In economic theory, the law of supply and demand is considered one of the fundamental principles governing an economy. It is described as the state where as supply increases the price will tend to drop or vice versa, and as demand increases the price will tend to increase or vice versa. Basically this is a principle that most people intuitively grasp regarding the relationship of goods and services against the demand for those goods and services. When supply and demand are in balance, the economy is said to be in equilibrium between price and quantity. This is a very simple principle but when we examine specific instances of goods and services against a particular demand, we see that this behavior seems to hold true. Let’s examine the supply aspect of this statement. This is the component that provides the goods and services, so effectively this is the element that brings things to “market” for which the consumer or demand side reacts. One of the big items considered on the supply side is the cost of labor. “As wages rise, the supply of goods and services is reduced, because wages are the input price of labor. Labor accounts for about two-thirds of all input costs, and thus wage increases create supply reductions …” (Introduction to Economic Analysis, McAfee).
With this in mind we know that because of that fact each organization is economically competing against the other. In a competitive market, there are a large number of firms, each having a small proportion of the market share and slightly differentiated products. This is where my proposed degree comes in. Human resource management (HRM or simply HR) is the management of an organization’s workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws.
The difference between customers patronizing your business instead of your competition depends on your Human resource management team which involves managing people in an organization. In the last few decades we have seen some drastic changes in the strategies employed by various companies for this purpose. Earlier, it had limited functions which were mainly confined to paperwork related to hiring and payment of the staff in the company. However, now, it is understood that the most valuable resources of any establishment are its employees, as they play a crucial role in accomplishment of the aims and objectives of a business. If the management and staff are not well trained that can: • bring a poor reputation to the business,
• a poor reputation they will have limited to no clientele, • with limited clients the business will not make any revenue, • if the revenue quota is not met that business may possibly face foreclosure • which can in turn cause in some cases hundreds of people to be out of work So we see that an organization is only as strong as its Human Resources Department. My aim in life is to prevent this from happening; I would like to get my degree in Human Resource Management; so I can open up a business consultation Company. The aim of my company would be to act as a liaison to organization’s ensuring that each staff member is properly trained with the necessary tools and skills needed to be the best they can at there required positions. Therefore, the focus of HRM is to deal with the manpower and all the decisions related to it that can have a positive impact on the productivity.
A degree in Human resources will provide me with the tools needed to properly train employees as well as job seekers on proper interview as well as job etiquette. This will in turn provide up and coming Bahamian professional career seekers with skills essential to be successful in the Bahamian corporate world. The more thriving Bahamians we have, the more businesses can be created which provides more jobs which can in return bring increasing wealth to the economy. An organization cannot build a good team of working professionals without having a great human resource department. The key functions of the HRM team include recruiting people, training them, performance appraisals, motivating employees as well as workplace communication, workplace safety, and much more.
The beneficial effects of these functions are discussed here: Recruitment and Training
One of the major responsibilities of the human resource team is ensuring that all management and staff are selected by the highest standards and training efficiently. The HR managers come up with plans and strategies for hiring the right kind of people. They design the criteria which is best suited for a specific job description. The tasks related to recruitment include formulating the obligations of an employee and the scope of tasks assigned to him or her. Based on these two factors, the contract of an employee with the company is prepared. When needed, they also provide training to the employees according to the requirements of the organization. Thus, the staff members get the opportunity to sharpen their existing skills or develop specialized skills. On the job training ensures that present workers stay on jobs longer. In a recessional society such as in The Bahamas we have limited supply of jobs but a great Human resource manager and HR department can make certain that each worker’s job productivity level stays high.
HRM encourages the people working in an organization, to work according to their potential and gives them suggestions that can help them to bring about improvement in it. The team communicates with the staff individually from time to time and provides all the necessary information regarding their performances and also defines their respective roles. This is beneficial as it enables ambitious Bahamians to form an outline of their anticipated goals in much clearer terms and thereby, helps them execute the goals with their best possible efforts. Performance appraisals, when taken on a regular basis, motivate the employees to go above and beyond their call of duties. With a degree in human resource management and a consultation business, I would hope to work closely with government and private organizations to do yearly performance appraisals to ensure the best possibly results out of each employee which would benefit the company.
Maintaining Work Atmosphere
This is a vital aspect of HRM because the performance of an individual in an organization is largely driven by the work atmosphere or work culture that prevails at the workplace. A good working condition is one of the benefits that the employees can expect from an efficient human resource team. A safe, clean and healthy environment can bring out the best in an employee. A congenial atmosphere gives the staff member’s job satisfaction as well. A good working condition increases employee morale which is what a great HR dept wants. The Bahamian economy is so unstable right now that no company wants to have a situation where employees quit or give a bad impression to possible customers about the organization. This can result in poor publicity and give the company a terrible impression to the public. This is why having more Bahamians who specialize in human resource management is so important.
In an organization, there are several issues on which disputes may arise between the employees and the employers. This is a huge problem in the Bahamas were conflict resolution is not something that is taught in the Bahamian education system. You can say conflicts are almost inevitable. In such a scenario, it is the human resource department which acts as a consultant and mediator to sort out those issues in an effective manner. They first hear the grievances of the employees. Then they come up with suitable solutions to sort them out. In other words, they take timely action and prevent things from going out of hands. One of the worst possible things that can happen in an organization is having an outburst between the staff in front of customers; if you cannot run your own staffs how can you operate a successful business. This is why a human resource management degree is so important to have in the Bahamas.
Developing Public Relations
The responsibility of establishing good public relations lies with the HRM to a great extent. They organize business meetings, seminars and various official gatherings on behalf of the company in order to build up relationships with other business sectors. Sometimes, the HR department plays an active role in preparing the business and marketing plans for the organization too. The HR dept takes some of the strain off of managers and C.E.O’s so that they can be involved more with running the company instead of organizing seminars etc. Time is money and in the Bahamas we have limited resources so we don’t have the time to waste. So the HR dept will be responsible for the day to day activities that involve all employees. Any organization, without a proper setup for HRM is bound to suffer from serious problems while managing its regular activities. For this reason, today, companies give a lot of stress for setting up of a strong and effective HRM. The goal of HRM is to maximize the productivity of an organization by optimizing the effectiveness of its employees while simultaneously improving the work life of employees and treating employees as valuable resources.
Consequently, HRM encompasses efforts to promote personal development, employee satisfaction, and compliance with employment-related laws. To achieve equilibrium between employer and employee goals and needs, HRM departments focus on these three general functions or activities: planning, implementation, and evaluation. The planning function refers to the development of human resource policies and regulations. Human resource managers attempt to determine future HRM activities and plan for the implementation of HRM procedures to help companies realize their goals. Implementation of HRM plans involves four primary activities: acquisition, development, compensation, and maintenance. Acquisition entails the hiring of workers most likely to help a company attain its goals. The development function encompasses the training of workers to perform their tasks in accordance with company strategy.
This activity also involves company efforts to control and change employee behavior via appraisals, incentives, and discipline. Compensation covers the payment of employees for their services. Maintenance requires structuring labor relations—the interaction between a company’s management and its unionized employees. Finally, the evaluation function includes the assessment of a company’s HRM policies to determine whether they are effective. It is so important for the Bahamas to have more human resource managers and a properly trained human resources department; with this each company will be able to select, train, assess, and reward employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. This will then increase employee morale, increase productivity which increases revenue. When revenue increases employees are giving great salary, promotion and bonuses.
This increase allows employees to now be financially dependent and they can branch out, start their own business which provides more job’s for unemployed Bahamians. In conclusion it is remotely impossible for any medium to large scaled company to operate successfully without controlling the most important aspect of the organization which is the staff. A degree in human resource management will allow myself as well as many other aspiring Bahamians (with your help) to ensure that each organization in the Bahamas can have honest, dedicated staff with proper work ethics. The heart of a company is only as strong as the staff.
Courtney from Study Moose
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