A STUDY ON FORMULATION AND EXECUTION OF HR POLICIES TO ENSURE CONSISTENCY, FAIRNESS, AND COMPLIANCE ACROSS ALL ASPECTS OF EMPLOYEE MANAGEMENT

Abstract

Human Resource is a very important input in the production matrix.. Other seven inputs include materials, money, time, energy, knowledge, information and infrastructure. These inputs are transformed by the process to get the output with feedback and control. It is also an input of the Leontief?s model. In this model, there are three elements, namely; inputs, transform and output,all of which need human resource to galvanize them to be productive. Management involves the design and provision of an environment within groups and organizations so that the individuals and the groups and organizations can achieve their objectives by utilizing both human and material resources. Human resource management is one of the functional areas of management. The others are finance, marketing, production, research and development and innovation. Human resource management consists of personnel management, industrial relations management and employee welfare management. So the early founders of production management are also the founders of human resource management such are Rountria, Robert Owen, and Henry Fayol. Today, most organizations prefer to use the term human resource management to designate such funsctions as recruitment, section, placement, induction, orientation, training and development, wage administration and motivation. Today, human resource management has become very important as a tool for organizational success. For an organization to succeed, it has to first of all breakeven, when total revenue equals total cost and even to have units produce beyond breakeven point as well as survive and still perform well. To perform well, it has to achieve its objectives and goals. It has to satisfy the demands of stakeholders and staff and the regulatory authorities. It is against this background that this study undertakes a theoretical review of human resource management as a tool for organizational success.