Human Resource Management Study Notes

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11 Terms

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Human Resource Management (HRM)
Policies and practices that influence employees' behavior, attitudes, and performance.
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Competitiveness
Maintaining and gaining market share linked to stakeholder needs (shareholders, customers, employees, community).
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Average HR team annual budget per employee
2,524
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Recruiting budget per employee
425
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Compensation and benefits budget per employee
213
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Training and development budget per employee
188
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General HR staff ratio
1 HR staff per 57 employees
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HR costs as a percentage of revenue
0.74\%
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Shared Service Model (HR)
Allows HR functions such as expertise centers, service centers, and business partners to improve efficiency and engagement.
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Outsourcing in HRM
Delegating HR functions to external companies to enhance service quality and reduce costs (e.g., benefits administration, payroll, training programs).
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Evidence-Based HRM
Uses analytics to evaluate HR practices' effectiveness and their bottom-line impact, leveraging big data for strategic decisions.