Human Resource Management: An Employment Review
Scott J. Doyscher
University of Minnesota Crookston
As an alternative to my initially desired job search in Real Estate/Portfolio Management, I have always been curious about Human Resource Management as a possible alternative career path. Given the task of researching employment prospects for the next three, five, and ten years- I felt that I could do more than that in this paper. My finished product is a cursory overview of some of the roles and functions of Human Resource Management. I cover challenges in the industry/role, trends in the Human Resource segment of the employer market, and finally give a review of job ...view middle of the document...
One unfortunate but real fact is that some firms’ approach to trimming overhead is to eliminate the longer tenured staff members, who typically garner higher wages/salaries, in attempts to cut cost. Leadership (especially middle management or front line supervisors) bear the brunt of these cutbacks, as consolidation of departments and reassignment/splitting of duties are introduced to thereby eliminate the need for their position.
This creates an interesting and challenging void for HRM to address in the organization- how do you re-develop leadership into teams, while minimizing stress levels and financial impact? I mean, when you consider the challenge of the investment (time, resources, and money) vs. the return, some firms just really are not prepared to spend a large amount of any resource to develop within.
Forbes Magazine lists this as the number 1 “great challenge” for leadership and HR as we move forward out of the fiscal struggles and hopefully re-growth and re-expansion. You have to be able to identify those individuals in your firm that are worth the large investment- make that investment- and leverage the rewards. Forbes states “Real leadership training involves exposing your best employees to an immersive leadership environment e.g. Harvard’s Executive Education Program or similar programs offered by MIT, the Kellogg School of Management, Wharton and other top universities. It’s a big investment, but it’s a form of long-term planning: build the best team you can, then invest to make them better. Your people will recognize the investment in them, and both the business and the individual will reap the rewards.”
Identifying this challenge, seeking it out, and meeting it head on will not only strengthen your workforce by enriching individuals with better training and new tasks. It will most assuredly provide the rest of your team with the understanding that you value them and are as equally vested in their success as they are. The loyalty built in this relationship facilitates elongated employment tenures and positive recruiting/employee referral programs that save costs in the long term.
Challenge #2- Retaining and Rewarding the Best Employees
Falling hand in hand with the first challenge, attention must be drawn to employee retention and rewards. Many individuals think that these two, symbiotic challenges are monetarily driven. While cash compensation is one method taken, it is not the only way that HRM can utilize to retain or reward employees- but it should be a focus.
Researching this further, I find another list pressing this concern to the top of their challenges facing HR Executives, to be seconded by my first challenge. Supporting this, I found a great graphical representation of the list compiled by the Society for Human Resource Management. I’ve included it for review as Ex. 1 on the next page.
Figure 1.1- Challenges Facing HR Executives*
*Survey taken from the Society for Human Resource...