INDEX

SR.NO CONTENT PG.NO

OBJECTIVE OF THE

1 STUDY

INTRODUCTION

3 FACTORS

AFFECTING

EXCHANGE RATE

4 EXPECTATION OF

THE FOREIGN

EXCHANGE

MARKET

5 FACTORS TO

OVERCOME THE

RISK
 6 ABOUT

DERIVATIVES

CONCLUSION

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 HUMAN
RESOURCE
MANAGEMEN
T

INTRODUCTION

Human Resource Management is An Art for Businesses, Science for

Corporations, and a Subject for Others....

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Human Resource Management (HRM) act as a catalyst for overall

development of nations economy. HRM is a way of management that links

people-related activities to the strategy of a business or organisation. HRM

is often referred to as "strategic HRM". It has several goals:

To meet the needs of the business and management (rather than just serve

the interests of employees);

To link human resource strategies / policies to the business goals and

objectives;

To find ways for human resources to "add value" to a business;

To help a business gain the commitment of employees to itsvalues, goals

and objectives.It is an approach to the management of people in

anorganization. Organizations are made up of people i. e employeesand

function through them. It is the human resource which bringssuccess and

prosperity to a business enterprise. Human ResourceManagement also

called Personnel Management, deals with various problems relating to

manpower employed. Such problems includepersonal planning, recruitment and

selection, induction,performance appraisal, employee training and

development,promotions and transfer of employees, compensation

payment,career planning and participative management. The person wholooks

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after personnel functions/ problems is calledPersonnel/Human Resource

Manager. HRM is relatively a new termfor what was earlier called as personnel

management. The termHRM got popularity in the USA by 1970s. This is a

managementfunction which helps managers to plan, recruit, select, train,develop,

remunerate and maintain members for an organization.HRM is the latest

nomenclature use to denote personnelmanagement. The policies of management

relating to personnelmatters/problems are called policies.Human

ResourceManagement in a Business Context provides an international focuson

the theory and practice of people management. A thorough andcomprehensive

overview of all the key aspects of HRM, includingcase studies, articles from

HRM Guide and other sources, keyconcepts, review questions and problems for

discussion andanalysis.

An important part of HRM is the Human Resources Plan. Thepurpose of

this plan is to analyse the strategic requirements of thebusiness in terms of

manpower - and then to find a way of meeting the required demand for

labour. This is the subject of aseparate revision note.Human Resource

Management, in the sense of getting thingsdone through people. It's an

essential part of every manager'sresponsibilities, but many organizations

find it advantageous toestablish a specialist division to provide an expert

service dedicated to ensuring that the human resource function

isperformed efficiently."People are our most valuable asset" is a clich

which nomember of any senior management team would disagree with.

Yet,the reality for many organizations is that their people remain

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 under valued

under trained

under utilized

poorly motivated, and consequently

perform well below their true capabilityThe rate of change facing

organizations has never been greaterand organizations must absorb and

manage change at a muchfaster rate than in the past. In order to implement

a successfulbusiness strategy to face this challenge, organizations, large

orsmall, must ensure that they have the right people capable of delivering the

strategy.The market place for talented, skilled people is competitive

andexpensive. Taking on new staff can be disruptive to existingemployees.

Also, it takes time to develop 'cultural awareness',product/ process/

organization knowledge and experience for newstaff members.

As organizations vary in size, aims, functions, complexity, construction,

the physical nature of the product, and appeal as employeers, so do the

contribution of human resource management. But at most the ultimate aim

of the function is to:

Ensure that at all times the business id correctly staffed by the right

number of people with the skills relevant to the businessneeds, i.e. neither

overstaffed nor understaffed In total or except of any one discipline or

work grade.

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DEFINITION OF HUMAN RESOURCE MANAGEMENT

According to Edwin Flippo:

Human resource management is the planning, organizing, directing,

controlling of the procurement, development, compensation, integration,

maintenance and separation of human resource to the end of that

individual, organizational and social objectives are accomplished.

Features of HRM (HUMAN RESOURCE MANAGEMENT)

1. Organizational management
2. Personal administration
3. Manpower management
4. Industrial management

But these traditional expressions are becoming less common forthe

theoretical discipline. Sometimes even employee andindustrialrelationsare

confusingly listed as synonyms, although thesenormally refer to the

relationship between management andworkers and the behavior of workers

in companies.The theoretical discipline is based primarily on the

assumptionthat employees are individuals with varying goals and needs,

andas such should not be thought of as basic business resources, suchas

trucks and filing cabinets. The field takes a positive view of workers,

assuming that virtually all wish to contribute to theenterprise productively,

and that the main obstacles to theirendeavors are lack of knowledge,

insufficient training, and failuresof process.HRM is seen by practitioners

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in the field as a more innovativeview of workplace management than the

traditional approach. Itstechniques force the managers of an enterprise to

express theirgoals with specificity so that they can be understood

andundertaken by the workforce and to provide the resources neededfor

them to successfully accomplish their assignments. As such,HRM

techniques, when properly practiced, are expressive of thegoals and

operating practices of the enterprise overall. HRM is alsoseen by many to

have a key role in risk reduction withinorganizations.

OBJECTIVES OF HUMAN RESOURCES MANAGEMENT

Objectives are pre determined goals to which individual or group activity

in an organization is directed. Objectives of personal management is are

influenced by the organixational objectives and individuals and social

goals. Institutions are instituted to attain certain specific objectives. The

objective of the economic institution are mostly to earn profits and of the

eductational institution is to impart eductionor to conduct research so on

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and so forth. However the fundamental objective of any organisation is

survival. Organization are not satisfied with this goals. Further the goal of

most of the organisation is growth and profit.

Institutions procure and manage various resources including human to

attain the specific objectives. Thus human resources are managed to divert

and utilize their resource towards and for the accomplishment of

organizational objective. Therefore the objective of HRM are drawn from

and to contribute to the accomplishemntof organizational objectives. The

other objectiveof the organistion is to fulfil the needaspiration values and

dignityof individual employees and having due concern for the socio

economic problems of the community and the country.

Theobjective of HRM are as follows

To create and utilize an able and motivatedwork force to accomplish the

basic organisational goals.

To establish and maintain sound organisational structure and desirable

working relationships among all the members of theorganization.

3. To secure the integration of individual or groups within theorganization

by co-ordination of the individual and group goalswith those of the

organization.

4. To create facilities and opportunities for individual or

groupdevelopment so as to match it with the growth of the organization.

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5. To attain an effective utilization of human resources in theachievement

of organizational goals.

6. To identify and satisfy individual and group needs by providingadequate

and equitable wages, incentives, employee benefits andsocial security and

measures for challenging work, prestige,recognition, security, status.

7. To maintain high employees morale and sound human relationsby

sustaining and improving the various conditions and facilities.

8. To strengthen and appreciate the human assets continuously byproviding

training and development programs.

9. To consider and contribute to the minimization of socio-economic evils

such as unemployment, under-employment,inequalities in the distribution

of income and wealth and toimprove the welfare of the society by

providing employmentopportunities to women and disadvantaged sections

of the society.

10. To provide an opportunity for expression and voicemanagement.

11. To provide fair acceptable and efficient leadership

12. To provide facilities and conditions of work and creation of certain god

work and of favourable working atmosphere for maintaining stability of

employment.

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