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 laws can be

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 the employe

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 on

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

2  Learning Objectives 8.1 Define the nature and purposes of planning. 8.2 Classify the types of goals organizations might have and the plans they use. 8.3 Compare and contrast approaches to goal-setting and planning. Know how to set goals personally and create a useful, functional to-do list Develop your skill at helping your employees set goals 8.4 Discuss contemporary issues in planning. 3  What is Planning? Planning: management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities Formal planning Specific, time-oriented goals Goals written and shared Planning involves defining the organization’s goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities. It’s concerned with both ends (what) and means (how). When we use the term planning, we mean formal planning. In formal planning, specific goals covering a specific time

  INTRODUCTION If you’ve gotten a ride through Uber, booked a place to stay through Airbnb, watched a movie on Netflix, or received beauty and lifestyle products from Birchbox, then you’ve participated in disruption, even if you weren’t aware of it at the time. Disruptive Innovation and Marketing has become so commonplace in our business world that it is hard to tell the difference between whether something is shaking up the industry or just a darn good idea. Suffice it to say, disruption - despite being a trendy buzzword - is here to stay, and will have a lasting impact on the future of many industries. WHAT IS DISRUPTIVE INNOVATION AND MARKETING Disruptive Innovation is a term coined by Harvard Business School Professor Clayton Christensen. He describes disruptive innovation as “a process by which a product or service takes root in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors.”1 Disruption