“Human resource management includes recruitment and selection of appropriate staff and management of the employment relationship, which includes contracts, collective bargaining, reward systems and employee involvement, and considers the strategic and operational view of human resource requirements.”

The word human resource is used for ‘people’ or ‘personnel’ working together in an organization to achieve the desired results. The human resources department inside the organization is called the ‘personnel department’ or ‘human resource department’ who looks after the organizational aspects of the staff. Managing all these human resources is termed as human resource management.

The human resource includes recruitment, selection, training, job evaluation, performance appraisal, remunerations, and all other things that provide job satisfaction to the applicants or employees working in the organization. Human resources plays a crucial role that assist companies to cope with an ever-changing, bloodthirsty surroundings. The main objectives of human resource management are as follows:

- Efficiently utilizing and managing people.
- Performance assessment and reward to proficiencies.
- Developing competencies that enhance individual as well as organizational performance.

You all know the concept of an organization, that why it exists, what are its requirements, plans, procedures and policies. In addition to all these, it is also very important to know the managerial functions that help a business firm in achieving its set targets.

“To manage is to forecast and plan, to organize, to command and to control.” This definition by Henry Fayol has named the managerial functions in their alignment. It is the duty of every manager to execute these vital functions properly to attain the desired results.

Business manager is only responsible for planning, organizing, directing, and controlling all the organizational resources so that they give their best to reach the desired peak. The different organizational resources include people, their positions, funds, data, technology, facilities, materials and supplies.

Managers work in an active environment, and look forward and always ready to accept challenges. The success of organization depends upon the seniority of all these essential functions. These functions are goal-oriented, interconnected and mutually supporting.

Planning is a vital managerial function that helps in ascertaining the actions to be followed for accomplishing an assortment of organizational goals. It is an assessment in advance. It is a process, which means ‘thinking before doing.’ Planning function focuses on what to do, where to do, how to do, who is to do. It is associated with the mental state of a manager who thinks ahead of undertaking a particular task. Other functions of management such as organizing, staffing, directing, coordination and controlling are also carried out after planning.

Planning can be defined as, “The process of anticipating future occurrences and problems, exploring their probable impact, and detailing policies, goals, objectives, and strategies to solve the problems. This often includes preparing options documents, considering alternatives, and issuing final plans.”

Planning is the process of looking forward. The primary objective of planning is to accomplish better results. It involves the selection of organizational aims and formulating strategies, plans, procedures, programmes, budgets and other related actions.

Management aspires to attain financial as well as social targets. It survives to accomplish some specific goals or objectives. Group efforts in management are always directed towards the attainment of some prearranged goals. It is related with the constitution and execution of all these objectives. The primary objective of management is to run the enterprise smoothly. The profit-making goal of a business is also to be considered while undertaking different functions. The management also helps an organization in the following: -

- Optimum utilization of available resources.
- Ameliorating performance and ability.
- Mobilizing best talent.
- Making plan for time to come.

It is a dynamical function, and it has to be executed constantly. It is frequently engaged in the moulding of the enterprise in changing business environment. It is a distinctive process performed to establish, and achieve the stated objective by making the use of human beings along with other resources. It is different from the activities, techniques and procedures.

Management by Objectives, MBO is a process to get agree upon the objectives within an organization, so that the management and employees agree to those objectives and understand what they really are. Management focuses on the goals with this systematic and organized approach, to achieve the best possible results from the resources that are available. By aligning the targets and subordinate objectives throughout the organization, MBO aims to increase the performance of the organization.

Getting powerful input allows the employees to identify their goals, and time period for the completion. MBO includes in progress tracking and feedback in the process to achieve those objectives. Peter Drucker outlined the MBO in 1954 in his book named as “The Practice of Management’. In the 90s, Peter Drucker decreases the importance of the MBO method, he said, “It’s just another tool. It is not the great cure for management inefficiency... Management by Objectives works if you know the objectives, ninety percent of the time you don’t”.

Management is the art of assuring maximal successfulness with a minimal attempt. Wherever there is a structured group functioning together in the direction of a common goal, some type of management becomes necessary.

“Management is the process of getting activities completed efficiently and effectively with and through other people.”

It is the management, which makes the people, actualizes the aims of the particular group, and guides their efforts for the accomplishment of these objectives. No business activity can be carried out without the five factors of production, viz. the land, labor, capital, enterprise and the management. The four factors may prove unproductive in the nonexistence of the fifth one i.e. management. Management also provides novel ideas, thoughts and imaginations to the organization.

Management also helps in efficient and smooth running of business through better planning, benevolent administration, and successful control through its various tools. Profits can be increased in any organization either by escalating the sales revenue or plummeting costs. To increase the sales revenue is beyond the control of an organization. Management by abbreviating costs raises its profits and offers opportunities for future development and improvement.