Exam 1 review answers

Exam 1 review answers - Chapter 1 What is Human Resource...

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Chapter 1: What is Human Resource Management? What is HRM? (pp. 1-2) The policies, practices, and systems that influence employees’ behavior, attitudes, and performance. What does “HRM” mean? (p. 3-5) Employees are resources of the employer. As a type of resource, human capital means the organization’s employees, described in terms of their training, experience, judgment, intelligence, relationships, and insight – the employees and their characteristics that can add economic value to the organization. Why is HRM important? (p. 3-5) HRM can provide a sustainable competitive advantage since o Human resources are valuable o Human resources are rare o Human resources cannot be imitated o Human resources have no good substitutes Form the foundation of a high-performance work system – an organization in which technology, organizational structure, people, and processes all work together to give an organization an advantage in the competitive environment. Effective HRM yields o More satisfied employees and customers o More innovative o More productivity o Better reputation in the community What does HRM involve? (pp. 5-12; know basic definitions or purposes of these HR functions)
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