Competencies of an Effective Human Resource Manager in Finance and Asset Management
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Competencies of an Effective Human Resource Manager
Effective human resource management provides effectiveness in financial, workforce facilities and asset management to support organizational functions. A competent human resource manager should have ability to design best practices based on policies and processes, to mentor and empower workers in order to promote career development and the success of the organization. Responsible manager should feel secure of this aspect in contributing to position advancements, as such if their practice empower then they will get to advance too. According to Leck and Orser (2014), there must be that trust between the manager and the employees.
Human resource management is an area that requires versatility and sound priorities of work demands. This research institutes the competencies of an effective human resources manager in relation to workplace diversity, recruitment strategies, staffing, and labor force retention. Human resource management skills to manage organizational processes are essential. There is a need to leverage human resource department “to provide a range of developmental and change-oriented interventions critical to organizational success.” (E. Ellinger& D. Ellinger, 2013). Different literature qualifying for the subject field will be reviewed to establish what makes an effective manager, and apply such concepts to the study.
Human resource ideas within an organization can be fully implemented through broad understanding of the concepts. Managers’ through their intervention capabilities in training and development with proper management skills can disseminate these interventions. Competent managers, therefore, prioritize their departmental development and address the complex issues surrounding the workforce while encouraging team participation in work processes and collaborative functions. Such effort fosters operational innovation and makes their complex departments function effectively posing a competitive advantage and financial success.
Background
Companies experience increasing shortage of competent human resource managers with necessary human resource skills and the ability to manage the vast strategically vital human resource processes. Organizations can create and maintain competitive advantage by improving skills of human resource managers to provide relevant interventions related to human resource management sets that are not available at the time. Organizations rely on human resource to affect its operations, and together with other functions influence its financial performance.
Managers’ intervention in training, organizational and change management enable them to disseminate a deeper and broader understanding of human resource processes within their organizations. Organizations would require a manager who can take on multiple tasks without compromise capability and efforts to prioritize work demands and meet deadlines. The well-developed organization skills of a manager is necessary for coordinating management and human resource systems while ensuring achievement of team dynamics for quality services.
Emerging trends in the global environment affects the current organizations in full force. Human resource managers need to understand that there are organization related problems that are cultural and human in nature brought about by the rapidly emerging trends. Organizations through their relevant departments must meet the challenges experienced. Managers thus need to develop a global mindset in developing tactics for understanding the trends and incorporating them in their programs (Story, Barbuto, Luthans&Bovaird, 2014).When the competencies of the human resource management are developed, tensions of the human resource management are reduced. There is, therefore, need to communicate such focus on the role of human resource through clearer understandable formats. Any bias of incompetency will reduce the willingness of the workforce to interact with the human resource department.
Literature Review
Understanding employees and management team diversity is a core competency of a human resource manager. There is a need for a manager to understand the culture of greater innovation of managers in companies’ adapting to today's globally competitive business environment. Managers should also be able to adopt solution based strategies and behaviors to inform work-life balance and provide for job flexibility (Mcdowall, 2014). Ezewukwu (2012) noted, “Effective leaders should possess clinical/technical, organizational, human relations and critical thinking skills that motivate and contribute to the quality goal of their organizations.” It is for this reason, therefore, those competencies of a human resource manager in providing supervisory and support roles to other employees, and how they continue improving their competencies in order to achieve effective systems is understood.
Roome, Raven and Martineau (2014) noted that effective human resource management strategies and policies are important in addressing work-related conflict that may affect company systems. A competent manager should be able to handle the conflict situations through addressing turnover, mismatch between workforce skills and business needs, pre-service training and human resource data. There should be close attention paid on key human resource themes and crosscutting issues. The manager should be able to develop strategies that can be used to meet company objectives for maintaining workforce to achieve more equitable and sustainable outcomes.
Human resource managers should be able to improve corporate capabilities through value creation, scarcity and difficulty of imitation, according to Veise, Gholami, Hassanaki, RahimiPardejani&khairi, (2014). Human resources, if properly managed are the primary development, competitiveness and innovative factors. Competencies of a manager have a greater impact on business performance, according to Bagheri, Ebrahimpour, &Ajirloo (2013). The impacts are drawn from the customer performance of an organization as a result of positive capabilities and skills developed in team activities. These skills play a central role in the range of organizational settings (Stokes &Oiry, 2012).
In assessing human resource practices, El-Jardali, Tchaghchagian& Jamal (2009) found that sound human resource management practices are essential for employee retention in an organization. The role of human resource managers should be allowed to manifest in recruitment and retention of staff. The managers should be able to form appropriate strategies on the challenges they face in their departments and the entire organization. They should assume all their relevant responsibilities and continuously improve the status of the employees.
Corporate reputation is an important factor that influences stakeholder behavior in order to add organizational value. The human resource must, therefore, focus on actions that build employee skills and motivation that in turn positively influence corporate reputation as will be revealed by this study. The study will also cover how human resource managers directly or indirectly help improve corporate reputation through their competencies and the design of productive human resource functions.
Terminology and Definition
Human resource management skills are the qualities and functions that make a good human resource department. These competencies are implemented together with the designed interventions by the manager concerned. A human resource manager should have necessary skills and requirements needed for the running of the department so as to achieve employee satisfaction and corporate success. This terminology is applicable in determining what the essentials of running a human resource department. It can also be used understand the relationship between human resource practices and organizations, and how the skills help make employee satisfaction. In a global environment, new markets offer new challenges and opportunities. These issues become important managerial concerns that need to be handled efficiently. The response should be in line with the rapid changes that are taking place and utilize any relevant information available in the markets.
Competitive advantage is another critical terminology. Human resource management is essential for the competitiveness of an organization and its financial success. Competitive advantage places a market player in a unique position other than any other company. Human resource managers should ensure that they have policies and procedures that will increase productivity while ensuring success.
Expectations
The human resource is responsible for the employee management, their functions and priorities over the organization. Companies are going global, and this comes with an intensive competition among companies that is brought about rapid change in the environment. This research will, therefore, help understand the competencies of a human resource manager and how they practice and provide interventions in their departments and the companies as a whole.
The research will enable the understanding the effectiveness of human resource manager and its applicability in the current business environment. Companies are dependent on the human resource managers for the provision of skilled workers as well as how to provide their satisfaction at work and achieve general flexibility to reduce employee turnover. By the end of the study there will be a clear understanding of the skills of a human resource manager in the current century and how those competencies are disseminated within organizations for organizational success and the satisfaction of its employee.
Conclusion
Human resource team or department needs to be vigilant on the available information from the upcoming and new markets. Such information will help the manager understand the relevance their competencies in those markets and the current century for effectiveness of their functions. Human resource is the primary factor for competitiveness, innovativeness and reaching competitive advantage. Human resource should improve corporate capabilities to achieve the desired competitive advantage.