ROJGAR BANDHU Human resources (HR) management is a vital component of any business that has employees. Your HR department (or whoever manages your HR functions) may handle employee recruitment and onboarding, time and attendance, benefits administration, payroll, performance management, training and development, legal compliance, disciplinary action and other tasks that directly involve your employees.
HR professionals need a number of skills to be effective at their jobs. For example, they should be skilled in leadership, organization, communication, multitasking and training and development. They should also be familiar with common HR management terms.
Human resources management key terms
To understand human resources management and ensure their company is fulfilling its HR responsibilities, business owners and HR professionals should make sure they know the following key words and phrases.
Analytics
HR analytics provide you with a wealth of employee data that can be used to make strategic business decisions. For example, analytics can help you maximize employee performance, track employee turnover rate, determine who is likely to leave the company within a certain period of time, measure employee capabilities and assess company culture and leadership. Once those issues are diagnosed through data and analytics, the HR team can work on rectifying them.
Compensation
The term compensation can have multiple meanings. It is often used to describe payment given to an employee. While compensation typically means money, total compensation often refers to an employee’s salary plus other monetized benefits, such as health insurance and paid time off (PTO).
Additionally, compensation can be a form of payment (usually money) given to someone who has suffered an injury or some kind of loss.