Effective_Human_Resource_Management_As_T

Effective_Human_Resource_Management_As_T - European Journal...

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European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol.6, No.39, 2014 210 Effective Human Resource Management As Tool For Organizational Success ANTHONY IGWE Department of Management, University of Nigeria, Enugu Campus, Enugu, Nigeria J. U. J ONWUMERE Department of Banking and Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria OBIAMAKA P. EGBO Department of Banking and Finance, University of Nigeria, Enugu Campus, Enugu, Nigeria Abstract Human Resource is a very important input in the production matrix.. Other seven inputs include materials, money, time, energy, knowledge, information and infrastructure. These inputs are transformed by the process to get the output with feedback and control. It is also an input of the Leontief’s model. In this model, there are three elements, namely; inputs, transform and output,all of which need human resource to galvanize them to be productive. Management involves the design and provision of an environment within groups and organizations so that the individuals and the groups and organizations can achieve their objectives by utilizing both human and material resources. Human resource management is one of the functional areas of management. The others are finance, marketing, production, research and development and innovation. Human resource management consists of personnel management, industrial relations management and employee welfare management. So the early founders of production management are also the founders of human resource management such are Rountria, Robert Owen, and Henry Fayol. Today, most organizations prefer to use the term human resource management to designate such funsctions as recruitment, section, placement, induction, orientation, training and development, wage administration and motivation. Today, human resource management has become very important as a tool for organizational success. For an organization to succeed, it has to first of all breakeven, when total revenue equals total cost and even to have units produce beyond breakeven point as well as survive and still perform well. To perform well, it has to achieve its objectives and goals. It has to satisfy the demands of stakeholders and staff and the regulatory authorities. It is against this background that this study undertakes a theoretical review of human resource management as a tool for organizational success. Keywords: Human Resource Management, Organizational Success, Management 1.0 INTRODUCTION A major contributory area to organizational success is the management of workers in organizations. Business success in a market economy is dependent on the optimal utilization of relevant resources such as the financial resources, material resources, and human resources. It is through the combination of these resources that the attainment of the goal is achieved. However the most significant and complex component for the attainment of organizational success is the human resource.
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