HRM200 Lecture Notes - Lecture 1: Balanced Scorecard, Common Hardware Reference Platform, Professional Association
7 Oct 2020
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Document Summary
Importance of hr: hiring the right person for the job, high turnover, employees work below performance expectations, useless interviews, discriminatory actions, training. Metris: statistics that hr professionals need to understand and use: quantity and quality. Balanced scorecard: set of performance measures at many levels, financial and operational. Strategy: company"s plan for how it will balance its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage. Identifying and analyzing external opportunities and threats that may be crucial to the organization"s success. Impact on strategy formulation/implementation: external environmental factors influencing hrm, economics, labour market issues, technology, government, globalization, environmental issues. Internal environmental factors influencing hrm: organizational culture: core values, beliefs and assumptions often conveyed through an organization"s mission statement to create the desired positive culture, organizational climate: prevailing atmosphere in an organization. Influenced by leadership, hr policies, communication style: management practice: bureaucratic organizations are being replaced by flatter structures and increased employee empowerment.
