BU354 Lecture Notes - Lecture 2: Human Resource Management, Market Environment, Balanced Scorecard
Document Summary
Chapter 1 strategic role of human resource management. Human resource management (hrm) refers to the management of people in organizations, responsible to find and hires the best individuals available, develops their talent, creates a productive work environment, and continually builds and monitors these human assets. Involves implementing hrm systems, such as recruitment, performance appraisal, and compensation. Three hr practices: profit sharing, results oriented performance appraisal, and employment security. Scientific management the process of scientifically analyzing manufacturing processes, reducing production costs, and compensating employees based on their performance. Human resources movement a management philosophy focusing on concern for people and productivity. Duties such as training: phase 4 where hr departments evolved to help organisation achieve its strategic objectives. Now line managers has responsibilities related to employees as well, Outsourcing involves contracting with outside vendors to handle specified business functions on a permanent basis. Authority the right to make decisions, direct others work, and give orders.
