AFM131 Chapter Notes - Chapter 12: Management Development, Employee Retention, Job Satisfaction

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Robert Sproule

Document Summary

Human resource management (hrm): the process of determining human resource needs then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals. Roles of hrm have evolved due to: organizations recognition of employees as their ultimate resource, changes in the laws that rewrote many traditional practices. Hrm receiving increased attention as the nature of work shifts from traditional manufacturing, to service and high tech requiring highly technical job skills: some older workers need to be retrained. People are the ultimate resource because their ideas are worth a lot: good ideas become the products or services that satisfy customer needs. Hiring and retaining good employees is the key to company success: tactics include: bonuses, additional training, and profit-sharing plans. Hr functions used to be the responsibilities of the functional departments that employed them: today qualified employees are scarcer, escalating the role of hrm, more time spent on strategic input rather than admin work.