Final answer:
Human resource management begins with forecasting the workforce needs of a company, including the number and source of new employees and their potential growth within the company. Training and development are emphasized post-hiring to enhance the skills and knowledge of the workforce, thereby investing in human capital to increase productivity and reduce biases.
Step-by-step explanation:
In human resource management, a company undertakes planning to accurately forecast its workforce needs. During the human resource planning phase, the company aims to identify several key aspects concerning future employment. This involves measuring how many new employees might be necessary due to business growth or attrition and identifying where new employees can be recruited—externally or through internal progression. Understanding the potential growth trajectory of individuals within the organization is also critical, as it informs succession planning and the development of employees. The company also focuses on identifying which existing members of the team should be offered full-time positions to secure workforce stability.
From the moment a new employee is hired, a management focus shifts to training and development, making it an integral part of employee retention and productivity. Training can range from orientation about the company culture to job-specific skills. With an emphasis on human capital, businesses must continually invest in educating and upskilling their workforce to maintain a competitive edge and to ensure the long-term growth of the company.
Adherence to professional standards in human resources functions is not only important for operational success but also for ensuring equity in the hiring process. Reducing biases in recruitment and personnel selection paves the way for a more diverse and effective workforce. Moreover, workers proficient in their roles contribute significantly to the company's productivity, which is a testament to the importance of investing in human capital—a workforce that is knowledgeable and skilled.