Human resource management. I have analysed the HR strategies of Prime retail store which is newly build store at Wembley at UK which include grouping of the organisation in terms of its employees, the turnover, the location and a number of other factors t

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1.0 Executive Summary:

The term human resources is variously defined in political economy and economics, where it was traditionally called labor, one of three factors of production. Its use within corporations continues to define common conceptions of the term. Human resources are uniquely important to sustained business success and this philosophy of people management is based on this belief. An organization gains competitive advantage by using its people effectively, drawing on their expertise and creativity to meet clearly defined objective. HRM is aimed at recruiting capable, flexible and committed people, managing and rewarding their performance and developing key competencies.

Here I have analysed the HR strategies of Prime retail store which is newly build store at Wembley at UK which include grouping of the organisation in terms of its employees, the turnover, the location and a number of other factors that give an employer a fair and equitable comparison with outside organisations. Another source of market comparisons is industry associations which keep a record of a number of positions, remuneration rates and offer them to its members. Both these avenues are a great source to assist manager to develop a fair and equitable remuneration structure.

Here I