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Chapter 1

Human Resources Management Chapter 1.docx

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McMaster University
Mckenzie Wang

HR Management Chapter 1 Competitiveness • A company’s ability to maintain and gain market share in its industry • The value of a product or service is determined by its quality and how closely the product fits customer needs • Related to company effectiveness, which is determined by whether the company satisfies the needs of stakeholders Human Resources Management • Policies, practices, and systems that influence employees’ behaviour, attitudes, and performance • Includes analyzing and designing work, determining human resource needs (HR planning), recruiting, selection, training and development, compensation, performance management, employee relations What Responsibilities and Roles Do HR Departments Perform? • A means to contribute to profitability, quality, and other business goals through enhancing and supporting business operations • Responsible for outplacement, compliance with employment laws, record keeping, testing, unemployment compensation, and some aspects of benefits administration Evolution of the HRM Function • HR managers face two important challenges: o Shifting their focus from current operations to strategies for the future o Preparing non-HR managers to develop and implement HR practices • Evidence-based HR o Demonstrating that HR practices have a positive influence on the company’s bottom line or key stakeholders Human Resources Management: Chapter 1 1 o Requires collecting data on metrics such as productivity, turnover, accidents, employee attitudes, and medical costs, and showing the relationship with HR practices Competitive Challenges Influencing HR Management • Sustainability o The ability of a company to survive and exceed in a dynamic competitive environment, based on an approach to organizational decision making that considers the company’s ability to make a profit without sacrificing the resources of its employees, the community, or the environment Economic Changes • Intangible Assets o A type of company asset including human capital, customer capital, social capital, and intellectual capital o Are equally or even more valuable than financial and physical assets but they are difficult to duplicate or imitate o Up to 755 of the sources of value in a company is intangible assets • The need for companies to make rapid changes as a result of new technologies, competitors, and customer demands has played a major role in reshaping the employment relationship • Psychological contract o Expectation of employee contributions and what the company will provide in return o Not written • Employee Engagement o The degree to which employees are fully involved in their work and the strength of their commitment to their job and the company o Employees who are engaged in their work and committed to the company they work for give compa
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