Domestic and international HRM policies and practices - Essay Example

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Domestic and international HRM policies and practices

HRM is predominately undertaken by an organization to operate its human resources successfully and includes: planning, staffing, performance management training and development, compensation and industrial relations. However, there is much-heated debate and skepticism put forward on whether HRM is differentiated from personnel management and industrial relations, as some claim HRM makes apparent the contemporary reality of today’s competitive environment (Beardwell et al. 2004). Regardless of the continuing debate, it is generally accepted that the functional responsibility traditionally falls under the HRM umbrella. It also involves the integration of goals throughout the firm, with the employer committed to the value of human labor (Guest, 1987). One must recognize that HRM practices are used in every organization to manage employee issues, but the degree of use varies. Nonetheless, HRM originated as a US based concept with the ‘Michigan model’ being the first of its kind (Warner & Joynt, 2002).The economic growth of the 1990’s was associated with multinational companies (MNCs) and FDI expansion as 53,000 MNC’s controlled 450,000 subsidiaries, accounting for 25% of world output in developed economies and now the figures have risen extraordinarily. The organization of economic cooperation and development (OECD) concede that FDI has exonerated and achieved record levels of inflow and outflows as capital movement is not restricted (Beardwell et al. 2004). ...
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From the essay "Domestic and international HRM policies and practices," it is clear that overpowering effects of globalization have created environmental volatility and a base for increased competition.This required management to explore further strategic theories and models…
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