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Canada (158,032)
Economics (380)
ECO244Y5 (1)
Chapter 1

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University of Toronto Mississauga
Frank Reid

Chapter 1HRM refers to the management of people in organizations to drive successful organizational performance and achievement of the organizations strategic goals Operational HR professionals hire and maintain employees and then manage employee separations oanalyzing jobs oplanning future workforce requirements oselecting employees oorienting and training employees omanaging compensation and reward plans and ocommunicating with employees including counselling and disciplining Strategic HR is focused on ensuring that the organization is staffed with the most effective human capital to achieve its strategic goals oA companys strategy is its plan for how it will balance its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantageoIncreasingly the HR department is being viewed as an equal partner in strategic planning processoHR specialists are expected to be change agentsOutsourcing practice of contracting with outside vendors to handle specified functions on a permanent basis Strategy companys 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 organizations success HR specialists are expected to be change agents who lead the organization and its employees through organizational change pg 5Metrics measure value and impact of their organizations human capital and hrm practices Most organizations use balanced scorecard system involves measures of the impact of hrm on organizational outcomes measurement system that translate organizations strategy into a comprehensive set of performance measuresExternalenvironmentalinflunceseconomicconditionsaffectsupplyanddemandforproductsandserviceswhichimpactthenumberandtypesofemployeesrequiredaswellasonanemployersabilitytopaywagesandprovidebenefitslabour market issues women minorities immigrants joining work force education nonstandard work technology rise of tech and social mediaorganizations monitor it all
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