ADM 2337 Chapter Notes - Chapter 1: Culture Shock, Corporate Social Responsibility, Six Sigma
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The World of Human Resources Management
WHY STUDY HUMAN RESOURCES MANAGEMENT?
•!Human Resources Management (HRM)
o!The process of managing human talent to achieve an
•!All managers are responsible for at lease some of the activities that
fall into the category of HRM.
•!Managers play a key role in selecting, training, motivating,
appraising, and promoting employees.
•!It takes people to build a business.
Human Capital and HRM
•!The idea that organizations compete through people highlights the
fact that achieving success increasingly depends on an
organization’s ability to manage talent or human capital.
o!Human capital – The knowledge, skills and capabilities of
individuals that have economic value to an organization.
•!Human capital is intangible and cannot be managed the way
organizations manage jobs, products, and technologies because
employees own their own human capital.
•!The real strategic advantage for organizations is high-quality HRM
•!To build human capital in organizations managers must continue to
develop superior knowledge, skills and experience within their
workforces and retain and promote top performers.
•!Although competing through people is a major theme of HRM, on a
day-to-day basis, mangers of all types have to carry out specific
activities for a company to effectively do so.
•!Overall framework for HRM
!!Changes in the market place and economy
!!Leveraging employee differences
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!!Health care issues
!!Age and generational work issues
COMPETITIVE CHALLENGES AND HUMAN RESOURCES MANAGEMENT
•!Challenge 1: Responding Strategically to Changes in The
o!In today’s highly competitive environments, in which
competition is global and innovation is continuous, being able
to adapt has become the key to capturing opportunities and
overcoming obstacles, as well as the very survival of
o!Successful companies develop a culture that keeps moving all
•!HR Managers and Business Strategy
o!HR professionals can help executives improve not only a
company’s bottom line by streamlining employment costs, but
also the top line by forecasting labour trends, designing new
ways to acquire and utilize employees, measuring their
effectiveness, and helping managers enter new markets.
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