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Which specialization is best suited for me? is the apprehended question that comes to the mind of almost every MBA student. As MBA can been done in varying fields. This dilemma is very stressing for those who lack an idea about what would suit them the best. It strikes the student at various phases, like:
♦ Before joining the course
♦ Shortly after joining the course
♦ After having completed one year of the course
Many newbies think that they know quite a lot about the various specializations.
But they forget that at a smaller age, little things seem to be too big and so, we possibly brag about something we don’t really know about. If you are willing to study a particular specialization, you should know everything about it, the minute of the details and not just a broader information about it.
Let us now discuss the specialization that is usually a backup for many. Yes, we are talking about HR!
When to go for HR (Human Resource)?
♦ Take up HR when:
♦ Can’t think of an option.
♦ Not interested in Marketing, Finance or Operations.
♦ A big supporter of gender diversity.
♦ Want an easy job with a good pay.
♦ Love interacting with people.
♦ Love to throw arbitrary idioms.
Seems so easy? Well, HR as a specialization has always been enveloped by myths. It is not easily understandable. Human Resource is not just about interacting with people and relieving their problems. In fact, in most of the situations, interaction is not even required at the level which people presume to be.
In a classic setup, the HR department constitutes of the following controls:-
♦ Talent Gathering (Staffing):
♦ Institutional Talent Development
♦ Compensation and Benefits
♦ Industrial (Labor) Relations
♦ HR Analytics
♦ Employee performance improvement plan
Talent Gathering (Staffing)
Recruitment is a dazzling opportunity that gives you a chance to interact with people on a regular basis. As a manager, you are supposed to be the in charge of looking after the organization’s staffing requirements. Apart from taking care of the interviews and the campus relations, you have to evaluate, maintain and forecast the requirement of manpower in the company. You get exposure as you get to interact with the HRs of different units or departments (if you are in a multi-location organization) to synchronize and ensure that the vacancies are filled within the time frame without harming the working of the organization. An HR also has to maintain a talent pool i.e. to have a group of individuals that are generally identified as the top talent within the organization.
Institutional Talent Development
Next in the pipeline is Institutional Talent Development which basically expresses the skills, capacities, and proficiencies of the workforce and tries to enhance it by
♦ on the job training,
♦ Job enrichment,
♦ Job rotation, etcetera.
This control strives to improve the employees’ knowledge and to open new vistas for them in order to make them work more efficiently for the organization. It helps the employee to grow that in turn, provides benefits to the organization itself. Training helps to enhance their knowledge, rotation provides them with varied exposure and introduction of mentoring program develops a leadership pipeline. It involves shifting of employees from one post to another, promotions, training etc.
Compensation and Benefits
The Compensation and Benefits Manager handles the most important motivating factor for the employees. The C&B personnel has to stay at level with the latest industry standards and demands. He has to keep infusing the best methods for his company, to whichever extent possible. He ensures that the pay structure doesn’t disturb the employers from managing their funds (including save on taxes) effectively. Thus, the pay structure must be employer friendly. It must also suit your employees and be employee friendly also.
Industrial (Labor) Relations
Industrial Relations have so many complexities involved in it that it is a specialization in itself! An IR manager serves to the blue collared employees. Hence, they are usually not found in IT companies. Industrial relations is often being called “employment relations” because of the importance of non-industrial employment relationships. It requires the personnel to have a sound knowledge about all the labor laws and policies at all times. A pre-requisite skill for an IR manager is the ability to negotiate. This is because wage settlement forms an important part of his job. His negligence towards the duty can lead to a catastrophic situation for the company.
HR Analytics creates a single view of all relevant workforce and talent data and uses it to arrive at business driving processes and initiatives. It uses past data to predict the future. Parameters like turnover, the cost of the employees or optimization are all presented together in a single view to be used to impact the business positively. It is all about the logic used to link metrics to the results. It’s like establishing a cause and effect relationship between what the HR does and the business outcomes.
Employee performance improvement plans
Hr department setup performance improvement plans commonly called PIPs. These are programs designed to help struggling employees improve their work. PIP includes a description of the behavior or performance that needs attention, improvement to meet the objectives in a certain time period