Human Resources Management: The Challenges And Effects Of Human Resource Management

Introduction

Human resources management (HRM) deals with formal systems for managing individuals at work, along with developing and managing the organization’s work culture. HRM have strategic impact as they create value for the organization, as people are a source of competitive advantage due to their skills, knowledge and abilities, in an increasingly neoliberal economy where there is the importance of human capital and the knowledge economy. HRM oversees the recruitment and selection of employees, outplacement, training and development, performance appraisal, rewards system and the maintenance of good labor relations in an organization. There is a gendered characteristic where there is an inclination of females holding positions in HRM. There are no strict regulations of certification, and associational membership in the Human Resource (HR) area is on a voluntary basis. There is, however, requirements such as decision-making, interpersonal skills, leadership, organizational skills and the ability to speak eloquently. The average salary for a HR Manager is S$67,065 per annum and 87% of them receives medical benefits, while 49% have dental benefits and 11% have vision benefits in Singapore. HR managers work according to the Ministry of Manpower guidelines of up to 44 hours a week.

This paper would like to investigate the challenges and opportunities HRM face in the midst of various economic changes, particularly the effects of globalization and neoliberalism. This paper