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beginning of this text, that every manager has some role relating to human resource management. Just because we do not have the title of HR manager doesn’t mean we won’t perform all or at least some of the HRM tasks. For example, most managers’ deal with compensation, motivation, and retention of employees—making these aspects not only part of HRM but also part of management. As a result, this material is equally important to someone who wants to be an HR manager and to someone who will manage a business. 1.2 OBJECTIVES After reading this lesson, you should be able to, Understand the role of HRM in organizations. Define and confer some of the major HRM activities. Every organization, large or small, uses a variety of capital to make the business work. Capital includes cash, valuables, or goods used to generate income for a business. For example, a retail store uses registers and inventory, while a consulting firm may have proprietary software or buildings. No matter the industry, all companies have one thing in common: they must have people to make their capital work for them. This will be our focus throughout the text: generation of revenue through the use of people’s skills and abilities.1.3 CONTENTS 1.3.1 Meaning of Human Resource Management 1.3.2 Nature and Scope of Human Resource Management 1.3.3 Objectives of Human Resource Management 1.3.4 Importance of HRM and HRD 1.3.1 Meaning of Human Resource Management Human Resource Management Day to Day You have just been hired to work in the human resource department of a small company. You heard about the job through a conference you attended, put on by
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2the Society for Human Resource Management (SHRM). Previously, the owner of the company, Jennifer, had been doing everything related to human resource management (HRM). You can tell she is a bit critical about paying a good salary for something she was able to juggle all on her own. On your first day, you meet th