HRM is an important function in every company and the emphasis on employees and people has been growing in recent years as performance of employees helps to boost the growth of companies. This will help the growth of HRM as a business function. In this post, we will cover some of the top concepts to be learnt while pursuing an MBA in HRM.
1. Employee Engagement
Employee engagement sounds simple but it is a rather complex term and it is not only about activities, games etc. It actually drives the performance of the organization. Engaged employees observe the entire organization and they understand their purpose and how they fit in the whole scheme of things which leads to better decision making.
Organizations can do better than their competition if they have a high number of employees who are highly engaged. The most important factor in growth and innovation in employee engagement. Learn more about employee engagement through various examples and case studies during your MBA in HRM
In HRMM, attrition is said to be the voluntary or involuntary reduction in the number of company employees either through resignation, employee retirement, death, termination etc.
In every business, there is always some level of attrition, but a high rate of attrition can cause a lot of problems due to talent drain, lack of resources and more work burden on existing employees. HRM departments try to retain and keep employees happy and attrition rates low by implementing effective company compensation, motivation & strong company culture. The attrition rate is calculated by the following formula: Multiply the no of employees who have left the organization by the total number of employees in the organization and multiply the result by 100.
i.e Attrition rate = (Number of employees who left / total no of employees) X 100. Learn more about Attrition through various examples and case studies during your MBA in HRM
3. Employee Turnover
Employee turnover is the number of workers who leave a company during a defined time period and are replaced by new employees. Measurement of employee turnover can help organizations that want to know the reasons behind it and estimate the cost to hire for overall planning in the organization.
Learn more about employee turnover through various examples and case studies during your MBA in HRM
4. JD-R model( Job Demands-Resource Model)
The Job Demands-Resource model is a model that explores employees well being and is used to stimulate engagement in employees. It is used by many organizations to predict employee engagement & burnout.
The model categorizes the conditions available to work into 2 parts
1) Job demands
2) Job resources/positives
The model actually says that when job demands are high and resources are low then employees might experience an increase in stress and burnout. However if job demands are high and resources are high then it leads to improvement in work performance and engagement.
Job demands are the physical, social or emotional characteristics of the job such as time, work pressure, relationship with other in the organization and job resources are the organizational or social factors that enable the employees to reduce stress and achieved the work goals
How is this model applied?
- HRMM should identify the job demands
- HRMM should ensure that the job demands are met
- HRMM should identify the job resources that are required
Learn more about JD-R model( Job Demands-Resource model) through examples of various brands, projects and case studies during your MBA in HRM
5. Employee Experience
Employee experience is the experience of employees in the organization across their physical environments, social connections and the job to be carried out. HRMM professionals can help align the employees experiences with the company purpose, brand and culture so that all employee interactions are authentic which result in increase in employee motivation and commitment and thus improves the company performance. Learn more about employee experience though examples of various brands, projects and case studies during your MBA in HRM
Checkout: Highest Paying HR Jobs in India
6. 360 Degree Feedback
360 degree feedback is also called multi-rate feedback and is a process in which employees receive anonymous feedback from the people who work around them such as reporting manager, teammates, direct reportees etc. These people fill out an anonymous online feedback form that asks questions about a range of workplace focus areas.
The form contains questions measured on a rating scale and the raters also have some written comments. Providing feedback for development is useful for all employees because it helps to understand his/her personality from an outsider’s perspective and also helps one to understand development needs.
The benefits to the organization include career development needs for employees are identified and training can be implemented. Learn more about 360-degree feedback through examples of various brands, projects and case studies during your MBA in HRM
7. Performance & Reward Management
The role of Performance management in HRM is very important and involves managing employee’s performance that is in line with the overall business goals of the organization. This in turn helps to drive individual development as well as meet the company’s business goals.
Reward practices are a form of rewards or benefits given to the best performing employees and are widely utilized in major organizations that drive motivation and productivity of employees when implemented properly . Learn more about Performance & Reward management though examples of various brands, projects and case studies during your MBA in HRM
Also Read: Career Options After MBA in HR
MBA Programs in India
Due to lockdowns across India, multiple universities and B-schools are now offering their MBA programs online. You can consider some of these world class MBA programs offered by top Business schools. One of the top MBA learning platforms in India, upGrad can help you apply for an MBA from Liverpool Business School with specialization in marketing.
You will be given many MBA projects that will enhance your overall learning experience and help you learn practical application of marketing concepts that various brands have used. upGrad also offers individual mentoring sessions with industry leaders from various domains.
You will also get 360-degree career support and placement assistance throughout the MBA program that will help you apply for a job with some of the top brands. upGrad expert mentors will guide you and help you build, review your resume and help you apply for various marketing & business roles across various brands.