Compensation and Benefits
Compensation and rewards are other HR fundamentals. Equal pay is important for motivating and retaining workers.
Primary compensation and secondary compensation are two forms of compensation. Primary compensation refers to money that is specifically compensated for jobs, such as a monthly wage or performance-based pay.
Both non-monetary incentives are considered secondary benefits. Extra sick time, flexible working hours, daycare, pensions, a company car and laptop, and other perks are all possible.
The aim is to inspire people by rewarding them in ways that motivate them.
The HR department’s talent acquisition unit has a lot of duties. What used to be independent branches of the department have been combined into one. Recruiting, recruiting, assisting, and retaining staff are all duties of the talent management team. Recruiters play a vital role in the growth of every company’s workforce.
They’re in charge of posting job openings on job boards, recruiting applicants through job fairs and social media, acting as the first point of contact for screening candidates, performing initial interviews, and working with the hiring manager who makes the final decision.
Recruitment & selection
The most noticeable aspects of HR are undoubtedly recruiting and selection. Isn’t it true that we all recall our first job interview?
The main HR obligation is to hire applicants and pick the best ones to come work for the company. People are the organization’s lifeblood, and finding the right match is a critical mission.
When a new job is created or an existing job becomes available, a request for new hires is normally made. After that, the direct manager sends the job description to HR, who then begins the process of hiring candidates. HR may use a variety of screening tools in this process to find the right person for the job. Interviews, multiple tests, reference reviews, and other recruitment approaches are among them.
Performance management becomes critical once workers are on board. The second HR fundamental is performance management. It includes assisting people in enhancing their job efficiency.
Employees typically have a given set of duties that they must fulfill. Performance management is a framework that allows workers to receive input on their work in order to improve their performance.
Formal one-on-one performance assessments, 360-degree feedback instruments that provide peer, customer, and other partnership evaluations, and more informal feedback are examples.
In most cases, businesses follow an annual performance management cycle that includes planning, tracking, assessing, and rewarding employee performance. Employees may be classified as high vs. low performers and high vs. low potentials as a result of this procedure.
Effective performance management is a collaborative endeavor between HR and management, with the direct manager taking the lead and HR providing support. Employees who regularly underperform may not be a good match for the business and/or society, and may need to be let go.
Of course, any organization needs to have a healthy working atmosphere for its workers, and the Occupational Safety and Health Act of 1970 (OSHA) explicitly allows companies to do so. The development and support of safety training, as well as the keeping of federally required records in the event of workplace injuries or deaths, is a major focus basic for HR. In addition, to handle the company’s Workers Compensation filings, this department often collaborates with benefits specialists.
Any HR department’s compliance programmer is important. Employment and labor legislation can be complicated, so having a team dedicated to keeping up with this ever-changing environment is critical to keeping businesses out of trouble with federal, state, and local laws. When a company is out of compliance, candidates and workers can file lawsuits alleging unfair hiring and employment practices, as well as unsafe working conditions.
The 6 Human Resource Management Fundamentals are now in your hands. The Human Resources job is complex and covers a wide variety of subjects. However, you should have a good understanding of the fundamentals after reading this post.
When it comes to HR, there is still a lot to remember. Check out our posts on HR best practices, talent management, employee experience, and HR creativity for more advanced HR reading. These are some of the most famous posts on our site.