1. Table of Contents 1. Table of Contents 2 2. Introduction 3 3. Reasons for Measuring 3 4. Indicators of HRM 4 5. Measuring HRM 4 6. Conclusion 8 7. Bibliography 9 2. Introduction Human Resource Management is a key component in the maintenance and utilization of an effective workforce. HRM includes myriad activities ranging from recruitment to training and even the development of compensation systems. HRM has evolved significantly since the early 1900s. The need to deal with labor unions and the human relations movement has increased the need for competent human resource professionals (Dessler, 2002). 3. Reasons for Measuring Human resource managers are required to balance the requirements of management against those of the …show more content…
Benchmarking "Benchmarking is a systematic process of measuring an organization's products, services, and practices against those of a like organization that is a recognized leader in the studied area" (Phillips et al, 2001). Organisations across industries and geographical boundaries are using this practice to discover ways of improving service and increasing business efficiency and profitability. Strategic Analysis Balanced Scorecard/Balanced Measures The Balanced Scorecard is a strategic measurement approach that provides a method of aligning business activities with the organization's strategic plan and monitoring performance of strategic goals over time. A set of balanced measures is used, rather than focusing on the single, traditional bottom line. The original scorecard developed by Kaplan and Norton (2004) was divided into five perspectives (or measurement areas): 1. Financial: Demonstrates how our initiatives, activities, and actions contribute to the organization's bottom line, or how they provide value for the money spent. Cost and revenue are the main measures for this perspective. Labour costs expressed as a fraction of revenues is a common financial measure. 2. Customer: Tells us what we must do to meet the needs of our internal and external customers. Time, quality, performance and cost are the main areas in which customers are
Gomez-Mejia, L., Balkin, D., & Cardy, R. (2012). Managing Human Resources (7th ed.). Upper Saddle River, N.J.: Prentice Hall.
Balanced scorecard is a methodological tool that businesses use to get a measure by which someone can determine whether the set goals have been met or exceeded. It adds non-financial metrics to traditional financial metrics to give a well-rounded view of the performance in an organization. Balanced scorecards also help organizations to predict their success in meeting their overall strategic goals.
Cascio, W.F. (2013). Managing Human Resources: Productivity, Quality of Work Life, Profits (9th ed.) Boston, MA: McGraw-Hill/Irwin
Gómez-Mejía, L. R., Balkin, D. B., & Cardy, R. L. (2016). Managing human resources (7th ed.). Harlow: Pearson.
2. Leatherbarrow, C., Fletcher, J. & Currie, D. (2010) Introduction to Human Resource Management. 2nd Edition. London: CIPD
Porter, K., Smith, P. & Fagg, R. 2006. Leadership and Management for HR Professionals. 3rd Ed. Oxford
In analyzing the concepts discussed in Human Resource Management, I have found an interesting mix of education and forethought into the role of a human resource manager. Many of the aspect of human resource management such as HR planning, recruitment and selection, as well as, human resources development and labor relations all play a significant role in the success of any organization. There are many benefits to the learning that has taken place in this course that has helped me better understand HRM and its roll that will shape not only my position in business now but for future
Gerhart, B., Hollenbeck, J., Noe, R., & Wright, P. (2009). Fundamentals of human resource management (3rd ed.). New York, NY: McGraw-Hill.
Introduction- To be competitive, organizations must be both strategic and tactical to the nth degree, must be proactive rather than reactive, and must find a way to measure this easily and accurately. One way to accomplish this is through a Balanced Scorecard approach; a tool often viewed as one of the best tools that helps organizations translate strategy into performance. In general the BSA (Balanced Scorecard Approach) allows for a clear strategic and tactical directions for the organization, retains financial measurements in a summation along with their links to performance, and highlights an important and robust measurement system that links and integrates customers, stakeholders, processes, resources, and performance into single measurement strategy.
C. Leatherbarrow & J. Fletcher, 2014, Introduction to Human Resource Management, guide to HR in practice, 3rd edition, London, CIPD
Alexander, M., 2003. A handbook of Human Resource Management Practice. 9th ed. London: Kogan Page
Bohlander and S. Snell. (2011). Managing Human Resources, 6th Edition. Toronto, Ontario, Canada: Nelson Education Ltd., p. 175.
Human Resource plays a key role in designing the performance management framework. Human Resource role is manifold and each of these roles well played can be highly beneficial to the organization. However, as it is now, the people in the department do not seem up to par. In the article, "Why We Hate HR," written by Keith H. Hammond, the author portrayed a negative stance on the department. He listed four reasons describing what is wrong with the Human Resource people. Based on those four main criticisms, three individual interviews were conducted to see either Hammond’s point of view is agreeable or not. The interviewees also have given their personal experiences and opinions when comparing their
The financial perspective uses financial performance measures to determine whether the organization’s strategy and actions are profitable. An organization’s financial goals may be as simple as: to survive, to succeed, and to prosper. Survival can be measured by cash flow, success can be measured by growth in sales and income, and prosperity can be measured by increased market share and return on equity. Managers are encouraged to use financial measures like these to demonstrate their financial position to shareholders. (Kaplan and Norton