Final answer:
The HRM function is increasingly focusing on employee retention and enhanced hiring practices to reduce turnover and bias, and it is investing in human capital through continuous training and fostering team-based structures.
Step-by-step explanation:
The Human Resource Management (HRM) function is increasingly dedicating time to activities that support the retention of employees and improve hiring practices. Such a focus on retention strategies is crucial to minimizing firings and maximizing hirings, catering to the organizational size and needs. HRM efforts to professionalize their processes can lead to less biased hiring, as evidence suggests a reduction in discrimination based on applicants' names happens when larger organizations implement professional HR strategies.
Furthermore, with the changing dynamics of the workplace due to factors like technology, globalization, and demographic shifts, HRM departments are adapting by fostering team-based structures over traditional individual-based structures. This encompasses delegating tasks to diverse teams with varied skills and expertise. However, it's important to note that the effectiveness of team-based work structures is still an active area of research.
Additionally, HRM recognizes the importance of continuous investment in human capital. Not only is hiring critical, but so is the ongoing training and development of employees, which ensures that organizations can yield returns on their initial investments. Upskilling the workforce through education, apprenticeships, and other skill development initiatives is key to boosting human capital.
Institutional and corporate HRM now also encompasses Equal Opportunity Programs, Security Management, and Safeguards and is responsive to the evolving manager-employee relationship, which increasingly resembles a partnership focused on mutual growth and meeting organizational goals.