It achieves this objective through career mapping, trainings, and performance management. The aim of this process is to impart the necessary skills to employees, for purposes of achieving efficiency in their work. Furthermore, the development of the human resource staff is a motivating factor that can improve the quality of work an individual does (Mondy and Noe, 2005).
Evaluation, designing and implementation of compensation benefits is another important function of human resource management. This includes salaries and bonuses that employees get for their services to the organization. A fair and good remuneration package will most likely attract workers to the organization (Chandler, 2006). The organization will therefore have an opportunity to choose the best talents, from the high number of people who have applied in it (Mondy and Noe, 2005). Companies that do not pay their employees according to the living standards of the region will experience a high labor turnover. This in turn is expensive to the company, mainly because it will have to recruit employees again, which is an expensive process. Retention of workers is therefore an important strategy for an organization, and it cannot achieve this, with poor pay, and bonus system (Chandler, 2006).
The employee-employer relationship is very important for the success of the organization. This is because the organization will manage to communicate its goals, aspirations, and mission to the employee. Furthermore, the employee will feel as if he or she is part of the organization, and hence work hard to achieve the objectives of the organization. Through compliance, collective bargaining, and a number of initiatives, human resource management is able to create a positive relationship between employees and the employer.
Finally, risk management is another important function of human resource management.