COMMERCE 2BC3 Chapter Notes - Chapter 1: Unemployment Benefits, Balanced Scorecard, Visible Minority
6 Dec 2016
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Human resource management (hrm): policies, practices, and systems that influence employees" behavior, attitudes, and performance. Determines survival, effectiveness, and competitiveness of businesses. Competitiveness: a company"s ability to maintain and gain market share in its industry. Competitiveness is related to effectiveness (determined by whether the company satisfies the needs of stakeholders. Companies that do not meet stakeholders" needs are unlikely to have a competitive advantage over other firms in their industry: stakeholders are groups affected by business practices. Includes: stockholders: want return on their investment, customers: want a high-quality product or service, employees: desire interesting work and reasonable compensation for their services, community: want the company to contribute to activities and. Hrm practices are helping support the company"s business strategy and provide services and products the customer values. projects and minimize pollution of the environment. Many companies refer to hrm as involving people practices. These are practices need to be considered so that the strategies maximize their influences on company performance.
