Learn in the textbookHuman Resource Management and Ways of Working
DefinitionHRM (Human Resource Management) is the approach of treating people as a management resource that creates value and managing everything from hiring through placement, development, evaluation, compensation, and retention in a consistent way.
ExplanationPeople are treated not merely as a labor cost to keep down, but as a resource whose abilities can be grown and tied to the company's business goals. The other terms in this unit are methods or policies that support individual areas of HRM, such as evaluation, development, use, and retention.
AnalogyLike a sports team's front office that handles everything from signing players to training, choosing who plays in each game, and renewing contracts under one policy.
Memory hookOf the management resources of people, goods, money, and information, remember that HR (Human Resource) is the one in charge of people.