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Human Resources

The initial cost of training a new graduate is estimated at approximately $40 000 per year. Therefore, if a new employee quits in the first few years, the company experiences a considerable net loss.

It is very important to have good level of HRM.

Human resource management is very important in powerful firms, usually HRM manager is a board member. For instance, in Swatch group president of the board is the HRM manager. That means that HRM is well recognized in modern companies. HRM is the future and moto of HRM is: When worker is talking, manager listens!

Another way to put this is that the human resource management needs to provide a high return on the business’s investment in its people. This makes it a highly complex function – because it deals with not just management issues but human ones as well.

Human resources are responsible for tying incentives and rewards to certain positions and roles in order to maximize performance levels. This is a strategic thinking task because it affects every single person in the organization and has to be planned separately for each position, depending on level, department and goals. Some jobs need to be more goal driven, such as sales so salary can be basic but commission can form the bulk of the remuneration, leading to more incentive to work effectively and close sales. Some firms tie top management’s salary to stock price but this can be risky. It is up to human resources to structure this important aspect to everyone’s satisfaction.