For any organisation to work, a number of stakeholders have to pool their efforts. Terry & Franklin (1994) define management as ‘a distinct process consisting of activities of planning, organizing, actuating and controlling performed to determine and accomplish stated objectives with the use of human beings and other resources’. Similarly, Worthington and Cumberpatch (2006) defined management as; ‘The roles fulfilled by individuals who manage the organisation’ and ‘A process which enables an organisation to achieve its objectives’.
Management, therefore, involves a coordinated approach taking care of all the factors affecting the business operations.
HRM itself is the new avatar of ‘Personnel Management’. Personnel management was largely concerned with the technical aspects of hiring, evaluating, training, and compensating employees. HRM, on the other hand, leaves scope for career building of the employee, development of a professional relationship and the satisfaction aspect. It is no more a mere "staff" function in the organizationsMulti-National Companies, in particular, take good care of their employees or, that is the kind of impression they wish to circulate around. .
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