Project Report On

(NAME OF THE TOPIC)

Submitted by

(NAME OF STUDENT)

Roll NO: XXX

Submitted to

UNIVERSITY OF MUMBAI

MASTER OF COMMERCE

(ACCOUNTANCY / MANAGEMENT)

Semester- III / IV

(2021–22)

Project Guidance by

Professor:  (NAME OF TEACHER)

UTTARI BHARTI SABHA’S

RAMANAND ARYA D.A.V COLLEGE OF COMMERCE AND SCIENCE

DATAR COLONY, BHANDUP (EAST)

 RamanandArya D.A.V. College

Bhandup (East) Mumbai 400042

Certificate

This is to certify that (NAME OF STUDENT)has worked and duly completed his/her
Project Work for the degree of Master in Commerce under the Faculty of Commerce in the
subject of (NAME OF SUBJECT) and his/her project is entitled,(NAME OF
PROJECT)under my supervision.

I further certify that the entire work has been done by the learner under my guidance and that
no part of it has been submitted previously for any Degree or Diploma of any University.

It is his/her own work and facts reported by her/his personal findings and investigations.

Co-Ordinator: Principal:

DR. AJAY M. BHAMARE

Project Guide/Internal Examiner: External Examiner:

 RamanandArya D.A.V. College

Bhandup (East) Mumbai 400042

Declaration by learner

I, the undersigned (NAME OF STUDENT) declare that the work embodied in this project
work hereby, titled (NAME OF PROJECT), forms my own contribution to the research
work carried out under the guidance of(NAME OF TEACHER) is a result of my own
research work and has not been previously submitted to any other University for any other
Degree to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly indicated
as such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and
presented in accordance with academic rules and ethical conduct.

Name of the learner:   

Signature:

Certified by

Name of the Guiding Teacher:

Signature:
 Acknowledgment

To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.

I would like to acknowledge the following as being idealistic channels and fresh dimensions
in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this
project.

I would like to thank my Principal, Dr. Ajay M. Bhamare for providing the necessary
facilities required for completion of this project.

I take this opportunity to thank our Coordinator (NAME OF COORDINATOR), for her
moral support and guidance.

I  would  also like  to express my  sincere gratitude  towards my project    guide (NAME
OF TEACHER) whose guidance and care made the project successful.

I would like to thank my College Library, for having provided various reference books and
magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me in
the completion of the project especially my Parents and Peers who supported me
throughout my project.

Signature of the Student

(NAME OF STUDENT)
1.1 Introductions-

Human Resource Management was originally known as personnel or people management. In

the past, its role was quite limited. Within any company or organization, HRM is a formal
way of managing people. It is a fundamental part of any organization and its management.
The main responsibilities of the personnel department include hiring, evaluating, training, and
compensation of employees. The human resources department deals with any issues facing
the staff in their working capacity within an organization. HR is concerned with specific
work practices and how they affect the organization’s performance. HRM is often referred to
simply as human resources (HR). HRM is employee management with an emphasis on those
employees as assets of the business.

1.2 Objectives-

The primary objective of resource management is to ensure seamless experience for the staff
and other people associated to management and organisational goals. Objectives of HRM
include ensuring availability of resources, easy access to data, on-time payroll, ensuring
compliances, etc.

Achieve organisational goals-

One major HRM objective is to fulfil organisational goals. Utilizing human resource to
achieve business requirements and goals is very important for an effective HRM.
Organisational objectives include workforce handling, staff requirements like hiring and on-
boarding, payroll management and retirement. To succeed at organisational objective, HR
requires efficient planning and execution. Without a set parameter for goals and mission and
resources, HRM is incomplete. After you know your resources and planning at place,
achieving HRM objective is not so difficult.

Work culture-

When it comes to handling HRM effectively and following objectives, employee and work
environment are the prior factors. Work culture plays an important role in defining HRM and
business performance. Automated activities like leave approvals, reimbursement request
acknowledgement, etc. can help you. Quick operations and empowerment to employees help
in creative positive vibes at workplace. Developing and maintaining healthy and transparent
relations among team members and teams contribute to building a good example of work
culture. Adopting right solutions like employee management software can solve more than
half of your job. Small steps like short and sound onboarding process can help build good
image of workplace.

Team integration-

One of the prime roles and objectives of HRM is to make sure team co-ordinate efficiently.
Easy communication is the need for teams at an enterprise. An HR here must ensure a tool to
assist in making the integration easier and smooth. Proper connect between individuals is a
must to ensure productivity. To make the HR management a success, you need to search
better integration portals to make data availability easier for people. Functional objectives
like team integration is to produce streamlined operations and tasks. With right tool like self-
service portal can bring employees closer to HR folks.

Training and Development-

Workforce being effective and performing are two important and basic elements to work
upon for achieving your basic objectives at an organisation. With proper training and
providing future opportunities, employees feel safe and organised. Effective employment is
highly dependent upon the training practices. Providing opportunities to employees is one
great step to ensure workforce management. There might be difficulties such as planning,
scheduling, training sessions, and evaluation of each on-boards. To lessen the pain, solution
like training management software can help you with auto-reminders, easy scheduler,
reporting, and tracking capability. The HR manager can ensure effective training practice at
firm.

Employee motivation-

The prime objective of an HR folk is to keep things on right path. Keep distractions and
negative vibes away. For this the employees need to be attended and kept motivated
throughout. How can an HR motivate employees? Give powers to them. Take their views on
things. Involve them into weekly meets or decisions. Even if it is a fresher, let them join.
Keep the morale always high. Employee recognition like yearly appraisal based on their
performance can too help. Automated feedback system for performance appraisal
management can keep your employees motivated and ensure productivity throughout service.
When the employees are satisfied and fulfilled, nothing else can prevent you from losing your
objectives and goals.

Workforce empowerment

Talking about employee motivation, nothing can work better than empowering them.
Empowering them with tools like ESS (employee self service) portal can help save HR
efforts too.

With the portal, employees can themselves apply for approvals and track them through their
mobile phone. Be it leave request, generating payslip, checking PF account, remaining
leaves, upcoming holidays, manager details, or anything, HR intervention is least required.
Now, you no more need to knock on HR’s desk for small queries.

What else could empowering workforce take? How would you ensure right workforce
engagement? Effective HRM measures can definitely help. Look for easy employee
management tips.

Data and compliance-

Functional and organisational objectives also include managing company/ employee data and
managing compliances. Managing payroll compliances and keeping the company out of any
penalties or fine is huge challenge for HR people and managers.

1.4 Importance and Scope of the Study-

HR plays a key role in developing, reinforcing and changing the culture of an organisation.
Pay, performance management, training and development, recruitment and onboarding and
reinforcing the values of the business are all essential elements of business culture covered by
HR.

Strategic Management-

HR improves the company's bottom line with its knowledge of how human capital affects
organizational success. Leaders with expertise in HR strategic management participate in
corporate decision-making that underlies current staffing assessments and projections for
future workforce needs based on business demand.

Training and Development-

HR training and development specialists coordinate new employee orientation, an essential

step in forging a strong employer-employee relationship. The training and development
area of HR also provides training that supports the company's fair employment practices
and employee development to prepare aspiring leaders for supervisory and management
roles.

Recruitment and Onboarding-

HR recruiters manage the employment process from screening resumes to scheduling

interviews to processing new employees. Typically, they determine the most effective
methods for recruiting applicants, including assessing which applicant tracking systems are
best suited for the organization's needs.

Chapter 2.

The Problems-

1. Turnover
 A high employee turnover rate can not only affect the bottom line of business in any
organization but also, the employees who are satisfied with their jobs don’t usually leave. A
company must collect data and also, try to observe the turnover trends over time. This might
be a pointer as to where the problem is. Companies can provide desirable benefits, pleasant
working conditions, opportunities for advancement and also, decent pay to their employees.
2. Productivity
 The constant effort to enhance employee productivity has become the new business norm.
Not only Managing but also maintaining high employees productively needs quick, smart,
and consistent procedures and also, HR professionals are tasked with keeping a track of all
employees, addressing their issues & filling the gaps.

3. Relationships With Customers

 Customer service is arguably the most critical factor in an organization’s long term success.
Especially, Customers can quickly use social media platforms to express their displeasure if
they aren’t satisfied. Consultants must keep a keen eye on feedback as well as leverage 21st-
century technology to improve their customer satisfaction.

4. Uncertainty About The Future

 Organizations not only hire trained professionals but also experts to look at trends and
patterns in the current market and determine the future course of action. Being able to predict
and act upon the changing corporate scenario is the difference between success and failure in
an organization.
 Dealing with uncertainty in an organization can be extremely difficult. The current
Coronavirus situation has underlined just how uncertain our futures can be.

5. Financial Management
 A CFO or a financial consultant is crucial for any organization, no matter how small it is. A
financial advisor helps in making robust financial calls regarding cash flows, profit margins,
reducing costs as well as help to increasing productivity. A business idea backed by numbers
is one that is more than likely to succeed.

 6. Monitoring Performance

 Performance indicators provide metrics for how well a business is doing. KPI– which covers
employee as well as customer satisfaction, internal process quality & finances is a key
indicator. Organizations must monitor their performance with in-depth reviews and analysis;
rather than just relying on ambiguous sales numbers.

7. Regulation & Compliance

 As mentioned earlier, it can be difficult for CEOs or top managers to keep a track of laws
and regulations applicable to their company. Some laws and regulations might not be
apparent at first glance, hence the documentation should be read thoroughly. Also, it is
advisable to hire an external consultant or entrust someone within the company to keep up
with all the regulations. Non-compliance may cost fines or worse for a company.

8. Understanding Generation Z
 In the past few years, businesses have had to adapt to new social market channels
( Instagram as well as Facebook), and also deal with globalization, and adapt to the change.
Businesses have to learn to work with the millennial generation. Also, They have to work to
understand their point of view, work style, and what they might potentially bring to the table.

9. Technology
 Technology is changing at a lightning-fast pace. New methods of working (Remote work),
new procedures for development (DevOps), new channels for marketing (social media), app
development, cloud computing have all evolved within the last decade. Additionally, for
existing organizations, this becomes a matter of keeping up with the technology.
 

10. Meeting Aspirations of Employees

 Once a company is done with the process of onboarding new employees, the next challenges
for HRM are to retain them. Companies can start with simple activities such as mapping their
employee goals, establishing a workplace based on trust and respect, and keeping
communication open to meet the aspirations of their employees and build loyalty.
Chapter 4.

Data Collection and Analysis-

Secondary Data-

1. Human resource planning

The first HR function is all about knowing the future needs of the organization. What kind of

people does the organization need, and how many? Knowing this will shape recruitment,

selection, performance management, learning and development, and all other human
resources functions. Human resources planning is similar to workforce planning. Both focus

on where the organization is today and what it needs to be successful in the future.

2. Recruitment and selection

The second HR function involves attracting people to work for the organization and selecting

the best candidates. Attracting people usually starts with an employee brand. Being an

attractive employer has plenty of advantages – just as it is the other way around. A good

example of the latter is the tobacco industry which struggles to attract talent due to its tainted

reputation. With a strong employer brand and the right sourcing strategies, you’re already

halfway there. Once candidates apply, the selection process is an HR instrument to pick the

best qualified and highest-potential candidates. Technological developments in recruitment

have gone very fast and as a result, there are different types of recruitment tools for each part

of your recruitment funnel. 

3. Performance management

Performance management is essential in ensuring that workers stay productive and engaged.

Good performance management involves good leadership, clear goal-setting, and open

feedback. Performance management tools include the (bi)annual performance review, in

which the employee is reviewed by his/her manager. It also includes 360-degree feedback

tools in which peers, managers, subordinates, and sometimes even customers review the

employee’s performance. These kinds of tools can be very helpful in providing feedback.

Performance management is also an instrument to close the gap between the workforce you

have today and the one you want to have tomorrow. One of the best ways to build your future

workforce is through learning and development (L&D).

4. Learning and development

Enabling employees to develop the skills they need for the future is an essential responsibility

for HR. This is also related to the first HR function we listed, in which HR bridges the gap

between the workforce today and the workforce needed in the near future. Traditionally,

organizations have a set budget for learning and development. This budget is then distributed

among its employees. In some countries, this fee is mandatory. Despite the differences in

regulation, almost all employers understand the value of investing in the (future) skills of

their employees. It’s the responsibility of the HR department to lead these efforts in the right

direction.

5. Career planning

The fifth function of Human Resource Management is career planning, guidance, and

development for employees, together also referred to as career pathing. Showing employees

how their ambition can align with the future of the company helps to engage and retain them.

For the organization, there are the benefits of better succession planning, higher productivity,

and a stronger employer brand.

6. Function evaluation

As a business and society changes, so too must an efficient HR function. Function evaluation

is a technical aspect of HR. By evaluating the HR function, the department ensures that the

company is successful at both a strategic level and with service delivery and support. The

company needs to deliver the level of services required, while operating

strategically. Practically, function evaluation involves comparing various parts of the overall

HR operation. This can include the quality, and availability of workers, job location, working
times, the economic situation, job responsibilities, and how much value a job adds to your

organization. The idea behind function evaluation is that similar jobs should be rewarded

similarly. There are different ways of internally ranking functions-Ranking Method,

Classifications Method, Point Method, Personal Method.

7. Rewards

Rewarding employees for their work is a function that is impossible to miss. Compensation

and benefits are integral to attracting the right kind of candidate for the role, and company.

These will vary across different fields, countries, and cultures.

The Employee Value Proposition (EVP) sums up all these aspects. The EVP of your

company is distinct from the external image and brand. It is the image a company reflects to

its employees. Rewards are thus much more than just financial. Here is a non-exhaustive

overview of total rewards:

 Base salary

 Performance-based-pay

 Bonuses

 Social environment

 Job security

 Status

 Alternating work
 Autonomy

 Growth opportunities

 Feedback

 Formal and informal development opportunities

Functions 1 to 7 all fall within the scope of what’s called talent management; they aim to

attract, develop, motivate and retain (high-performing) employees.

8. Industrial relations

Another function of HR is maintaining and cultivating relationships with labor unions and

other collectives, and their members. Maintaining good relations with unions will help to spot

and resolve potential conflicts quickly and will also be beneficial in more difficult economic

times when layoffs or other actions are required.

9. Employee participation and communication

According to Dave Ulrich, one of the key roles of HR is to be a credible activist for the

employees. Employees need to be informed and heard on different topics that are relevant to

them. Communication relates to spreading information relevant to employees.Being a

People’s Advocate is one of five elements of the T-shaped HR professional, a new

competency framework we developed for the future of the HR workforce. People Advocacy

includes culture building, people practices, workplace champion, and communication expert. 
10. Health and safety

HR plays an important role in creating and implementing health and safety regulations.

Making these regulations part of the company culture is one of the main functions of HR. A

famous example is oil company Shell where it is forbidden to walk the stairs without holding

the railing – also in the company’s HQ. This is part of Shell’s ‘Goal Zero’, which stands for

zero accidents. Although holding the railing is much more important on an oil platform,

safety is such a big part of the company culture that safety roles are applied everywhere.

11. Personal well being

HR has a function in assisting and taking care of employees when they run into personal

problems. Personal well being is about supporting employees when things don’t go as

planned. Problems in the workplace and outside can negatively impact employee

performance, engagement, and productivity. This, in turn, harms a company’s bottom

line. Good personal well-being led by your HR department must work at the level of one-on-

one communication with employees, and communication across teams, and companies. For

example, a company may offer an employee assistance program by which anyone with

mental health issues, can access counseling. On an organization-wide level, the company

could hold a mental health awareness day.

12. Administrative responsibilities

The final function of HR is its administrative responsibility. These include personnel

procedures and Human Resource Information Systems. Personnel procedures involve the

handling of promotions, relocations, discipline, performance improvement, illness,

regulations, cultural and racial diversity, bullying, and so on. For each of these situations,

policies and procedures need to be developed and followed to successfully comply with the
requests, or overcome these challenges. Human Resource Information Systems (HRIS) store

employee data. These systems need to be purchased, implemented and managed so the data

can be used for better decision-making.