BU352 Lecture Notes - Lecture 1: Human Resource Management, Human Relations Movement, Employee Retention
Document Summary
Chapter 1 the strategic role of human resources management. Human resources management (hrm) refers to the management of people in organizations to drive successful organizational performance and achievement of the organization"s strategic goals. More specifically, hrm formulate and implement hrm systems (e. g. recruitment, performance appraisal, compensation) that are aligned with organization"s strategy to ensure workforce has the competencies and behaviours required to achieve the company"s strategic plan. Human capital is the knowledge, education, training, skills, and expertise of an organization"s workforce. The resource-based view of the firm suggests that human resource practices contribute to the development of embedded knowledge of a firm"s culture, history, processes, and context, which are imitable. High-performance hr practices (comprehensive employee recruitment and selection procedures, incentive compensation and performance management systems, and extensive employee involvement and training) have a positive relationship with turnover, productivity, and corporate financial performance (gross rate of return on capital).
