ilovestudy

The importance of human resource management and the Human Resource Management process.  HRM is important for three reasons. First, it can be a signi cant source of competitive advantage. Second, it’s an important part of organizational strategies. Finally, the way organizations treat their people has been found to signi cantly impact organizational performance. The external influences that affect the human resource management process.  The external factors that most directly affect the HRM process are the economy, labor unions, legal environment, and demographic trends. The economy aƒects how employees view their work and has implications for how an organization manages its human resources. A labor union is an organization that represents workers and seeks to protect their interests through collective bargaining. In unionized organizations, HRM practices are dictated by collective bargaining agreements. HRM practices are governed by a country’s laws and not following those law...

Six key elements in organizational design .  The key elements in organizational design are work specialization, departmentalization, chain of command, span of control, centralization–decentralization, and formalization. Work specialization is dividing work activities into separate job tasks. Today’s view is that work specialization can help employees be more efficient. Departmentalization is how jobs are grouped together. Today most large organizations use combinations of diferent forms of departmentalization. The chain of command and its companion concepts—authority, responsibility, and unity of command—were viewed as important ways of maintaining control in organizations. The contemporary view is that they are less relevant in today’s organizations.  The traditional view of span of control was that managers should directly supervise no more than ve to six individuals. The contemporary view is that the span of control depends on the skills and abilities of the manager and th...

What Is Entrepreneurship?  Entrepreneurship is the process of starting new businesses, generally in response to opportunities. Entrepreneurs are pursuing opportunities by changing, revolutionizing, transforming, or introducing new products or services. For example, Nanxi Liu, founder of start-up Nanoly Bioscience, recognized the challenges of refrigerating vaccines, which is necessary to maintain potency. Nanoly Bioscience develops and distributes polymers that allow vaccines to be stored without refrigeration. This innovation enables doctors to provide lifesaving vaccinations in developing countries where millions die from preventable diseases. Entrepreneurship Versus Self-Employment? Self-employment refers to individuals who work for prot or fees in their own business, profession, trade, or farm.2 This arrangement focuses on established professions such as electricians and insurance agents. For comparison, recall that we described entrepreneurship as the process of capitalizing...

What Is Strategic Management? Strategic management is what managers do to develop the organization’s strategies. It’s an important task involving all the basic management functions—planning, organizing, leading, and controlling. What are an organization’s strategies? They’re the plans for how the organization will do whatever it’s in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve its goal. Strategic management is important because organizations are complex and diverse. Each part needs to work together toward achieving the organization’s goals; strategic management helps do this. For example, with more than 2.1 million employees worldwide working in various departments, functional areas, and stores, Walmart Stores, Inc., uses strategic management to help coordinate and focus employees’ e
orts on what’s important as determined by its goals. THE STRATEGIC management process Step 1: Identifying the Organization’s Curr...