MGHB12H3 Study Guide - Midterm Guide: Human Resource Management, Corporate Social Responsibility, Strategic Planning
Document Summary
Chapter 1: the world of human resources management. Human resources management (hrm): the process of managing human talent to achieve an organization"s objectives. Human capital: the knowledge, skills, and abilities of individuals that have economic value to an organization. Issue 1: responding strategically to changes in the local and global marketplace. Six sigma: a set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement. Reengineering: the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed. Outsourcing: contracting out work that was formerly done by employees. Change management: change management is a systematic way of bringing about and managing both organizational changes and changes on the individual level. Link the change to the business strategy. Show how the change creates quantifiable benefits. Engage key employees, customers, and their suppliers early when making a change.
