The function of management being discussed above is Human Resource Management (HRM). HRM is responsible for managing the organization's human resources in order to attract, recruit, develop, and retain the right kind of people to fill various positions within the company's structure.

Benefits of Proper Application of HRM:

1. Recruitment and Selection:
- HRM ensures that the organization is able to attract and select the right candidates for open positions.
- By carefully assessing candidates' skills, qualifications, and fit with the organization's culture, HRM helps to ensure that the right people are hired.
- This reduces turnover and increases employee productivity and satisfaction.

2. Training and Development:
- HRM identifies training needs and provides opportunities for employees to develop their skills and knowledge.
- This improves the overall competency and performance of the workforce.
- Well-trained employees are more likely to contribute to the success of the organization and adapt to changes in the business environment.

3. Performance Management:
- HRM sets performance standards and evaluates employee performance against these standards.
- By providing feedback and coaching, HRM helps employees improve their performance and achieve their goals.
- This ensures that employees are aligned with the organization's objectives and encourages a high-performance culture.

4. Employee Relations:
- HRM establishes policies and procedures that promote positive employee relations.
- By addressing employee concerns, conflicts, and grievances, HRM helps to maintain a harmonious work environment.
- This leads to higher employee morale, satisfaction, and retention.

5. Compensation and Benefits:
- HRM designs and administers compensation and benefits programs that are competitive and fair.
- This helps attract and retain talented employees.
- Proper compensation and benefits also motivate employees to perform at their best and enhance their loyalty to the organization.

6. Compliance with Employment Laws:
- HRM ensures that the organization complies with relevant employment laws and regulations.
- This minimizes legal risks and potential liabilities for the organization.
- Compliance with laws also promotes a positive reputation and trust among employees and stakeholders.

In conclusion, the proper application of HRM ensures that the organization has the right people in the right positions. It leads to improved employee performance, increased productivity, reduced turnover, and a positive work environment. Ultimately, this contributes to the overall success and competitiveness of the organization.

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