Human resource management is a process which involves around four basic functions- acquisition, development, motivation and maintenance of human resources. These basic elements are the key steps for achieving organizational goals. The basic influencing factor of these components is organizational goal because such activities are to be performed within the given constraints in order to accomplish the task. These four elements or factors of HRM can be described as follows:
1. Acquisition
Acquisition function is concerned with recruitment and selection of manpower requirement for an organization. It ensures that the company has the right number of people at the right place and at the right time who are capable to complete required work. It is the starting point of human resource management function. Acquisition is primarily concerned with planning, recruitment, selection and socialization of employees. It selects and socializes the competent employees who have adopted the organization's culture.
2. Development
Development phase begins after the socialization of newly appointed employees in an organization. It is concerned with imparting knowledge and skill to perform the task properly. Moreover, it is an attempt to improve employee performance by imparting knowledge, changing attitudes and improving skills. It can be done through teaching, coaching, class-room courses, assignments, professional programs and so on. The ultimate goal of employee development is of course to enhance the future performance of the organization by the efficient employees. The development of employees is not only for newly appointed employees, it is also for existing employees to develop them according to change in internal and external environment.
3. Motivation
Only training and development do not inspire employees to do better work. For this, they should be motivated. Here motivation means an activity which induces and inspires people to perform well in actual work floor. Motivation includes job specification, performance evaluation, reward and punishment, work performance, compensation management, discipline and so on. It is important for better work performance because high performance depends on both ability and motivation.
4. Maintenance
Maintenance is the last components of human resource management. it is concerned with the process of retaining the employees in the organization. This contributes towards keeping the employees who can do extremely better for the organization. It creates such a homely and friendly environment for those high performers, and make them to remain in the same organization for a longer period of time. This requires that the organization should provide additional facilities, safe working conditions, friendly work environment, and satisfactory labor relations. If these activities are performed in right manner, we can expect to have capable and competent employees in the organization. These employees are committed to the organizational objectives and are satisfied with their jobs.