Definition
The resource that resides in the knowledge, skills, and motivation of people. Human resource is
the least mobile of the four factors of production, and (under right conditions) it improves with age and experience, which no other resource can do.
It is therefore regarded as the scarcest and most crucial productive resource
that creates the largest and longest lasting advantage for an organization.
The division of a company that is focused on activities relating to employees. These activities normally
include recruiting and hiring of new employees, orientation and training of current employees, employee benefits, and retention. Formerly called personnel.
Definition of HRM
The process of hiring and developing employees so that they become more valuable to the organization. Human Resource Management includes conducting job analyses, planning personnel needs, recruiting the right people for the job, orienting and training, managing wages and salaries, providing benefits and incentives, evaluating performance, resolving disputes, and communicating with all employees at all levels. Examples of core qualities of HR management are extensive knowledge of the industry, leadership, and effective negotiation skills. Earlier it was known by Personnel Management.
Human resource development (HRD)
The part of human resource management that
specifically deals with training and development of the
employees.
Human resource development includes training an individual after he/she is first hired, providing opportunities to learn new skills, distributing resources that are beneficial for the employee's tasks, and any other developmental activities.
Personnel management