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University: UK College of Business and Computing
Human Capital Management refers to that process in which company manages their employees to contribute significantly in overall production. It is a path which involves acquiring, training, managing and retaining employees so that they can work efficiently. In human capital management, company treats all its employees as an important resource which helps to increase the productivity of company. Leadership quality is also important for an organization along with the human capital management. It is an activity of leading a group of people or an organization. A good leadership involves qualities like having a clear vision and sharing that vision with his team to achieve it. Coordinating and balancing the equilibrium in between different team members. A good leader always tries to motivate and inspire people. This report will discuss about the different functions of Human Resource Management and the way it is important for organization. It will also emphasize on different classical theories of motivation and the way to propose a hybrid theory. All these factors will be studied in this report to understand the detailed functions of HR department.
According to Antonakis, J. and Day, D.V. eds. (2017) Human Resource Management (HRM) is one of the most important element of any organization, whether it is small or large. HRM is usually a process which involves recruiting people, training and compensating them, developing policies related to them and developing strategies to retain them. There are many duties and functions which HRM department operates like :
Toyota Motor corporation is one of the successful companies in automobile industry. It is all because the HR department of Toyota company is doing their job right and effectively. As HR is the main reason for high profits or low profits in any corporation, its very important to deliver dedicated service towards their organization. The Human Resource Department of Toyota Motor Corporation should implement following factors into consideration to increase their sales, performance and managing skills:
According to Brewster, C. (2017) there are different approaches which the Toyota's Human Resource Management team can apply to their system. For example, they can opt for different recruiting agencies which will help them to save their valuable time. This will ensure that they are providing skilled employee for the organization. So that, they don't have to waste their time in giving training to them. By applying different workplace policies, it will ensure fairness and continuity of work within the organization. Some policies which can be applied by the HR department are- discipline process policy, dress code, ethics policy and internet usage policy, etc. Along with policies, there are different laws also which the Toyota company has to follow and do work according to them. Human resource of Toyota Motor Corporation should be aware of all the laws and regulation which can affect the workplace. These laws include, discrimination laws, health-care related issues, work safety laws and labor laws. All these laws are regularly changing, so Toyota company should be aware of all these changes happening in the law. HR should have a good leadership quality to manage its team and work efficiently. This will help to increase their sales as well as production.
As per Cascio, W. (2018) Strategic human resource management is a process involving recruitment and selection of employees, help the business achieve profit and success. Strategic management starts with identifying the needs of the company as they will contribute in the current and future demands of Toyota Motors. After recognizing the demands and need, the HR should provide all the requirements as soon as possible to complete the task in time. Strategic human resource management is continuously developing and it is important that Toyota has a good knowledge of it, as it is a complex process. The strategic HR planning includes processes like, assessing current HR capacity, forecasting HR requirements, gap analysis and developing HR strategies that supports company's overall performance. These strategies are described below:
According to Goleman, D. (2017). There is one more option which can be opted by the Toyota Motor Corporation is by posting job vacancies. The purpose of these vacancies is to grab the attention of all the interested candidates who are willing to work with them. Selecting the right candidate requires by identifying their specific skills, knowledge and qualities which company is desiring in an employee. Marchington, M. et-al. (2016) Indicate that the competencies, skills, motivation and social interaction of the employeeâs of an organization are increasingly being seen as critical sources of competitive advantage.
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Human Resource Development (HRD) is the process used to help employees develop their skills, knowledge and abilities. It is one of the most significant opportunity which an employee can seek. This helps to continue develop their ability and motivates them to work. There are so many functions which are included in the HRD department like, employee training, their career development, performance management of company, etc. According to Mayo, A. (2016) Bringing some change in the HR process and management can help them to build a better team, these changes can be done in many ways like,
In Recruitment process: Lean manufacturing strategy has become a standard of selection process. This is done to decrease or reduce the unwanted cost occurred during the production process and recruiting those candidates which has some unique technological knowledge towards their work. Employees should be socially communicating. This will help in interacting with the customer. They should be always enthusiastic and are always ready to try new things and techniques. Should be consistent indecision-making if required. Flexibility should be there so that employees can work for the whole company and not only for a part of it. Toyota should have to be very strict in the process of recruiting candidates for example, if they are holding an interview of a candidate, then they should make sure that they check its ability, techniques and characteristics into consideration.
More to Read:Â
Human Resource Management BTEC Level 5
M/508/0494 - Effectiveness Of Crucial Elements Of HRM In Aldi
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