Human resource management

Human resource management is the process of an organizing function of employee recruitment, selection, direction and development of an employee strategic planning. Human resources management, including to jobs analysis, personal needs, employees training, jobs, evaluating performances, determine of managing wages and salaries, developing employee relationships, maintain employees safety, motivation, maintain proper relations between labor and trade union as know as the human resources management. Human resource management also performed by the activities organization function and people. 

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Definition

According to S. P. Robbins, “Human resource management is concerned with the people dimension in management. It is a process consisting of the acquisition, development, motivation and maintenance of human resources.”

According to Bartol and Marting, “Human resource management is the management is the management of various activities designed to enhance the effectiveness  of an organization’s workforce in achieving organizational goals.”

According to Gary Dessler,”Humna resource management is the process of acquiring, training, appraising, and compensating employees, and attending to their labour relations, health and safety, and fairness concerns.”

According to R.W Griffing, “Human resource management is the set of organizational activities directed at attracting developing and maintaining an effective workforce.”

Importance of human resource management

• Nerve center of the organization 
• Increase productivity 
• Achieving organization goals 
• To attain job satisfaction 
• Proper maintenance and utilization of resources 
• Creation of cordial labor management relationship 
• To maintain continuous production 
• Performing the functions related to worker 
• Use of modern technology 
• Controlling of labor and production cost 
• To face modern challenges 
• Development of human behavior and human relationship 
• Influence of free trade economy and globalization and 
• Human resource planning and implementation  

Function of human resource management 

Human resource acquisition 

• Human resource planning 
• Job analysis 
• Employees recruiting 
• Selecting of employee 
• Employee socialization

Development functions of human resource management

• Management development 
• Employee training        
• Career development  

Motivation functions of human resource management 

 

• Job design 
• Performance evaluation  
• Job evaluation 
• Rewards 
• Discipline 
• Compensation and benefits

Maintenance functions of human resource management

• Cordial labor relationship 
• Safety and health 
• Labor welfare activities  and 
• Research and future

Objective of human resource management

• To make efficient workforce 
• Selection of right personnel 
• Increase efficiency of worker 
• To create job satisfaction 
• To maintain co-ordination 
• To maintain high morale 
• To maintain co-operation among management and worker 
• To maintain cordial relationship among the workers 
• Determination of compensation 
• Welfare activities and 
• Effective use of human resources

Measurement of effectiveness of human resource management

• Labor management relationship 
• Productivity 
• Employee motivation and job satisfaction 
• Employee training 
• Rate of labor turnover 
• Rate of absenteeism employees 
• Industrial dispute 
• Employee selection 
• Amount of production cost and wastage 
• Use of up to-date technology and 
• Welfare activities 

Internal influence on human resource management

Internal influence on human resource management

• Human resource policy 
• Organization structure 
• Organization goals 
• Tasks 
• Technology 
• Kinds of people employed 
• Demand and supply of human resources with in the enterprise 
• Reward system

External influence on human resource management

• Educational environment 
• Economic environment 
• Technological environment 
• Legal environment 
• Political environment and 
• Sociology- cultural environment

Introduction to financial management

Financial management is concerned with the acquisition, financing and management in the business. Financial management is related to like accounting, economics, financing, mathematics, tax operation etc.

It is the specialized activity planning, organizing, directing and controlling with the top level financial management. It includes about money decision the capital structure, capital budgeting with short term and long term allocation.

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Definition

“Financial management, also referred to as corporate finance as managerial, is broadly concerned with the acquisition and use of funds by a business firm.”--- Prof. Prasanna Chandra

“Managerial management is concerned with the duties of the financial manager in the business firm.”--- Lawrence.J.Gitman

“Financial management is the operational activity of a business that is responsible for obtaining an effectively utilizing the funds necessary for efficient operations.”---Joseph Massie

Significance of financial management

The importance of financial management is wide are large. Every business affected financial activities with the money decision. Therefore, the significance of financial management is given below:

• Financial planning
• Successful business
• Smooth running of enterprise
• Facing unexpected risk
• Coordination of functional  functions
• Global competitiveness
• Business credit rating
• Paying regular dividends
• Protection of investment
• Improve profitability
• Help of decision making
• Promotion to save financial solvency
• Determination of business success
• Increase the value of the firm
• Measure the value of the firm

Function of financial management

Functions of finance are not goals the firm, but these achieve the ultimate goal of the firms. The following are the functional of financial management is below:

• Co-operation
• Organizing financial staff
• Relationship with stakeholders
• Protecting with shareholder’s interest
• Opportunity identification
• Management of cash
• Risk management
• Analysis of capital management
• Transact routing functions
• Ensure optimums liquidity
• Investment decision
• Need assessment of funds
• Capital structure decision
• Earnings retention and distribution
• Financial control

Features of financial management

Financial management is common in all types of business concerned with where to invest, how to invest, and how the investment should be managed. Especially with stock companies in need of financial management considerably both in the corporate sector. In the following section to focus on these unique features of financial management with the common features:

• Financial planning
• Forecasting flow of funds
• Investment decision making
• Protection of investment identification of sources of funds
• Procedural analysis of investment decision
• Retention and distribution of profit
• Debt-equity ratio analysis
• Risk-return trade- off
• Agency problem
• Controlled by professional managers
• Establishing financial relation and its protection

Principle of financial management

Financial management is the maximization of the wealth of the shareholder. This goal activity of financial management is to be operated under a set of principle. These can be called as the principle of finance the important role in decisions making made by financial management. So here we about the principle of financial management as follow:

• Optimum capital structure
• Annual budget plans
• The risk returns trade off
• Time value of money
• Liquidity and profitability
• Incremental cash flows
• Performance measurement
• Efficient capital market
• Competitive market
• The agency problem
• Principle of opportunity cost
• Principle of net present value
• Principle of coordination
• Taxes bias business decision
• Appropriate dividend policy

Goal of financial management of a firm

• Value of the firm and value per share
• Raising capital
• Investment of capital
• Protection of capital
• Maximization of wealth
• Maximization of profits
• Maintain steady earnings growth
• Avoid financial distress and bankruptcy

Social responsibility of financial management

The newest financial management strategies have run its operation the society while doing business. Every company has different social responsibility objectives through the main motive is the equivalent. The increased awareness of people social responsibility of the companies increased a lot. The corporate financial management is very existence depends on its being society's responsibility. The following are the social responsibilities of the financial management are as follows:

• Protecting investor interest
• Protecting consumers right
• Protecting creditors right
• Safe working conditions
• Ensuring pollutions free environment
• Maintaining fair hiring practices
• Ensuring a corruption free work environment
• Supporting education
• Proper use of resources

Introduction to marketing management

Marketing management is the process of planning, organizing, control and implementation marketing activities attain organization goals and objectives. The marketing management of the firms the planning and implementation of programs to design, create, Build, and maintain marketing strategies. And other hand, Marketing management is the process of determine environment, market opportunity, design, marketing, and market threat effectively implementation achievement organization goals.

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Definition

According to Philip Kotler, “Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.”

According to Steven J. Skinner, “Marketing management is the process of planning, organizing, implementing and controlling marketing strategies.”

Toward marketplace

There is a marketing management company orientation toward marketplace is the following: 

•  The production of concept
• The product of concept
• The selling concept
• The marketing concept
• The societal marketing concept
• The customer concept
• The holistic marketing concept-

a. Relationship marketing

b. Integrated marketing

c. Performance marketing

d.  Internal marketing

Function of marketing management

The functions of marketing management of depend on size, nature and function of the business organization. Marketing management performs his customer needs, customer satisfies and customer value implementation activities. The overall function of the business organization activities of marketing management is the following:

• Developing marketing strategies and plans
• Building strong brands
• Connecting with customers
• Communicating value
• Delivering value
• Shaping the marketing offerings
• Capturing marketing insights
• Creating long-term growth
• Implement and control the market

Objective of marketing management

The fundamental objective of marketing management is to assist management, formulating customer needs, wants, and demand activities marketing operation. The main objectives of marketing management some points as follows:

• Formulation of product planning and discovering in the distribution process
• Collection and analysis of data relating to marketing
• Pricing of product and its promotion and development
• Increase of profit through cost reduction
• Evaluation of performance

Basic responsibilities of marketing management

The newest of marketing management of companies work to understand the customer, customer satisfaction, customer value and long torn customer relationships while doing business. Therefore, the following of responsibilities of marketing management:

• Retaining the product quality
• Maintaining equality of supply and demand
• Reducing the product price
• To produce environment friendly product
• Participation in the social work
• Decreasing unwholesome demand
• Decreasing waste of marketing
• Retaining image of a country

Marketing management and demand management

Marketing management of research the market product and service their wants and resources people demand product with benefits and the most value and satisfaction. Therefore, the following marketing management and demand management is below:

• Negative demand
• No demand
• Latent demand
• Declining demand
• Overfull demand
• Unwholesome demand
• Irregular demand  and
• Full demand

What is meant by planing

Management planning is the managerial function, it involve objectives of action for achieving an organization's objective. Management planning is a selecting mission and objective to inform regarding the future to activities necessary to achieving organizational goals. Planning is the process of using related fact and future assumption activities required to achieve a desired of organizational objectives. The planning process identifies, formulates strategies, arranges and implementation are proper sequence. So, planners must they attempt to forecast future conditions. These forecasts form the basis for planning.

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Definition

According to Henry Fayol, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through and the methods to use.”

According to G.R.Terry, “Planning is selecting information and making assumptions regarding the future to formulate activities necessary to achieve organizational objectives.”

According to S.P.Robbins, “Planning involves defining the organization’s objectives or goals, establishing an overall strategy for achieving these goals and developing a comprehensive hierarchy of plans to integrated and co-ordinate activities”

According to Prof. R. W.Griffin, “Planning means setting on organization’s goals and deciding how best to achieve them.”

Nature

Natural of planning is the management function its importance of regarding future activities process. The planning depends on effective of management. The nature of planning is given below:

• Primacy of planning
• Mental- thinking process
• Assumption regarding the future course of action
• Goal- orientation of planning
• Efficiency of planning
• Dependency of facts and information
• Best alternative
• Flexibility of planning
• Analytical process of planning
• Pervasiveness of planning
• Continuity

12 Step by step of management planning

Various steps by step of management planning is the future activities process. The following major of step by step of management planning are given below:

• Evaluating future situations in light of the present
• Assumptions regarding the future
• Determination of specific objective
• Collection and analysis of proper information
• Establishing planning premises
• Determine the alternative courses of  action
• Evaluation of alternative courses of action
• Selecting the best alternative
• Formulating derivation plan
• Determine the time and programmers of commencement
• Evaluate progress of the proposed plan
• Follow- up and taking corrective action

Importance of management planning

The success of a business depends on the efficacy of management planning. For this, Management planning is regarded as bridge of business. The importance of management planning is below:

• Aid to attainment of objectives
• Development of organization
• Optimum utilization of factors of production
• Reducing of cost
• Achieving efficiency
• Establishment
• Assistance to other managerial
• Proper solution of problems
• Restoring order and discipline
• Forecasting
• An aid to control
• Decision making
• Easy co- ordination
• Reducing wastage

Types of planning premises

Planning premises are the expected environment in which planning to operate. The planning process of plans may be different. Generally, the following forms of planning premises are funded:

According to control ability

• Non- controllable planning premises
• Semi- controllable planning premises
• Controllable planning premises

According to geographical location

1. Internal planning premises

• The Sales forecast
• Productivity
• Financial capacity
• Capacity to investment
• Industrial relationship
• Organization policy and procedure
• Organizational structure
• Labor – management relationship

2. External planning premises

       Local external premises

• Political condition
• Economic condition
• Purchasing power of customers
• Competitors condition
• Law and order situation
• Factors of production, supply condition
• Demand of product
• National income and growth
• Technological development
• Government policy

     International premises

• Condition of international trade
• International demand of goods
• Condition of the international competitors
• International trade contracts
• Improved technology

Relationship of other managerial function with planning

Management planning is the process of first and major function. Its logically process of all other managerial functions. Planning and management with the relationship of other managerial function with planning is below:

• Planning and organization
• Planning and staffing
• Planning and direction
• Planning  and motivation
• Planning coordination
• Planning and controlling

Ways to increase the effectiveness of planning

Increase the Effectiveness of the planning process involves following:

• Clear understanding of the purpose and goal
• Developing organization for planning
• Establishment of correct planning premises
• Selecting the appropriate method and  promises
• Participate in preparing plans
• Development of working environment
• Maintaining communication and creating facilities of participation
• Data based planning
• Planning at the top level
• Revising and updating of existing plans
• Overcoming the limitations of planning