ECO244Y5 Chapter Notes - Chapter 1: Industrial Engineering, Autofocus, Outsourcing
Document Summary
Hrm refers to the management of people in organizations to drive successful organizational performance and achievement of the organization"s strategic goals. Operational: hr professionals hire and maintain employees and then manage employee separations: analyzing jobs, planning future workforce requirements, selecting employees, orienting and training employees, managing compensation and reward plans; and, communicating with employees (including counselling and disciplining). Outsourcing: practice of contracting with outside vendors to handle specified functions on a permanent basis. Strategy: company"s plan for how it will balance its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage. Environmental scanning: identifying and analyzing external opportunities and threats that may be crucial to the organization"s success. Hr specialists are expected to be change agents who lead the organization and its employees through organizational change (pg 5) Metrics: measure value and impact of their organization"s human capital and hrm practices.
