The Backbone of Talent: Decoding the Crucial Role of Human Resources in Companies

economictimes.indiatimes.com:

HR encompasses five core responsibilities: talent management, compensation and employee benefits, training and development, compliance, and workplace safety. By efficiently navigating the employee lifecycle, the HR department contributes to establishing organizational structure and ensuring the capability to meet business demands effectively. In essence, HR entails the discovery, recruitment, screening, and training of job candidates, while also overseeing employee benefit programs. In the dynamic twenty-first-century landscape, HR plays a vital role in assisting businesses in adapting to rapid changes and addressing the rising demand for high-quality personnel. It remains an indispensable force in shaping businesses' agility and success within the contemporary corporate realm.

The phrase «human resource» was coined by John R. Commons, an American institutional economist, in his 1893 book The Distribution of Wealth. However, it was not until the twentieth century that HR departments were legally established and tasked with resolving conflicts between employees and their employers. An HR department is a necessary component of any firm, regardless of its size. It is in charge of increasing employee productivity and protecting the organisation from any problems that may develop in the workplace.

Human resource responsibilities include compensation and benefits, recruitment, retention, and