as a director in a Government institution or as a supervisor in a supermarket or grocery store, or as a manager in a coffee shop or as a director of the Human Resources department in a private company, the common aspect here is the ‘responsibility of managing an effective workforce ie people’. In any field, the four important resources are men, material, machinery and money. Out of these, I believe that ‘men’ ie humans are the most important because they are the ones that effectively and strategically employ and use the other resources/factors of production.

In this chapter, we discussed the various elements of human resources management. Also the review of some existing literature relevant to the study, is made to refer to some scholars work related to the topic under study.

In this highly competitive and complicated business environment era, need of good employees is the basic ingredient for any organization, thus Human resource is refer as the back bone of any organization or business. Skills, creativity, ability of human cannot be replaced by machines. At all levels and areas of the business or organizations human efficiency is required with machine efficiency. Human can work without machine but machine can’t work without human effort. So, industries like advertising and direct marketing, designing, media needs human talent and human resource is more valuable among other else. Thus companies must learn to recognize and appreciate the value of their employees. This article highlights the significance

Globalization in today’s companies are facing greater challenge to increase product variety, shortening product life cycle, and increasing profits with the use of resources. In this day and time, it’s the beliefs and theories within the business world that need to play catch up with some of the many great grocery retailer operations and how they react in their role within the world today. (Lau, 2012) (Pfouts, 1978)Traditionally, the economists and financiers behind these huge retailers have argued that the company is in the business to make money no matter how they do it, and lots of it. That intrusive image has been forced into the goals and outlooks of so many business people, creating the actions of most corporations to focus solely on

From the past until present, in order to achieve competitive advantage to compete in turbulence and highly competitive market environment, the one who take control over the organisation should design powerful strategies. To create that strategies, managers need both good understanding in internal and external environment, and effective managerial skill to organise sophisticate works arising in organisational routine systematically. The one who assigned as manager has power to control over company resources which included human being. Human can be considered as one of the most valuable resources in the company because value can be added to them through education and experience. However, human could be considered as the most complicate resource. This is because they have personal needs, ambition, and feeling which are different between one to others. Unlike machines or other type of assets that similarly designed to do specific jobs, stereotype should not be applied to workers and there is no one best way to manage or to control them. In particular, it can be said that one size does not fit all. As the result, this issue could be considered as one of the most wildly discussed topics among managerial scholars. The idea of how to manage and control over human being in the work place start in the period of industrial revolution where the factory trying to maximise their profits through the concept of economy of scale. Human as the resources to produce things has

In most companies, one of the primary goals is to produce world class and quality products. It is also the reason why these institutions invest large portion of the budget in technology, employee training/enhancement and modernising its facilities. Furthermore, the most essential resource of every company is its manpower. It is the process in which the raw materials are being converted into merchandise. This where human resources intercede to facilitate human resource activities to improve the work, maintain standards and to align to the vision and mission of the company.

At the current stage of development of mankind in the field of management, organizations are subject to challenges, challenges and pressures to which they must respond with a high degree of creativity and realism. The main challenges are given by the dynamics of the application of scientific-technical, the rapid emergence and acceptance of new products, increasing restrictions on Human Resources, material and financial resources, more aggressive and dynamic internationally markets, gains the growth of social demands and the revolution in information and communications. After these significant socioeconomic changes modern enterprises increasingly recognize the significance agree that owns the human

Every organisation in the world today is putting a lot of efforts, time, and resources in the human management. As this is, an excepted reality that no organisation in the world can vie in this globalised world just on the mere basis of their product and services. In order for an organisation to be successful, it has to invest substantially into the domain of people skills, and their behaviour. Due to stressful working environment, many organisations loose employees due to lack of motivation, stress, lower employee job satisfaction and other contributing factors of behavioural sciences and psychology. All these factors have negative effects on the organisation and organizational behaviour simultaneously. Many experts are in concord that