Question

Discuss the significance of human resource accounting in a modern business world. Explain the major elements that constitute in the hra?

Answer 1

Human Resource Management (HRM)?This is a function within an organisation concentrated on recruiting, managing and directing people who work in it. Human Resource Management deals with issues related to compensation, performance management, organisation development, safety, wellness, benefits, employee motivation, training and others. HRM plays a strategic role in managing people and the workplace cultureand environment. If effective, it can contribute greatly to the overall company direction and the accomplishment of its goals and objectives.The New Role in Human Resource ManagementMore and more companies seek the outsourcing services of HR recruitment companies. The focus on HRM is now moved to the strategic utilisation of employees and the measurable impact of employee programs over business. Nowadays successful companies need to be adaptive, resilient, customer-centred and quick to change direction. Within such an environment the effectiveness ofHRM is crucial to business success. HR professionals establish systems for performance development, career succession planning and employee development. This keeps people motivated, happy, personally engaged and contributing to company success. Furthermore the HR professional helps the development of organisational culture and climate in which employees have the competency,concern and commitment to serve customers well.