Human Resource
One of the most challenging issues in running a successful human resources operation within the airline industry, or any industry for that matter, is hiring qualified individuals who are capable of contributing to the industry for an extended period of time. Said differently, the main challenges in human resources is recruitment, production and retention. In terms of recruitment, the human resources manager must be able to both go after and hire only the most qualified and capable individuals. In terms of production, the human resources manager must have a plan that successfully trains the hired individual in becoming a productive member of the employment team. Finally, retention requires the human resources manager to create a work environment that encourages the hired, productive employee to continue to be productive within the industry. The answer to succeeding at these three roles is both specialized pre-employment screening.To understand how pre-employment screening needs to work in today's information age, one actually must turn towards the findings and work of several notable economists and the concept of asymmetric information and job market signaling as they apply to the human resources world.
Thus, human resources needs to adapt be creating better screening processes. When lemons become the dominate good in the market place, they eventually erode away the market for that used product, such as the market for used cars. Although all three of these economist's work is technically economic in nature, their ideas and philosophies are applicable to the field of Human Resources. To reimburse for this "business expense", the employer pays the educated employee more than an uneducated employee because of the greater skills they have. Further, because more and more individuals are going through higher education and receiving degrees, there is no way to distinguish the quality of the individual simply by a degree screening process. Unfortunately, as our society has transformed into an information based society, the demand for higher education, in accordance with the signaling theory of Spence, has grown remarkably. For example, a degree from Harvard and a degree from an online university are clearly not equal. Once these employees are hired, the human resources manager will want to implement a training program that quickly brings the newly hired employee into a position of leadership and productivity. Thus, using a screening process that takes into account these challenges will allow the human resources manager to better be able to find only the truly qualified employees to hire. In order to get this degree, and thus the ability to signal, the employee must pay for the education. Akerlof, Michael Spence and Joseph Stiglitz all received the Nobel Prize in Economics in 2001 for their joint research in asymmetric information. In a sense, the employer is in the same position of the person buying a used car. First and foremost is the human resources manager's role in screening employee applicants for education. Instead of goods and services, information economics places information at the center of understanding business relations.
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