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浅谈风险管理视角下的人力资源管理-Dissertation代写

2017-01-11 | 来源:51due教员组 | 类别:Paper代写范文

英国Paper代写论文精选:“浅谈风险管理视角下的人力资源管理”,这篇论文主要讲述了人力资源的转变过程,以及在风险管理的视角下,人力资源所面临的一系列相关风险。

 

In its primitive form, in the pre-industrial and even the industrial revolution period, labour was treated like a commodity, facilitating employers to buy or sell and hire and fire. Subsequently, it was dealt as one of the four factors of production, Viz., land, labour, capital and organization, thereby missing the human touch. However, much later, it was realised that employees have sentiments, feelings, rights, concerns, psychological and behavioural aspects, and hence they need to be treated differently from the remaining factors of production (land, capital and organization). This paved the way to emergence of the concept of personnel management (PM). However, PM was evolved with a set of well defined rules and regulations confining itself to administrating manpower.

 

With developmental aspects of manpower gaining importance, emphasis on developmental aspects combined with humanitarian approach resulted in human resource management (HRM) and human resource development (HRD).

 

Like in the management of other factors of production, management of human capital too has its own risk profile attached to it.

 

Risk: Historical Perspective

 

Risk and uncertainty have existed before it was documented, theories evolved and models for its prediction designed- in fact Risk and uncertainty have been ever present from the time life evolved. Risk management of a sort was in vogue even in the cave man stage through conservation of resources (water and food) and designing mechanisms to protect themselves from wild animals. Along with other inventions mankind, over the centuries, could recognise the prevalence of risk in their activities, leading to evolving of theories, and efforts to measure it through various models either to mitigate or eliminate risk.

 

It was in the first quarter of the twentieth Century that Frank H. Knight (1921) postulated for the first time a robust framework of risk, uncertainty and profit in economic literature. Subsequently, in many fields like business management financial investment, etc., risk analysis and management was ushered.

 

Risk: Definition and Anatomy

 

Risk is the presence of uncertainty of results regarding present actions. Risk arises due to occurrence of chance events, incubating and culminating in the changing dynamics of the environment. Rowe (1977) aptly stated that 'Uncertainty exists in the absence of past, present or future events, values or conditions.' Though, there exist various degrees of uncertainty, the basis for uncertainty is absence of information about a system under consideration. Also, Rowe (1977) in a nutshell referred to risk as 'the potential for the realisation of unwanted, negative consequences of an event.' Emphasizing the negative consequences of risk, Willett (1901) defined risk as 'objectified uncertainty regarding the occurrence of an undesirable event.' There is nothing constant, but change. Risk profile too is not constant and changes with time.

 

Necessity of Different Risk Management Models

 

Risk management has now become a necessity for varied and various specialists including doctors (health sector), politicians (risk of losing, winning and retaining power), lawyers, environmental groups, sociologists, psychologists etc. The diversity of these segments necessitates an evolving of different risk management models suitable to them. No single risk management model can fit all the sectors which are functionally different.

 

Risk Management and HR

 

All functional areas of an organization are affected by risk. Also, the extent of risk cannot have predictable limits. A single event can unleash a variety of risks. Risk is omnipresent, omnipotent and omniscient.

 

While risk analysis was designed vigorously in financial and manufacturing sectors, a framework for macro risk analysis in the HR domain needs attention. Therefore to fill this void, here is an attempt to build a theoretical framework of risk analysis in the field of HR management. Believably, this can be of some use to the professionals and practitioners of HR management. Given below are the perceived areas of risk in HRM.

 

Attrition Risk

 

Retaining highly skilled manpower in various functional areas in an organization is a greater task of risk management; an HR risk manager has to perform. Greater demand coupled with competitors offering better pay packages and creation of a more conducive working environment to such skilled manpower can be a risk of higher magnitude an HR risk manager has to manage. Probably a dynamic risk management model based on the type of skills, re-orienting skill based packages and re-creating a re-modelled working environment may have to be designed by the HR risk manager to retain such skilled manpower in order to eliminate or tone down the risk of attrition.

 

Retention Risk

 

Retaining unwanted work force elements such as trouble makers, non-workers, lazy workers, non- performers and work-shirkers vitiates the working environment. Other good workers can emulate the former type of unwanted workers, deteriorating the work culture in an organization. The earlier an HR manager gets rid of them, the better will be the risk management that is adapted.

 

Employment Market Risk

 

An organization in possession of trained manpower of a particular new skill/

 

technology which is scarce in supply in relation to its demand has the risk of losing such trained manpower to its competitors. Movement of such skilled manpower can be either within a country where better salary and perquisites are offered, or migrating to other countries where the salary package, taxation policy etc., are more attractive.

 

Corruption and Reputational Risk

 

Quiet damaging is the staff members within the organization resorting to corrupt practices. Acceptance of substandard service or material, by deliberately paying price applicable for a high quality service or material, and, similarly by accepting lower price for a product, to be delivered for a pecuniary benefit by the insider staff, destroys financial soundness and reputation of an organisation.

 

Non- Communication Risk:

 

Some organizations, mainly in developing countries, adopt non-transparent and no communication policy either to protect management's unscrupulous activities or to benefit a favoured few. In the short-run such feudalistic manpower policy appears to be not having any adverse effects. However, in the long-run, it unbundles its disastrous consequences like attrition of skilled manpower, adversely affecting production, either qualitatively or quantitatively or both, building frustration and dejection among employees etc. Eventually, this will result in damaging the brand image of the organization leading to disastrous consequences.

 

Currency Risk:

 

If the native currency is comparatively weaker in terms of stronger currencies like Dollar, Sterling, etc., migration for employment to other countries becomes an encouraging factor. The earnings through employment in stronger currency countries like US, Canada, UK, Europe etc., on conversion to weaker local currencies of developing countries increases their wealth manifold. Such a phenomenon of migration for employment occurs mainly in developing countries where their local currencies are weak.

 

Operational Risk:

 

Identifying and managing operational risk is something more than simple common sense. Inefficient and incompetent employees, insufficient internal controls, failure of information technology etc., can be the areas of operational risk which can affect an organization adversely.

 

Regulatory and Legal Risks:

 

Labour-force laws enforceable in a court of law or such type of regulatory bodies like labour tribunals may change the governing rules, regulations and laws. Safety measures to be adapted, changing law enforcing jurisdiction, penalty structure and enforceable procedures may undergo a change without any warning. Any loosely worded contract between employer and employee or a contract of one sided penalty or benefit is a potential legal risk in HR management.

 

Infrastructure Risk:

 

Basic amenities like communication tools (intercoms, intranet etc.), functional enablers (electricity supply, transport, good wash rooms, canteen facilities etc.), ventilation, office lay-out, not only facilitate smooth functioning, but also work as a weighing factor in retention of manpower. Seemingly, though this is not a functional area of HR management, but an establishment and administration management issue, this function is an aiding factor for better human resource management. Therefore, the HR manager has to take into confidence the administration manager regarding the infrastructure facilities and offer suggestive measures on these issues. This will help in reducing manpower retention risk arising on account of infrastructure problems.

 

Technology Risk

 

Technology is ever changing. With the passage of time, the change in technology is occurring with greater frequency during the last few decades. From human resources point of view, it needs to be noted that rapid technology change may result in the risk of having obsolete, inadequate and insufficiently trained manpower.

 

If the native currency is comparatively weaker in terms of stronger currencies like Dollar, Sterling, etc., migration for employment to other countries becomes an encouraging factor. The earnings through employment in stronger currency countries like US, Canada, UK, Europe etc., on conversion to weaker local currencies of developing countries increases their wealth manifold. Such a phenomenon of migration for employment occurs mainly in developing countries where their local currencies are weak.

 

Political Risk:

 

Political risk can be (a) internal or (b) external.

 

Internal Political Risk:

 

Formation of groups within an organization based on age, sex, culture, race, religion, language etc., or discrimination positioned on the above mentioned segments can raise internal political activity detrimental to the health and interest of an organization.

 

External Political Risk:

 

Political parties through their pressure groups or local and national governments represented by political parties may interfere through regulatory modifications, strictures, mandates, changing legal framework, trade unions etc., and it can be a source of external political risk.

 

Ambiguity Risk:

 

Ambiguity has a built-in character of uncertainty about the possibilities. Ambiguity in the rules and regulations governing manpower entails susceptibility to legal recourse in cases of contention. If an organization deliberately keeps a part or whole of its personnel rules ambiguous with an intention of having either a reign of terror, or favouring few or punishing and penalizing some, a time will come to witness many litigations in a court of law or attrition of skilled manpower coupled with damage to its corporate image.

 

Coordination Risk:

 

All business functions have differently skilled personnel in its various departments. At times a single event can trigger a chain of complex risk product affecting manpower in more than one or two functional areas. This poses a greater challenge to manpower risk managers. In such cases, an HR risk manager probably cannot have an integrated risk management mechanism. Rather, functional area based HR risk management and at the same time ensuring a well coordinated risk resolving approach can be the answer.

 

Measurement of Risk in Human Resource Management

 

After identifying the risk and analysing the causes (e.g., attrition, communication, coordination, and retention etc., outlined in the aforesaid paragraphs), an HR risk manager has to develop risk measuring tools. Such risk measurement in the HR field can be quantitative or qualitative or both depending on the nature of risks identified. Risk measurement is transformation of factual statements into numerical data to the extent possible and resorting to qualitative measurement where quantification is not possible.

 

Conclusion

 

Risk management is an essential ingredient for the commercial well-being of all organizations and all functional areas within an organization, including human resources. Risk analysis helps and aids in mitigation if not elimination of risk and uncertainty do visit and revisit in any set-up. It is the preparedness to accept and act, rather than reject and repent.

 

A successful organization anticipates and handles risk, while absence of such anticipation and handling makes an organization extinct. Failure to pick-up warning signals of risk, results in unpreparedness to handle risk leading to disaster.

 

Aversion to risk, ignorance of risk and indifference to risk aggravate undesirable consequences.

 

Avoidable risks mostly are internal risks. While such risks can be anticipated better, external risks prediction is not an easy task.

 

Analysis of risk is for getting apprised of the lurking hazards, enabling to draw a plan of action to encounter, soften, eliminate and mitigate them.

 

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