What are the Key HRM Functions in Entrepreneurship?
The key HRM functions in an entrepreneurial context include:
1. Recruitment and Selection: Attracting and selecting the right talent is fundamental. Entrepreneurs must have a clear understanding of the skills and attributes required for each role. 2. Training and Development: Investing in employee development ensures that the team remains competent and competitive. This is particularly important in a dynamic market. 3. Performance Management: Setting clear goals and regularly assessing performance helps in maintaining high standards and achieving business objectives. 4. Compensation and Benefits: Offering competitive salaries and benefits is crucial for attracting and retaining top talent. 5. Employee Relations: Fostering good relationships between employees and management ensures a harmonious and productive work environment.