HRM contributon on national economy purpose on bangladesh

7/28/2019 HRM contributon on national economy purpose on bangladesh

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HRM contribution on national economy

Introduction:

Human resource management is a significant vital factor of sustained social and economic

development, or it can be said that humans are the agents of nations developmental

enrichment. Notably, some of the importance of human resource development or human

capital would be identified or elaborated later in the article.

By definition, human resource development (HRD) is concerned with the provision of

learning, career development and training opportunities make it available to the people in

order to improve individual skills, teams and more importantly the overall organizational

performance appraisal that how an organizations performance increases and also raises than

regular rate that grape more transactions and finally ensures supplementary profit thus

national economy become rich.

Demonstration:

Human resource management concerns itself about humans in the firm. It has developed from

the personnel department as perspective of economical development. The main idea of HRM

is to distribute the functions of expected goals over a large amount of people making

everybody responsible for something and decreasing the costs for ensuring sustainable profit.

As seen HRM helps businesses in many ways. It helps to save money and increase the

reputation of the business.

It deals with one of the most important things in business - with its work force. So no firmcan be without HRM and the better and more efficient it is the more firm can benefit, by

reducing its costs and increasing its goodwill. The human resource management makes a vital

platform for firms to achieve their goals. That is why, an organization or a industry gets better

economic flow that may increase the overall growth of strong monetary level in a country.

Now how does HRM do it? That is following:

It helps firm to improve its performance by authorizing the right people of doing some

exercises (production man. knows better how to train new workers than people in a separate

HRM office).

It helps the firm to increase the motivation f its workers, thus increase the performance. The

main idea here is to make firm goals to individual ones.

One very important thing is also finance. HRM deals with wages etc. (Line managers know

better whom to pay extra bonuses). HRM helps to save a great deal of money and already its

developing instead of personnel dept. saved money.

HRM helps to develop organisation structures, because they have usually overview of the

whole business. This point cannot usually be transferred to individuals and it's very important

to business in the long term.

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It helps also to improve productivity. Its tasks include training, induction, recruitment, job

description and redundancy, which all help to make the product better, thus increasing

consumers' satisfaction. All these determine the goodwill and reputation of the company.

HRM is included in record keeping, which helps the company with taxes and increases its

performance (the data can be found quickly). Therefore a country gets right amount revenuesthrough receiving taxes.

Identifying areas where employees can be cross-trained or pick up extra responsibilities to

help reduce the need for extra personnel. Ensuring that employees have efficient time

management skills to ensure the organization is operating to capacity. Reducing onsite or

offsite training costs by using earning orwebinars.

Freezing salaries and/or tying merit increases to true performance through an objective

performance appraisal practice to control the rise of wages. Maintaining effective and

constant employee communication about the status of your organization will keep employees

engaged and averts the decline of employee morale.

Besides HRM is the most Important and vital Factor of Economic Development or it can be

said that humans are the agents of development of national economy. That is most common

side that way HRM contributes on national economy. Some of activities are following:

To Increase in Productivity: The batter education, improved skills, and provision of healthy

atmosphere will result in proper and most efficient use of resources (non-natural & natural)

which will result in increase in economic production.

To Eradication of Social And Economic Backwardness: Human Resource development has

an ample effect on the backwardness economy and society. The provision of education will

increase literacy which will produce skilled Human Resource. Similarly provision of health

facilities will result in healthy Human Resource which will contribute to the national

economic development.

To entrepreneurship increase: Education, clean environment, good health, investment on the

human resource, will all have its positive effects. Job opportunities would be created in the

country. And even business environment will flourish in the state which creates many job

opportunities.

Availability of Competent Manpower: The Primary objectives of HRM are to ensure the

availability of competent and dedicated manpower. The success of any organization depends

upon quality of its people. The quality of people can be improved through proper placement,

training, career development and motivation.

Effective use of manpower: HRM facilitates not only the availability of competent manpower,

but it also ensures effective use of manpower. After selecting employees, they are placed at the

right place of work. Proper placement helps to make effective use of manpower.

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Motivation of Manpower: HRM facilitates motivation of manpower. There is a constant need to

motivate manpower by providing rewards and recognition. HR managers make attempt to devise

the best possible compensation packages to the employees.

Morale of Employees: Morale is a group phenomenon. In any organization, employees need to

work in a group. Therefore, HR managers constantly make efforts to improve employees moraleby; inviting suggestions from group members, providing group incentives. Etc.

Career Development of Employees: HRM facilitates career development of employees. The HR

managers make efforts to create the right environment to develop careers of managers within the

organization.

Competitive Advantage: HRM generates competitive advantages to the organizations. Effective

HRM policies and practices make the manpower competent and dedicated. The performance of

the organization improves due to competent workforce.

Working Relationships: HRM establishes and maintains desirable working relationship among

all the members of the organization. Authority and responsibility of each job is clearly defined by

HRM managers.

Corporate Image: Effective HRM is required to develop and improve corporate image in the

minds of various stakeholders-customers, employees, shareholders and other members of society.

The practices adopted by HR managers have a direct impact on the corporate image of the

organization.

Social Objectives: Nowadays, business firms fulfill their corporate social responsibility. HRM

plays an important role in fulfillment of CSR of the organization. Through effective training and

development, employees are motivated to produce quality goods and services and to take

appropriate measures towards social development including environmental conservations.

National Significance: HRM is also significant from the nations point of view. Dr. W.E Deming

once remarked abundance of natural resources is not a requirement for prosperity. The wealth

of nations depends on its people. Therefore effective management of human resources is

required to speed up the process of economic development of a nation, which in turn would bringpeace and prosperity to the nation.

Conclusion:

In conclusion, the practice of HRM needs to be integrated with the overall strategy to ensure

effective use of people and provide better returns to the organizations in terms of ROI

(Return on Investment) for every rupee or dollar spent on them. Unless the HRM practice is

designed in this way, the firms stand to lose from not utilizing people fully. And this does not

bode well for the success of the organization that may interrupt on the national economy.

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References:

http://www.oasisadvantage.com/hr-cost-savings-in-a-challenging-economy

http://www.studymode.com/essays/Importance-Human-Resource-Development-153820.html

http://wiki.answers.com/Q/What_is_human_resource_management_important

http://www.google.com.bd/#hl=en&output=search&sclient=psy-

O'Brien, Michael (October 8, 2009). "HR's Take on The Office". Human Resource Executive

Online. Archived from [www.hrexecutive.com/HRE/story.jsp?storyId=266686219 the

original] on 18 December 2011. Retrieved 28 December 2011.

^ "Catbert shows tougher side to human resources". Personnel Today. August 30, 2007.

Retrieved 28 December 2011.

^Ulrich, Dave (1996). Human Resource Champions. The next agenda for adding value and

delivering results. Boston, Mass.: Harvard Business School Press. ISBN0-87584-719-6.

OCLC34704904.

^ Towers, David. "Human Resource Management essays". Retrieved 2007-10-17.

^ ab Jonathan E. DeGraff (21 February 2010). "The Changing Environment of Professional

HR Associations". Cornell HR Review. Retrieved 21 December 2011.

^ Wright, Patrick. "The 2011 CHRO Challenge: Building Organizational, Functional, and

Personal Talent". Cornell Center for Advanced Human Resource Studies (CAHRS).

Retrieved 3 September 2011.

^ Conaty, Bill, and Ram Charan (2011).The Talent Masters: Why Smart Leaders Put People

Before Numbers. Crown Publishing Group. ISBN978-0-307-46026-4.

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http://www.oasisadvantage.com/hr-cost-savings-in-a-challenging-economyhttp://www.studymode.com/essays/Importance-Human-Resource-Development-153820.htmlhttp://wiki.answers.com/Q/What_is_human_resource_management_importanthttp://www.google.com.bd/#hl=en&output=search&sclient=psy-http://webcache.googleusercontent.com/search?q=cache:sNpW3rbapH0J:www.hrexecutive.com/HRE/story.jsp%3FstoryId%3D266686219+&cd=1&hl=en&ct=clnk&gl=us&client=firefox-ahttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-7http://www.personneltoday.com/blogs/human-resources-guru/2007/08/catbert-shows-tougher-side-to-human-resources.htmlhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-8http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-8http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/0-87584-719-6http://en.wikipedia.org/wiki/Special:BookSources/0-87584-719-6http://en.wikipedia.org/wiki/OCLChttp://www.worldcat.org/oclc/34704904http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-9http://www.towers.fr/essays/hrm.htmlhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-Assoc_10-0http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-Assoc_10-1http://cornellhrreview.org/2010/02/21/the-changing-environment-of-professional-hr-associations/http://cornellhrreview.org/2010/02/21/the-changing-environment-of-professional-hr-associations/http://en.wikipedia.org/wiki/Cornell_HR_Reviewhttp://en.wikipedia.org/wiki/Cornell_HR_Reviewhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-11http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-11http://www.ilr.cornell.edu/cahrs/upload/2011-CHRO-Survey-Report.pdfhttp://www.ilr.cornell.edu/cahrs/upload/2011-CHRO-Survey-Report.pdfhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-12http://www.amazon.com/dp/0307460266http://www.amazon.com/dp/0307460266http://www.amazon.com/dp/0307460266http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/978-0-307-46026-4http://www.oasisadvantage.com/hr-cost-savings-in-a-challenging-economyhttp://www.studymode.com/essays/Importance-Human-Resource-Development-153820.htmlhttp://wiki.answers.com/Q/What_is_human_resource_management_importanthttp://www.google.com.bd/#hl=en&output=search&sclient=psy-http://webcache.googleusercontent.com/search?q=cache:sNpW3rbapH0J:www.hrexecutive.com/HRE/story.jsp%3FstoryId%3D266686219+&cd=1&hl=en&ct=clnk&gl=us&client=firefox-ahttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-7http://www.personneltoday.com/blogs/human-resources-guru/2007/08/catbert-shows-tougher-side-to-human-resources.htmlhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-8http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/0-87584-719-6http://en.wikipedia.org/wiki/OCLChttp://www.worldcat.org/oclc/34704904http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-9http://www.towers.fr/essays/hrm.htmlhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-Assoc_10-0http://en.wikipedia.org/wiki/Human_resource_management#cite_ref-Assoc_10-1http://cornellhrreview.org/2010/02/21/the-changing-environment-of-professional-hr-associations/http://cornellhrreview.org/2010/02/21/the-changing-environment-of-professional-hr-associations/http://en.wikipedia.org/wiki/Cornell_HR_Reviewhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-11http://www.ilr.cornell.edu/cahrs/upload/2011-CHRO-Survey-Report.pdfhttp://www.ilr.cornell.edu/cahrs/upload/2011-CHRO-Survey-Report.pdfhttp://en.wikipedia.org/wiki/Human_resource_management#cite_ref-12http://www.amazon.com/dp/0307460266http://www.amazon.com/dp/0307460266http://en.wikipedia.org/wiki/International_Standard_Book_Numberhttp://en.wikipedia.org/wiki/Special:BookSources/978-0-307-46026-4

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HRM contributon on national economy purpose on bangladesh