With modernization, organizations grew larger and the demand for human resource management kept increasing. With fordism in place human resource management emerged. Skills became fragmented and specialized as positions were highly differentiated. Organizations, therefore, updated service delivery to answer to the demands of the customers. Fordism highly supported division of labor mass production is widespread and most production companies still implement fordism principles in their administration of human resource management. Long hours and labor that is cheap are factors that are still profitable to the small manufacturing companies. However, the fordism principles cannot be as successful as before but they have highly helped in shaping the future of human resource management in most industries. There is so much improvement in technology, complexity of social environment and so many other changes. The human resource management being applied today has some traces of fordism but fordsim alone cannot be successful (Petit 220).
The concept of institutional economics is a foundation of human resource management. The neoclassical and neo-institutional schools of economics argue that the economic theories are a foundation and great implications of the human resource management theory. The macro-prudential policies provide policy makers with a set of policy instruments to complement changes. The instruments implicate the policy makers to make fine judgment on risks to financial stability and traditional concerns on monetary policy. Caution when making judgments is highly encourages by the monetary policies. The macro-prudential policies are the main components of human resource management. People are highly affected by the changing customs and changing institutions and the institutional economics are pecuniary and emphasize on collective action of ...
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(“Human Resource Management Essay Example | Topics and Well Written Essays - 500 words - 10”, n.d.)
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(Human Resource Management Essay Example | Topics and Well Written Essays - 500 Words - 10)
“Human Resource Management Essay Example | Topics and Well Written Essays - 500 Words - 10”, n.d. https://studentshare.net/management/746024-human-resource-management.
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