MGHB12H3 Lecture Notes - Lecture 1: Succession Planning, Decision-Making, Equity Theory
Document Summary
Human resource management (hrm): process of managing human talent to achieve an organization"s objectives. Analyze company"s competitive environment and designing jobs so that a firm"s strategy can be successfully implemented to beat competition. Identifying, recruiting and selecting, the right people for jobs; training, motivating, and appraising these people; developing competitive compensation policies to retain them; and grooming them to lead the organization in the future. Human capital: the knowledge, skills and capabilities of individuals that have economic value to an organization. Is intangible and cannot be managed like jobs, product and technologies. Employees own their own human capital, not the organization. When employees leave, take human capital with them. Replacements can be made through recruiting and training. To build human capital, managers must continue to develop superior knowledge, skills and experience within workforce and retain and promote top performers. Must find better ways to utilize the knowledge. Overall framework of hrm involves competitive challenges, human resources and employee concerns.
