COMMERCE 2BC3 Chapter Notes -Economic Value Added, Intervertebral Foramina, Markov Chain

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2BC3
• Professor: F O U Z I A

Document Summary

Strategic hr management (shrm): process of linking the hr function with the strategic objectives of the organization in order to improve performance. Vertically: require connecting hr practices with the strategic management process of the organization. Horizontally: involve the coordination of various practices within hr through a patterned or planned action. Are linked to organizational plans, to anticipate hr needs, and to hr programs that will be implemented to meet those needs. Involves multiple hr processes (that are linked to the strategic objectives) Knowing the financials and the hey drivers of business success is important to understanding he need for certain changes. Programs that have the greatest relevance to business objectives should get priority. Metrics are a vital part of assessing success, which means picking those measures that directly relate to the business goals. Strategic thinking requires preparing for the future, not focusing on the past.