Question : What effects has Human Resource Management practices on turnover, productivity and financial performance?
five (5) areas within Human Resources Management practices will be looked at: Industrial Relations, Performance Management, Recruitment and Selection and Training and Development
financial management training

Best answer:

Answer by Mel
This sounds like an exam question. Not cheating, are you?

The effect will depend in part on the competence of the HR team in the areas you describe. For example, if HR does a superior job in selecting talent to hire, and offers a robust training program to develop that talent and inculcate in them the company values and desired attributes, productivity should increase (because employees know what is expected of them and have received the training to perform to those expectations.) Turnover should decrease, because the right people are being selected for the available jobs. Financial performance should improve because if industrial relations are properly handled, litigious activity can be curtailed or avoided altogether.

The bottom line is that HR deals with one of a company’s largest resources, its employees. Employees who are properly selected, well trained, and held acountable to performance standards, and who have recourse to a grievance path if things get off track, are generally more productive and less likely to leave than employees who are not selected and managed appropriately.