What is MBA in HR Management & Financial Management?
The inception of MBA degree can be traced back to 19th century in United States of America. The need of an MBA degree rose due to the demand of individuals with spot-on management skills possessing basic & advanced knowledge. Business administration is a game of flawless management and undivided dedication. With the business world expanding by tenfold every year through marketing, industrialization, financing and education, the demand of the individuals with managerial talent has hiked up. As a result of that, the importance of MBA in today’s marketplace is unmatched by any other degree. In India, there are various institutes which offer MBA programs in several streams. This article discusses the two most commonly opted fields for doing MBA in.
MBA in HR Management:
In terms of business language, a resource is an economic or productive factor required to accomplish the desired output by an enterprise or an organization. A human resource is a crucial aspect of an establishment which grows over the time in terms of knowledge, skills & experience. Human resources are important to any company as they are the building blocks of the organization and encompass the caliber to enhance the productivity. A HR manager is responsible for handling the resources and is an integral part of the company. HR management involves doing certain activities such as:
a. Effective Management & Utilization of People
b. Competency assessment and appreciation evaluation of the resources
c. Enhancing the innovation and work culture level of the company
d. Installing and improving the work process design & Inter organizational mobility
e. Management of technology integration through training and communication channels
Human Resource Management is a comprehensive approach towards strategically managing employees & organizational culture. A field which has gained a lot of traction in past decade and now caters to a huge demand in the corporate world.
MBA in financial management:
Every enterprise, large or small runs on the economical sources which it gains from its business. Financial resources of a company hold utmost importance in its sustainability in the future. Thus, it is of a crucial importance to manage the financial resources of the company. Here comes in the picture, the financial management which is a strategic planning of usage and management of financial resources of an organization. The objective of financial management is to carefully plan the economic resources of the company and return maximum value to the involved people. It involves-
a. Defining business objectives
b. Identification & quantification of company’s financial resources
c. Financial planning for utilizing resources
d. Establishment of procedures for data analyzing and collection
e. Devising and implementing financial decisions
f. Identify problems and draw up preventive action plans
Financial management is a very intricate task which requires an in-depth understanding of the theory and hands-on knowledge of the processes as well. As it plays a very important role in deciding the future of a company, it should only be done by trained individuals holding all the knowledge.