[Economics 1021A/B] - Final Exam Guide - Ultimate 31 pages long Study Guide!

• School: Western University
• Department: Economics
• Course: Economics 1021A/B
• Professor: Elizabeth Torrens

Document Summary

Hr + human resources movement and hr as a source of value & sustained competitive advantage. Hu(cid:373)a(cid:374) resour(cid:272)e ma(cid:374)age(cid:373)e(cid:374)t: the pra(cid:272)ti(cid:272)es, poli(cid:272)ies, a(cid:374)d s(cid:455)ste(cid:373)s that i(cid:374)flue(cid:374)(cid:272)e e(cid:373)plo(cid:455)ees" behavior, attitudes, and performance. People are crucial to organizational success and the human and intellectual capital of orga(cid:374)izatio(cid:374)"s (cid:449)orkfor(cid:272)e pro(cid:448)ides a(cid:374) opportu(cid:374)it(cid:455) for (cid:272)o(cid:373)petiti(cid:448)e ad(cid:448)a(cid:374)tage. Companies attempt to increase their competitiveness by investing in new technology and promoting quality, also investing in state-of-the-art staffing, training and compensation practices (valuable investments) Hu(cid:373)a(cid:374) capital: orga(cid:374)izatio(cid:374)"s e(cid:373)plo(cid:455)ees, des(cid:272)ri(cid:271)ed i(cid:374) ter(cid:373)s of their trai(cid:374)i(cid:374)g, e(cid:454)perie(cid:374)(cid:272)e, judgment, intelligence, relationships and insight. Employees i(cid:374) toad(cid:455)"s orga(cid:374)izatio(cid:374)s are (cid:374)ot i(cid:374)ter(cid:272)ha(cid:374)gea(cid:271)le, easil(cid:455) repla(cid:272)ed parts of a system. Valuable; high quality employees provide a needed service as they perform critical functions. Rare; high levels of skills and knowledge is not common. No good substitutes; when people are well trained and highly motivated, they learn, and develop.