he debate on human res ource managem en t sugg ests its role is cen tra l to organis ational success (Fombrun et al, 1984; Golden and Ramanujam, 1985; Lengnick-Hall and Lengnick-Hall, 1988; Guest, 1990; Walker, 1992; Patterson et al, 1990). In HRM thinking, human resources are viewed as an asset rather than merely a cost to be minimised. Along with the models of excellence (Peters and Waterman, 1982; Peters and Austin, 1985) and the debate on core competencies (Hamel and Prahalad, 1994), HRM has established a strategically important position. Attention is increasing ly focused therefore on the linkages between HRM and the rest of the business. In particular, the issue of measurement has recently moved to centre stage. This article explores the relationship between HR measures and company performance. Empirical data collected from Finnish companies and public sector organisations are used as a basis for the interrogation of the interrelationships, and also to reveal the deÂ® ciencies of current measures. We argue that the deÂ® ning feature related to the empirical data is the dominance of economic cycles. Our data were collected in the midst of the deepest and longest recession in post-war Finland. The impact of
Human Resource Management Journal – Wiley
Published: Apr 1, 1998
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