Significance of Human Resource Management

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In today’s highly competitive scenario, no degree or education is enough to guarantee you a successful career. However, we still leave no stone unturned in our endeavour to excel in every possible way we can. Master of Business Administration (MBA) is one of the highly coveted degrees that most of the young brigade tends to pursue. Finance, Marketing, Operations, International Business, Information Technology, to name a few, are certain specializations that are being done in management. Human Resource Management is one of them. It is the process of recruiting and developing the employees according to the needs of the organization.

Human Resource Management (HRM) is a function that involves in the process of hiring of the workforce, providing development & training, maintaining workforce regulation, assessment of their performance, providing compensation & benefits, motivating, relation with labour, health, welfare and safety assessment.MBA in HRM allows you to develop the general management skills in the first year and impart learning about human resource practices in the second year of the course.

If you also are planning to pursue MBA in HRM, then be prepared to be taught about social, cultural and economic factors which influence relations of employees. The specialized fields in this course are Motivation, Labour Legislation, Training and Development, Compensation and Benefits, Labour Relations, Retention, Industrial Relations, Recruitment and Selection, and Labour Welfare and Social Security.

Human Resource is an indispensable part of any organization for its existence. Thus it leads to various job opportunities in the field of human resource management. Each and every industry needs to hire HR administrator to settle and handle the activities pertaining to hiring of employees, their benefits, remuneration, training, skill development, maintaining the work performance of the employees and ensuring that all work is done in accordance with the objectives of the company.

HR Generalist, Technical Recruiter, Employee Relations Manager, Director of HR Training and Development, Staffing Director, Compensation Manager, Employee or Placement Manager, and Organizational Development and Consultant Change are discrete jobs you can be entitled to if you are an HRM degree holder. IBSAR is one of the best business schools which offers MBA in various disciplines.

 

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3 important traits of a successful H.R Consultant

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It is not tough for an individual to enter into the Human Resource (H.R) industry without having any prior experience. Even freshers can seek a decent job as H.R consultants just after completing their MBA but there are a few important personality traits and habits that must be inculcated by a person in order to excel in this particular field. Experts from IBSAR list down a few skills you would need to make your own mark in the highly competitive world of the H.R consultants. Read on to know about these traits in detail:

Systematic Way: All the H.R Consultants should possess the ability to work in an organised manner. The work should be so systematic that there should not be any sort of confusions because a lot of things depend on the work of an H.R consultant. H.R consultants need to do a number of tasks in a day so doing the work in an orderly manner would ensure hassle free working.

Outstanding Communication: H.R consultants are required to deal with a number of people on daily basis, so they must have extremely strong communication skills in order to convey their thoughts and ideas in a clear and accurate way. They must be proficient in verbal as well as written communication in order to perform to the best of their abilitie

Listening Skills: An efficient consultant pays proper attention to the clients and listen to them very in order to fully understand what they are trying to convey. It is also important to have a high degree of patience because an H.R needs to answer a lot many queries throughout the day.

Significance of Financial Management

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As we probably are aware that finance is the backbone of each business and its management obliges with special consideration. Financial Management is concerned with the arranging, obtaining and controlling of the finance and the financial resources of an organization.

In the current economical situation, financial management can be characterized as the procurement of finance at the time when it is needed by the organization to fulfill the requirement of financial business operations. This modern financial management also lays emphasis on proficient allotment and productive utilization of money by giving adequate attention for the management of capital.

Here some of the advantages of financial management:

  • Financial Management ensures the continuous supply of required capital to the firm and also makes certain that these funds are properly utilized. The team of finance department firstly estimates the upcoming requirements of capital for both short term and long term. Once the budget is finalized for every department of the company, then the requirement of the finance is being fulfilled for each and every department. Financial management deals in all these departments and overall requirement of the organization.

  • Financial management is responsible for making arrangement of funds or is responsible for raising funds from different sources available in the market like financial institution, public deposits, banks, shareholder funds etc. While doing this it is also responsible to analyze various factors related to raising funds like dilution of ownership, rate of interest to be charged, conditions to be fulfilled etc.

  • The growth and development of an organization depends of its financial wealth. Financial Management maintains the balance between the liquidity and profitability of capital as well as safety of the same as well.

There are lots of skills required to understand and coordinate the activities of financial sector with other departments. A professional degree of MBA in Finance from Institute of Business Studies and Research will prepare you to be an innovative leader in this sector.

MBA in Human Resource Management (HRM)

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While choosing the desired specialization while pursuing MBA degree might be a mystified task as every specialization has its advantages as well as drawbacks. But while selecting the right specialization the roles involved in the desired specialty should be thoroughly studied.
Human Resource Management (HRM) is one of the interests which MBA students prefer. It is the function within an organization that focuses on recruitment, management, and providing direction for the people who work in the organization and can also be performed by Human Resource managers.
A professional in the Human Resource Management has to deal with issues related to employees such as compensation, hiring, performance management, organization development, safety, wellness, benefits, communication, employee motivation administration and training.
Human Resource Management is also a strategic and comprehensive approach to managing people and the workplace culture and environment. Effective HRM enables employees to contribute effectively and productively to the overall company direction and the accomplishment of the organization’s goals and objectives.
HRM is moving away from traditional personnel,administration and transnational roles, which are increasingly outsourced.It is now expected to add value to the strategic utilization of employees and that employee programs impact the business in measurable ways.The new role of  Human Resource Management Personnel involves strategic direction and HRM metrics and measurements to demonstrate value.
MBA in HRM enables an individual to pursue a career in HR or Personnel management. MBA HR is undoubtedly one of the most effective ways for establishing successful career in HR departments of reputed companies.It offers a perfect blend of high-quality core curriculum with a specialization curriculum.Further, the course content of MBA programme in HR is constantly updated in order to meet the requirements of today`s competitive global marketplace.