Management and Organizational Studies 3383A/B Lecture Notes - Lecture 2: Human Capital, Classical Economics, Demand Forecasting

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3383A/B
• Professor: Jody Merritt

Document Summary

Human resource management (hrm) is an umbrella term that encompasses: overarching hr philosophies, formal hr policies, specific hr practices. Interrelated philosophies, policies, and practices that facilitate the attainment of organizational structure. Theories of strategic management of human resources (cid:862)high perfor(cid:373)a(cid:374)(cid:272)e(cid:863) hr pra(cid:272)ti(cid:272)es su(cid:272)h as sele(cid:272)ti(cid:448)e hiri(cid:374)g, e(cid:454)tensive training, competitive pay came to be known as best practices in 1980s. Research shows consistent evidence that implementation of high-performance hr systems significantly predicted various organizational performance indicators such as reduced turnover and improved quality. Suggests that the management of resources and capabilities will lead to competitive advantage, resulting in superior performance and value creation. A fir(cid:373)"s hu(cid:373)a(cid:374) resour(cid:272)es (cid:272)a(cid:374) (cid:272)reate sustai(cid:374)ed (cid:272)o(cid:373)petiti(cid:448)e ad(cid:448)antage. 4 criteria needed to be met: valuable, hard to imitate, rare, non-substitutable. To make you give that much effort: the leaders respect you, money is a motivator but hard to maintain. Harvest strategies how can firms best design programs that build capabilities.