Human Resource Management (HRM) is a relatively new approach to managing people in any organization. People are considered the key resource in this approach. It is concerned with the people dimension in management of an organization
Human: refer to the skilled workforce in the organization.
Resource: refer to limited availability or scarce.
Management: refer to maximize or proper utilization and make best use of limited and a scarce resource.
Altogether, Human Resource Management is the process of proper and maximizes utilization of available limited skilled workforce. The core purpose of the Human Resource Management is to make efficient use of existing Human Resource in the organization.
Human Resource Management is responsible for maintaining good human relations in the organization. It is also concerned with development of individuals and achieving integration of goals of the organization and those of the individuals. The overall purpose of Human Resource Management is to ensure that the organization is able to achieve success through people. practices lead to higher profits and better performance. Due to this the company achieves a chance to enter into new business and start new ventured thus industrial development increases and the economy improves.