Journal Of Innovative Research Development -Myassignmenthelp.Com

Question: Discuss About The Journal Of Innovative Research Development? Answer: Introduction: The purpose of the report is to draw an insight into professional human resource management (HRM) based on a case study titled Senior managers perceptions of the HRM function during times of strategic organizational change. The context and background of the report is to provide an idea on how professional HRM should practice. Therefore, the report discusses about the importance of HRM in an organization with the changing nature of the work. The report also tries to focus on how HRM ensures aligning the management of people in an organization along with successful implementation of the business strategies. The advice provided to the CEO by the HRM regarding the impact of the automation and technology on the financial sector and how it poses as a challenge for the human resource management also finds a mention in the report. The report tries to analyse the hypothesis as to why the activities of HRM are important for an organization. Importance of HRM in an Organization Human resource management (HRM) refers to the utilization of efforts, capabilities and knowledge at the managerial level that people consider as an authoritative and coordinated human enterprise that is a part of the employment exchange and is responsible for carrying out work related tasks in a manner that enables organizations to continue into future(Sikora and Ferris 2014). The goals of HRM focus on supporting an organization in achieving the objectives through implementation and development of HR strategy with the business strategy. HRM also leads to the development of a culture of higher performance. Human resource managers also make sure that the organization has skilled, engaged and talented people as per their needs (Bal, Kooij and De Jong 2013). They also help in maintaining a positive relationship between the employees and the management thereby leading to prevalence of mutual trust. Thus, given the changing nature of the work, HRM is important in myriad areas of an organiz ation. This ranges from strategic planning to the maintaining the image of the company. HRM undertakes strategic management through improving the bottom line of the company through the application of human capital that affects organizational success. The HRM also performs the function of conducting extensive salary and wage surveys in maintaining the compensation cost at par with the current financial status of the company. The HR managers are important for an organization since they possess the expertise and skills required for negotiating the benefit packages for the employees by remaining consistent with the economic conditions but also the budget of the organization. They can also reduce the cost of the organization in terms of employee hiring, attrition and turnover (Tabiu and Nura 2013). HRM also helps in minimizing the liability and exposure of the organization in relation to the allegations of the unfair practices of the employment through identification and investigation. H RM helps the organization in achieving higher performance along with ensuring higher satisfaction level amongst the workforce by strengthening the employee-employer relationship. Aligning Management of People with Business Strategies HRM can align the management of the people within organizations with successful implementation of business strategies through planning. The creation of viable human resource strategy helps businesses in avoiding any kind of pitfall and ensures planning that helps in improvement of business (Bamberger, Biron and Meshoulam 2014). The leadership of an organization is responsible for setting the tone as to how employees would react to newer systems. If the executives of a company embrace the newly implemented plan and put forward their willingness in utilizing the newer HR strategy, the rest of the people will follow. It is necessary for the HRM to ensure a gradual implementation of strategy so that there is an alignment with managing the people of the organization (Cania 2014). This must be ensured through the addition of a single feature at a particular time for allowing the current employees to get accustomed with the newer ideas. This is followed in realigning and evaluating the comp ensation packages. Instead of introducing newer strategies like newer pay scale, newer hiring process and newer job opportunities all at the same go, it would be more prudent to introduce one at a time. For instance if there is an introduction of the new pay scale in one week, the strategy involving the new process of hiring must be implemented a week later. To ensure effectiveness of HRM strategy it should be measurable. Determination of measurable and specific objectives is necessary for ensuring that the strategy is not only beneficial but also working (Stone and Stone 2013). Impact of Technology and Automation on the Finance Sector The impact of technology and automation has changed the work process in the finance sector. The HRM would therefore try to put forward to the CEO the changes happening as a result of implementation of technology and automation. The emergence of technology has led to the development of the banking software (Sharma, Khandelwal and Rathod 2014). These software applications have not only eased the process of the finance sector but have also made it more reliable. This software has also eased the process of data entry and its retrieval. There has also been the development of core banking system that enables various branches of the bank to get interconnected to a centralized database. Technology and automation has also brought into play the development of Magnetic Ink Character Recognition Code(MICR) cheque processing. This particular technology helps in revolutionizing the process of cheque clearing into a systematic procedure that is not only faster but also efficient. The development of the credit or the debit cards reduced the account holders necessity of visiting to the branch for withdrawing money due to the presence of magnetic recording of data. Internet banking solution has been another boon of technological emergence that has enabled carrying out transactions and inquiries in real time ruling out the need for visiting a branch. The presence of cheque deposit machine, cash deposit machine, automated inquiry machine and passbook printing machine have aided the users with the ease of an automated banking service. The other development that has made the work process of the finance sector easier includes development of online system for cheque truncation, loan processing and mobile banking facilities (Jain 2013). Challenges of the Emerging Technology and Automation on HR The challenges that the emerging technology and automation imposes on the HRM are immense. With the automation of various processes the scope of the HR managers in job enrichment, job engagement and employee training and development are gradually getting narrowed down (Vlter et al. 2013). Nowadays, machines are replacing human capital thereby narrowing the scopes of HRM even in performance appraisals. The increased dependence on technology by corporate also undermines the core principles of HRM that includes employee satisfaction, motivation, 360 degree feedback and psychometric test. The implementation of artificial intelligence in business domain related to finance, IT, marketing and education has further narrowed down the scope of HR. The emergence of technology has even raised the demand for implementation of block chain technology in insurance, finance and financial markets that helps in transforming the traditional practices of accounting and finance domains. This technology en sures transparency in financial disclosures and provides access to timely financial statements. Such automated technology has almost nullified the need of HRM in the mentioned sectors. Should HRM Professionally Practice To achieve a clear strategic focus the HRM must consider them as strategic partners. According to this role, the HRM must ensure the accomplishment and development of the company including the objectives and the business plans (Christopher and Hasanah 2010). In order to become business partners, the HRM should possess thoughts that are similar to the business people, know accounting and finance and remain responsible and accountable for the reduction of the cost and measurement of all HR processes and programs. Moreover, the HRM must prove them to be business savvy. In the 21st century the HRM should play a role beyond the process of recruitment and must therefore act as employee advocate. Hence the HRM should play a vital role in the success of the organization through his knowledge and advocacy about the people. This advocacy implies creation of the work environment where people choose to contribute, be happy and motivated (Ehnert, Harry and Zink 2013). The HRM can ensure this by providing overall strategies for talent management, opportunities for employee development, programs for employee assistance, strategies for profit sharing and gain sharing, interventions for organizational development, implementing approaches for problem solving and employee complaint and opportunities for scheduled communication on a regular basis. The HRM should exhibit credibility by frequently championing change. The ability of successful execution along with proper knowledge makes the HRM professionals extremely valued (Alfes et al., 2013). Knowing the ways of linking the changes to strategic requirements of an organization helps in minimizing the resistance towards change and employee dissatisfaction. The HRM can contribute through constant access of the effectiveness of HR function. However, for promotion of the overall organizational success, the HRM must champion and identify the organizational values, vision, mission, action plans and goals. The HRM is also responsible for determining the measures that will help them to know how well the company is progressing. Conclusion: Thus, to conclude it can be said that HRM should practice professionally provided it implement necessary changes as per the changing times. The report establishes the importance of the HR in the changing times and the challenges faced. The findings of the report create a meaningful insight to the readers to the activity of professional HRM in a changing world. References: Alfes, K., Truss, C., Soane, E.C., Rees, C. and Gatenby, M., 2013. The relationship between line manager behavior, perceived HRM practices, and individual performance: Examining the mediating role of engagement.Human resource management,52(6), pp.839-859. Bal, P.M., Kooij, D.T. and De Jong, S.B., 2013. How do developmental and accommodative HRM enhance employee engagement and commitment? 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