Importance of Human Resource Management in the Global Market

2014-03-25
Published : Mar-2014

The importance of human resources industry is increasing in the business world. Most of the companies have realized that their success depends on retaining and developing the right employees. Hence, human resource management plays such an important role in organizations across the world.

Nowadays, evaluating human capital has become an accepted concept. Employees have been placed in more appropriate roles due to the various psychometric assessments conducted by their respective organizations. The cost of employee turnover has become a great focus of upper level management. The main objective of human resource management is to manage people in such a way that the employees are motivated to be more productive.

Human resource management and industrial relations are affected by the pressures that are exerted by globalization. Changes in the industrial relations practices such as increased collective bargaining of enterprise level, flexibility in relation to forms of employment as well as in relation to working time and job functions have occurred recently. Rapid changes in products and processes, heightened competition and the increasing importance of skills, quality and productivity are the factors that led to the changes. Human resource management policies and practices have also been affected by these factors.

More than 31,000 job ads were available online for human resource jobs in May 2012. 73% of the jobs were advertised by employers and the remaining 27% were posted by staffing and recruiting agencies. The number of job ads increased by 8% from 2011, and were up by 40% in comparison to 2010 statistics.

Training and development specialists, compensation and benefits manager, employment recruitment and placement specialists, human resources information system (HRIS) analysts and employee assistance plan manager are the most in-demand human resource management jobs currently in the market.

According to analysts, the global human resource management market is estimated to grow at a CAGR of 9.17% between 2011 and 2015. The need for information integration is one of the key factors contributing to the market growth. The demand for SaaS-based human resource management is increasing in the global human resource management software market. However, due to lack of software expertise, the high cost of training could pose a challenge to the growth of this market.

Explore latest market research report on global human resource management market @
http://www.sandlerresearch.org/market-research/business

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