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Human Resource Management (HRM) is a strategic and comprehensive approach to managing people within an organisation. It involves recruiting, hiring, training, evaluating, and rewarding employees to maximise their performance and align with the organisation’s goals. HRM also ensures compliance with labour laws, fosters a positive workplace culture, and supports employee development and well-being. By managing workforce planning, performance, compensation, and employee relations, HRM plays a vital role in organisational success. In today’s dynamic business environment, HRM is increasingly data-driven and aligned with long-term strategic planning, making it an essential function in both large corporations and small enterprises.
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Self-Instructional Material 31
4.2.5 Advantages of HR Policies
HR policies are set up by the management to achieve the following advantages:
4.2.6 Principles of HR Policies
HR policies are based on the following principles:
Human Resource Policy
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The dictionary meaning of ‘policy’ is a ‘plan of action’. Policy is a predetermined and accepted course of thoughts and actions established as a guide towards accepted goals and objectives. Policies are the statements of the organization’s overall purpose and its objectives in the various areas with which its operations are concerned.