Business AS · Human resource management. The idea in plain words, the rules to remember, the mistake to avoid and a worked example, written and checked by Mega Lecture.
Human resource management means getting the right number of people, with the right skills, in the right jobs, and keeping them working well, so that the business can meet its objectives. It starts with a workforce plan, which compares the staff the business will need with the staff it has now.
HRM then covers recruitment and selection, contracts, training, morale and welfare, and ending employment through redundancy or dismissal.
A useful measure of how well people are managed is labour turnover, the percentage of the workforce that leaves in a year. Good HRM also builds cooperation with employees and with trade unions, which bargain collectively for their members.
In the labour turnover formula students divide by the number of employees at the start or by the number recruited. Divide the number who left by the average number employed, then multiply by 100.
Answer: Labour turnover is 12%, up by 3 percentage points, so recruitment and training costs are likely to rise.
Type what you are stuck on. The helper finds the explanation, worked examples and the notes to read, free and instant.
← Stakeholders in a businessMotivation →Take a Business AS test