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HRM 2600 (78)
Chapter 1

Chapter 1

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Human Resources Management
HRM 2600
Shelley Millman

Page1 Chapter 1 The World of Human Resources Managementhuman resources management the process of managing human talent to achieve an organizations objectivesWhy Study Human Resources Managementto work with people effectively understand human behaviourbe knowledgeable about various systems and practices available to help us build a skilled and motivated workforceemployee skills knowledgeabilities are among most distinctive and renewable resources on which a company can drawCompetitive Challenges of Human Resources Management Challenge 1 Going Global Impact of Globalizationglobalization the trend toward opening up foreign markets to international trade and investment th first major trade agreement of 20 century was in 1948General Agreement on Tariffs and Trade GATTGATT established rulesguidelines for global commerce between nations and groups of nations since it began world trade increased six fold helped the formation of European Union in 1986 North American Free Trade Agreement NAFTA in 1994 AsiaPacific Economic Cooperation APEC in 1989 GlobalizationCorporate Social Responsibilityin last halfcentury freetrade agreements still stir fierce debateNAFTA USCanadian Citizens worried that agreement would lead to a loss of jobs in Mexico creating a havehave not world economy people in developing economies and worlds environment being exploited by companies in richer countriescorporate social responsibility responsibility of firm to act in the best interests of the people and communities affected by its activitiesbeing socially responsible helpsmore important in employees job selectionEffect of Globalization on HRM translation problemsunderstanding of foreign culturepracticesadjust to compensation plans of employees working abroad to ensure they receive fair and equitable pay in parts of world where living costs differretaining employees in face of culture shock
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