HRM200 Lecture Notes - Lecture 1: Performance Appraisal, Scientific Management, Human Resources

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: William Peckham

Document Summary

Human capital: knowledge, education, expertise, skills and training of workforce. Scientific management: scientifically analyzing manufacturing processes, reducing production costs, and compensating employees based on performance levels: concern for production, increase work place efficiency by motivating employees through incentives. Outsourcing: contracting outside vendors for handling specific business tasks on a permanent basis: phase 4: current phase, hr helps organization"s strategic goals. Every line manager must possess some hr skill. Strategy: how a company will balance internal strengths and weaknesses with external opportunities and threats. In some companies hrm still only manages payroll, hiring, firing and administrative work. Employers have realized that change in hr is important because it leads to company success (if employees are happy) Using data, facts, analytics, and research to support hrm decisions, proposals, actions and conclusions. Metrics: statistics used to measure activities and results. Traditional: focused on activity and cost, i. e. # of candidates interviewed, cost/hire. Today: focused on productivity, quality, sales, market share and profits.