PSYCH 338 Lecture Notes - Lecture 3: Standard Deviation, Longitudinal Study, Frederick Winslow Taylor

• School: University of Waterloo
• Department: Psychology
• Course: PSYCH 338
• Professor: Doug Brown

Document Summary

Important personal to us but also entire organizations. It is through people that things get accomplished. Even great products can fail when mismanaged staff and vice versa. Resource theory: 2 things that make some valuable: rare and cannot be copied, most things are easily copied but people are not so much, people are a product of their history and this cannot be copied. It"s the little things that matter and add value, often unable to be copied: socially complex resources emerge from the complex interactions of people, therefore people add huge resource value to organisations. Inimitable - history, numerous small decisions, socially complex resource. A study of 968 firms found a 1 standard deviation increase in the use of high performance work practices was associated with 7. 05% decrease in turnover, 27044 more sales per employee. 18641 increase in market value per employee, 3814 improvement in profit per employee.