Role of HRM in First Finance Company
This paper has highlighted on the importance of HRM from the perspective of First Finance Company. The major HR related problems for the company has been identified for developing the HR policies. Huge investments in training and acquisition strategies adapted by the company has been analysed in the context of the report. Based on this analysis, recommendations have also been provided in the report.
Ronald Coase, a Nobel Prize winner in the field of Economics, in 1973 has clearly demarcated the distinction between the activities that are coordinated by markets while others that are managed and coordinated within firms. Human resource management (HRM) is an important aspect of an organisation and has great share in contributing towards the success. HRM can be defined as the process through which an organisation manages its employees including hiring, screening and appraising. The HR professionals are also responsible for setting up compensation policies and making a new employee aware of the current organisational environment in a specific company (Coyle-Shapiro, et al., 2013). It plays an instrumental role in helping the concerned company is achieving the set targets in a socially and environmentally sustainable way (Strandberg, 2009). A number of theories have already been developed in relation to HRM which encompasses various aspects of well-being of the employees while ensuring that the company gains from the efforts being employed towards the employees (Itika, 2011).
Qatar is a one of the emerging emirates among the Gulf countries and is one of the richest countries in the world (Gonzalez, et al., 2011). Over the years Qatar has been on the path of high growth and is one of the most preferred countries by professionals from India, Pakistan, Arab, etc. which can lead to the assumption that majority of the Qatari economy is dependent upon the contribution of the labours from foreign countries and other experts of foreign origin. All the major organisations comprise expatriates even in significant leading positions. The Qatari population finds it difficult to get employed in both private and public companies. Against this backdrop the HR professionals are having tough job in aligning the company goals with individual objectives of the employees. In this research paper First Finance Company has been selected to understand the role of HRM in an organisation in Qatar.
Purpose of the project: This paper focuses on the role of human resource management in shaping the organisational culture of the company. Through the detailed analysis the researcher has identified the issues related to HRM and how these problems impact the efficiency of First Finance Company. Whenever there is an issue related to the management of HR the performance of the entire organisation gets affected and may result in disruption in corporate culture giving raise to conflicts. Under such circumstances management may turn to implement some changes within the structure of the company. The outcome of such changes may be towards the interest of the company or otherwise. This paper provides the ways that had been operational in order to manage the problems till date. In conclusion this paper provides recommendations to tackle the issues related to HRM in a more efficient way.
Role of HRM in First Finance Company
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