Human Resource Management
Is a formal term for a process an organization undergoes to manage people in order to achieve its goals. Thus the objective of any human resource department is to make sure the company has and retains people with the skills necessary to accomplish the company’s goals (inc.com, 2016).
This department’s responsibilities fall into these major categories:
1. Staffing – making sure the company has the right number of people, right types of skills and qualifications in order to achieve the organization’s goal. To achieve this, Human Resource Management in Alfa Financial must engage in, planning which includes forecasting and matching of labor demands and supplies, job analysis and specifications, recruitment and selection of employees.
2. Human resource development – developing organization’s people to maximize their effectiveness. Accomplished by engaging in organizational development, training as well as performance appraisals. This also handles a number of areas and tasks simultaneously including overseeing specialists in their duties; consult with executives on strategic planning and link a company’s management with its employees. All of these are necessary in order to create employee developments and satisfaction which will result in more productivity.
3. Compensation – this is essential in every organization, as in exchange for their labor, everyone pretty much demands pay. It is the responsibility of human resources department in Alfa Financial to design its compensation system which can include direct financial compensations, such as salary or wage, as well as indirect financial compensations, referred to commonly as benefits like paid vacations, personal leaves and health insurance. Aside from these, Human resources are also concerned with non-financial compensation, such as designing a work environment that is satisfying and healthy for employees.
4. Employee safety, health and labor relations – is another vital responsibility of HRM department. This is often one of the primary points of contact when an employee has work-related issues. Also ensuring that federal health and safety regulations are followed as well as ensuring the employees are trained for their safety and health. The department also kept track of new legislation surrounding laws impacting the organization and employees (Grimsley, 2015) (https://study.com/academy/lesson/human-resource-management-definition-objectives-responsibilities.html)
Human Resource Department’s Different Approaches to Recruitment and Selection in Alfa Financials
Recruitment – Is the process of finding and hiring the best-qualified candidate from a pool of potential candidates possessing the desired skills, knowledge and experience to fill job vacancies against defined position descriptions and specifications in a timely and cost-effective manner (McKinney, 2015) https://study.com/academy/lesson/what-is-recruitment-in-hr-lesson-quiz.html
Recruitment Stages in Human Resources
1. Job analysis – The HR representative reviews and analyzes what they require the new employee to do in the open position. They build a job description, which describes the essential duties of the job, defines and set minimum qualifications and salary range base on its analysis.
2. Advertising – The search begins with networking, advertising, and other search methods in order to find the best applicants who match the job requirements.
3. Screening – This process involves skills and/or personality testing, assessment of the applicant’s motivation and their fit with organizational requirements through the interview process.
4. Finalizing the job offer- The job is then offered to the right candidate that includes compensation package. Once the offer has been accepted by the candidate, begins the onboarding process that covers with the introduction of the new employee to the company and vice versa.
2 main types of RECRUITMENT
Internal Sourcing – Is the practice of advertising a recently vacated or a new position within an organization to existing employees. The department just sends an email to existing employee thus; organization need not spend time on hiring candidates from the outside.