MGHB12H3 Chapter Notes - Chapter 001: North American Free Trade Agreement, World Trade Organization, Corporate Social Responsibility
Document Summary
Chapter 1: the world of human resources management. Human resources management (hrm) is the process of managing human talent to achieve an organization"s objectives. It involves analyzing a company"s competitive environment and designing jobs so that a firm"s strategy can be successfully implemented to beat the competition. It requires identifying, recruiting, and selecting the right people for those jobs; training, motivating, and appraising these people; developing competitive compensation policies to retain them; and grooming them to lead the organization in the future. Human capital is the knowledge, skills, and capabilities of individuals that have economic value to an organization. Employees, not the organization, own their own human capital. If valued employees leave a company, they take their human capital with them, and any investment the company has made in training and developing these people is lost. A strategic advantage is high quality hrm systems as selection and training can develop replacements for these people.
