What is human resource management? Why is HRM an important strategic
component?
Human resource management refers to the activities an organization carries
out to use its human resources effectively. These activities include
determining the firm’s human resource strategy, staffing, performance
evaluation, management development, compensation, and labor relations.
None of these activities is performed in a vacuum; all are related to the
strategy of the firm. HRM has an important strategic component. Through
its influence on the character, development, quality, and productivity of the
firm’s human resources, the HRM function can help the firm achieve its
primary strategic goals of reducing the costs of value creation and adding
value by better serving customer.