HRM301 Lecture Notes - Lecture 2: Customer Satisfaction, Classical Economics, Strategic Management

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM301
• Professor: Vince Di Ruzza

Document Summary

Being able to talk the talk and put strategy into play. Adapting organizational strategies to include hrm is essential. If hrm strategies are not skillfully applied they can negatively a ect organizational strategy. Strategic management of people through hr programs and policies helps to ensure positive organizational outcomes, such as: Management of human capital is the most expensive. Strategic management of people is more important than ever before. Strategic management is like the gps of an organization. If there is high employee satisfaction and loyalty, there will be high client satisfaction. If there is high client satisfaction, we will have high sales and high retention with a decrease in unit costs. This will lead to increased pro ts and a hearty organization. Mission statement: an articulation of the purpose of the organization and the value it creates for customers. What are we and how do we explain our existence. For the purposes of the external organization as a whole.