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Personnel Economics Essay Example

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Personnel Economics

The human resource management’s purpose is to hire, consequently train, and ultimately develop staff. Where necessary, the department disciplines personnel or dismisses them. Though comprehensive training and development, the enterprise’s employees are promoted in the company and attain their full potential. This modus operandi reduces the company’s need for recruiting external personnel by making maximal use of the existent talent (Compton and William 36). In terms of cost effectiveness, this is an effective way in which a business can manage its personnel.The human resources department not only functions to manage present staff but also plans for approaches of effecting changes bound to affect its staffing needs in the future. This phenomenon is referred to as workforce planning. For instance, the business may accrue growth into emerging markets such as truck rental. It may also adopt the use of new technology that necessitates new skills, such as global positioning. Moreover, personnel can retire or may be promoted, hence leaving gaps that have to be filled (Kazanjian 48).External changes in the labor market may occur, and this means that fewer skills will be available in a particular area, with other areas being inundated with professionals. Human resource management takes charge of planning for all tenets that define the company’s strategy for planning and recruitment. The human resource management function of the company, therefore, plays a focal role in the business since all the managers make use of their expertise in their quest to acquire staff.The enterprise has an intrinsic policy of manager promotion from within its existent workforce. What this means is that the business has an obligation to recruit individuals who exhibit potential for growth. On an annual basis, an average of 1,000 employees is recruited into the company’s Graduate Recruitment Program in Ireland and the UK. To enable it to achieve its objectives and aims, the enterprise requires motivated staff with drive and initiative.The enterprise draws positive effects from is policy of promoting managers as well as giving career opportunities to personnel within the company. Employees end up remaining happy, stay longer in the company, and consequently give their best in terms of output. However, as growth and diversification set on, the need for external recruitment emerges so that new skills can

Works Cited

Compton, R. L., and William J. Morrissey. Effective Recruitment and Selection Practice. 5th ed. Sydney: CCH Australia, 2009. Print.

Kazanjian, Kirk. Exceeding Customer Expectations: What Enterprise, Americas #1 Car Rental Company, Can Teach You About Creating Lifetime Customers. New York: Currency Doubleday, 2007. Print.

Michaels, Ed, Helen Jones, and Beth Axelrod. The War for Talent. Boston, Mass.: Harvard Business School Press, 2001. Print.

Motivating the "Whats In It for Me?" Workforce Manage Across the Generational Divide and Increase Profits. New York, NY: Wiley, 2007. Print.

Rudman, R. S. Getting the Right People Effective Recruitment and Selection Today. Auckland, N.Z.: CCH New Zealand, 2010. Print.

Underwood, Larry. Life under the Corporate Microscope: A Mavericks Irreverent Perspective. Denver, Colo.: Outskirts Press, 2009. Print.

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preview essay on Personnel Economics
  • Pages: 7 (1750 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Ph.D.
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