HR in Strategic Management Introuction Term Paper

Pages: 8 (2213 words)  ·  Bibliography Sources: ≈ 5  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business - Management

SAMPLE EXCERPT . . .
The fourth and a popular theory model was the agency or transaction cost theory, which explored transactions in controlling employee behavior (Wright and McMahan 2003). It sought to establish the environmental factors, which, along with related human factors, could explain why organizations sought to internalize transactions rather than transact in a market place. This was aimed at reducing the costs of transactions. The approach covered bounded rationality and opportunism as the obstacles to human exchange (Wright and McMahan). Bounded rationality meant that people were subject to information processing limits, while opportunism maintained that people would act according to self-interests and even with guile in pursuing their goals. Although they were not considered problems in themselves, these obstacles incurred agency and transaction costs. Bounded rationality occurring with uncertainty could be very costly or even impossible to estimate, considering unknown contingencies. Opportunism, on the other hand, could be held in check by costly and risky short-term contracting (Wright and McMahan).

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Transaction costs were those incurred in negotiating, monitoring, evaluating, and enforcing exchanges between parties and in order to make these exchanges more fruitful or efficient (Wright and McMahan 2003). There was a tendency to internalize the transaction through organizations when transaction costs increased. A problem could develop if one party to a transaction required services in an uncertain situation and both of these parties behaved out of self-interest only. Agency costs were those incurred in establishing efficient contracts or agreements with other parties. Agency costs are the costs associated with establishing efficient contracts between parties (Wright and McMahan).

CONCLUSION

Term Paper on HR in Strategic Management Introuction Assignment

Challenges continue to shake the HR profession. In the current Third-Wave global civilization, companies sorely need to maintain ethical standards within and without in order to match the ever-heightening social mores and deeper attention to behavior and communication (Losey 1998). The divergent composition of the labor force signaled how employers must work in order to insure that their employees were rewarded for their efforts, not out of prejudice against race, nationality, sex, religion or something else.

The human resource geniuses or key participants have not been tapped by their companies to share the strategic management planning function, as many in top management levels still resist sharing that power. It must be considered that workers have to be shown and given this privilege if they should add value to the products they make or services they extend (Losey).

In the meantime, HR professionals and gurus must become and remain as generalists who understand and practice economics, politics, resource management and culture trends, technological innovations, changes in work values, shortage of labor and skills, labor laws, affirmative action, health care management, privacy matters, international trends and countless and endless other concerns. One certainty is that HR professionals must confront the challenge of today's business environment. They must be updated on and upgraded in recent and important interactions occurring among technology, work, flow, organizational strategies and, most important of all, people who work for them. Management trends have come quite a long way from the pioneering times of Henry Ford and other giant industrialists who thought that only able bodies were needed to keep production lines running. It is now a given in the current time and new age of technology and the resulting swiftness of product innovation that the proper direction for the creative minds and soul of tomorrow's worker will be the essential factor of business and the human relations profession (Losey).#

REFERENCES

1. Losey, Michael. (1998). HR Comes of Age -- History of Human Resource Management. HR Magazine. http://www.findarticles.com/p/articles/mi_m3495/is_n3_v43/ai_20514399

2. Oswald, Sharon, et al. (1991). Strategic Management of Human Relations: the American Steel and Wire Company -- Company Profile. Business Horizons. http://www.findarticles.com/p/articles/mi_m1038/is_n3/v34/ai_10817055

3. Siger, Marc. (2000). Strategic Human Relations Management Committee: Books Examine the Role of HR Professionals. HR Magazine: Society for Human Resource Management. http://www.findarticles.com/p/artices/mi_m3495/is_12_45/ai_68216379

4. Weatherly, Leslie. (2003). The Value of People. HR Magazine. http://www.findarticles.com/p/articles/mi_m3495/is_9_48/ai_108315188

5. Wright Patrick M. And McMahan, Gary C. (1998). Theoretical Perspectives for Strategic Human Resource Management. Journal of Management. http://www.findarticles.com/p/articles/mi_m4256/is_n2_v18/ai_12720961 [END OF PREVIEW] . . . READ MORE

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