Human resources planning is the systematical process of forecasting both the future demand for and supply of employees and defining the required knowledge and abilities needed in the field. At times even with the most accurate information, managing our human capital and protecting out talent has become a challenge. Dramatic shifts in the composition of the labor force require that managers become more involved in planning, since such changes affect the full range of HR practices (such as employee recruitment, selection, training, compensation, and motivation) (Bohlander & Snell, 2007). Not only has managing the talent been a significant challenge so has following all legal compliance. Rules and regulations have to follow to avoid losing employees.
Human Capital/Talent Management
Managing talent is the most important HR challenge facing organizations across the world today. As an organization addressing the talent management/human capital is important in all the regains of the industry (Eyre, 2008). The shifts in the world economy are playing a role in workforce trend, making it difficult to retain all human capital. To ensure growth potential during a bad economy the organization needs to focus on strengthening key relationships, capitalizing on underutilized staff, clarifying strategic roles and forging stronger links between compensation and results (Mello, 2005). Strengthening the employer-employee relationship is an important goal for human resources departments in any organization.
Compliance and regulation
The human resources issues are very complex when it has to do with a complex work industry. Compliance with regulations is one the biggest problems occurring in workplaces. This happens more often in small companies than larger because of the turnover in employees in smaller companies. It is a bigger problem with a newly formed enterprise or company due to the lack of experience. This may be caused by the lack of training the employees receive during the entering of the position.
Potential implications as lawsuits, fines from state or federal court can lead to a financial burden to the company. A way to minimize the risk is by keeping up with all state and federal laws that might affect the industry. Better training to all new and current employees in safe and procedures (Mello, 2005). The expertise of the human resources staff is one that is a company’s most valuable resources, and thus, the executive leadership team is better prepared to handle company-wide challenges knowing that a competent human resources leader. A successful organization needs to become adaptable are to be able to change direction.
Bohlander, G., & Snell, S. (2007). Managing Human Resource, Fourteenth Edition. Mason, OH: Thomson South-Western. Eyre, E. (2008). Managing Talent is top global HRM challenge. Training Journal, 10. Mello, J. A. (2005). Strategic Human resource Management 2nd Edition. Mason, Ohio: Cengage Learning.