The process of change from an agrarian handicraft economy to one dominated by industry and machine manufacture. This process began in England and from there spread to other parts of the world. The characteristics of the society before industrial revaluation
small scale production Family or group based production at home use of small hand tools Barter system distribution in limited areas
Causes for occurrence in Great Britain
A dense population for its small geographical size Local supplies of coal, iron, lead, copper, tin, limestone and water power Introduction of steam power (fueled primarily by coal) The introduction of power engine at factory Major changes in distribution of production due to the introduction of rail engine
Major impacts of industrial revaluation During industrial revaluation child labor grew far more abusive than ever before Inhuman housing situation Many weavers found themselves suddenly unemployed since they could no longer compete with machines The abolition of feudalism Improved transportation system Supply of products in large quantities at cheap rate.
Functions of HRM Human resources are critical for effective organizational functioning. HRM (or personnel, as it is sometimes called) was once relegated to second class status in many organizations but its importance has grown dramatically in the last toe decades. Its new importance stems from increased legal complexities the recognition that human resources are a valuable means for improving productivity. And the awareness today of the costs associated with poor human resource management. Indeed, managers now realize that the effectiveness of their HR function has a substantial impact on the bottom line performance of the firm. Poor human resource planning can result in spurts of hiring followed but layoffs- costly in terms of unemployment compensation payments, training expenses and morale. Haphazard compensation systems did not attract, keep and motivate good employees reassigns discrimination lawsuits. Consequently, the chief human resource executive of most large business is a vice president directly accountable to the CEO and many firms are developing strategic HR plans and integrating those plans with other strategic planning activities.