Define Human Resource Management. What are its core elements? Explain the role of HRM in Retailing.

Human Resource Management (HRM) is the term used to describe formal systems devised for the management of people within an organization. The responsibilities of a human resource manager fall into three major areas: staffing, employee compensation and benefits, and defining/designing work. Essentially, the purpose of HRM is to maximize the productivity of an organization by optimizing the effectiveness of its employees. This mandate is unlikely to change in any fundamental way, despite the ever-increasing pace of change in the business world.

Importance of human resources management to a company's overall health has grown dramatically. This __________ _______ _________ ______ ___.
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