BU354 Lecture Notes - Lecture 7: Primary Sector Of The Economy, Operating Expense, Common Hardware Reference Platform
Document Summary
Hr mgmt. (hrm): mgmt. of people in organizations to drive successful organizational performance a(cid:374)d a(cid:272)hie(cid:448)e(cid:373)e(cid:374)t of the o(cid:396)ga(cid:374)izatio(cid:374)"s st(cid:396)ategi(cid:272) goals. Must finds/hire best people, develop their talent, create productive work environment, and build and monitor these human assets continually. Primary job of managing the workforce that drives organizational performance and achieves goals. Attract, retain, engage diverse talent to meet commitments made to customers/shareholders. C(cid:396)u(cid:272)ial that hr st(cid:396)ateg(cid:455) is alig(cid:374)ed (cid:449)ith (cid:272)o(cid:373)pa(cid:374)(cid:455)"s st(cid:396)ategi(cid:272) pla(cid:374) so that the (cid:449)o(cid:396)kfo(cid:396)(cid:272)e has the competencies and behaviours required to achieve the strategic objectives. Human capital: knowledge, education, training, skills, expertise of workforce. Effective hr practices are related to better organizational performance employee empowerment, p(cid:396)odu(cid:272)ti(cid:448)it(cid:455), et(cid:272). Hr (cid:272)o(cid:374)t(cid:396)i(cid:271)utes to k(cid:374)o(cid:449)ledge of fi(cid:396)(cid:373)"s (cid:272)ultu(cid:396)e, histo(cid:396)(cid:455), p(cid:396)o(cid:272)esses, (cid:272)o(cid:374)te(cid:454)t, etc. 3 hr practices (profit sharing, resulted-oriented performance appraisal, and employment security) have strong relationships with important accounting measures of performance (roa, roe)
