What is Stakeholders and HRM (Human Resource Management)

Stakeholder Management:

Anyone who affects or affected by (positively or negatively) during the planning, execution and end results of a project is the stakeholder. And the management of those stakeholders is called project management. To identify the stakeholders we have to go through all the processes of project management.

There are four types of stakeholders: consumers, governance, influencers and providers, all known by the acronym UPIG.

Human Resource Management:

According to Storey, “HRM is the distinctive approach to employment management which seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce”.

More about HRM (Human Resource Management):

If we move towards the stakeholders management and HRM than it is clear obvious that managing stakeholders will also include the managing human resources. 

So we can say that stakeholder’s management has broader scope than HRM. Because stakeholders management means managing all stakeholders i.e., suppliers, customers, government agencies, human resources, sponsors (some time called top management), and much more. 

But the managing human resources only means managing humans that are actually involved in the execution of project and leads a project towards successive closure.

What is Stakeholder:

A stakeholder may be an individual, a group, or an organization that aims to bring any type of project to fruition from which they earn their money. 

That's why they are so interested in the results because it gives them the best benefits - they have some special benefits, two of which are financial growth or career advancement - and it works well for others. Perform from.

Describe Stakeholder :

If we see with ardent eyes, it can said that there are different number of stakeholders that are affecting the organization from both sides i.e., internally as well as externally. And human resource management is one of these stakeholders that are affecting the organization internally. 

We know that human resource is the organization’s asset that can affect an organization positively or negatively. If this is utilized in an efficient way then this will affect the organization positively and will enable an organization to remain competitive and vice versa. 

There are four types of stakeholders: consumers, governance, influencers and providers, all known by the acronym UPIG.

It is also said that managing the human resource is the most crucial among all the project management processes. Now it is up to the project manager that how he/she gets the benefit.

Conclusion:

So it is concluded that we can take the human resource management as a part of stakeholder management but we cannot say that stakeholder management and HRM are same in meaning and scope. Because stakeholders management is broader in scope than HRM. And if we manage the stakeholders we will also have to manage the human resource.