Human Resource Management: Some Vital Considerations

Abstract

The paper discusses how and why the theories of neo-classical economics are inadequate to provide a framework to human resource management and therefore must give way to dynamic gradual optimization procedure based on the principles of bounded rationality and satisficing behaviour in dealing with the problems of an adaptive complex system of business organization. It also widens the scope of human resource management to include crowd-sourcing.

Keywords: Human resource management, bounded rationality, adaptive complex system, satisficing behaviour, dynamic gradual optimization, Crowd-sourcing

JEL Classification: J24, J53, M12, M54