BU354 Midterm: BU354 Midterm Terms Revised
Document Summary
Value of people: hr are, valuable, cannot be imitated, have no good substitutes. Job analysis: staffing (recruitment and selection, training and development, performance appraisal, compensation and benefits. Key challenges & environmental influences on hrm: external environmental influences, economic conditions, labour market issues, government, technology, globalization. Internal environmental influences: culture, climate, management practices. Evidence based decision: bounded rationality, economic man-> economic models are based on perfect information, ebd results in an increase of the probability of making the right decision. Evidence based practice: focus on the decision making process, thinking in terms of probability. Outcomes: ability, motivation, opportunity, good hr practices strengthen human capital, opportunity-> more meaning, authority, growth. Hrm practices -> ability motivation opportunity -> stronger human capital productive behavior. Resources that are valuable, rare, inimitable and non substitutable -> competition advantage: human capital (resources that are ) -> creates competitive advantage.
