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• W226798162 abstract "INTRODUCTION The economy of the United States contains approximately 15 million business firms. Almost 98 percent of these firms employ less than 500 workers and are considered to be small businesses (Baumback, 1988). These smaller firms provide the economy with jobs, new products, and stability. However, these small businesses also have a high failure rate. More than 50 percent fail during the first five years of business life. These failures have a variety of causes, but the primary reasons are poor management and a lack of adequate resources (Peterson, Kozmetsky, and Ridgway, 1983). Gaskill, Van Auken, and Manning (1993) determined that the critical role of managing invades the entire process of running the firm, as managerial decisions affect the planning process, finances, HRM decisions, and decisions on growth. Previous research has shown that a human resource management (HRM) program can contribute to the solution of these common problems (Foulkes, 1980; Misa and Stein, 1983). The difficulties of attracting good employees and then managing them effectively and productively are two factors that small firm owners face. These problems and the contribution of HRM in solving them are discussed in the following section of the paper. LITERATURE REVIEW Hess (1987) found that small firms ranked HRM management as the second most important management activity next to general management. Hornsby and Kuratko (1990) indicated in their research that recruiting, motivating and retaining employees are major problems for small firms. Labor is a primary but scarce resource needed by many small firms. Because of a reduction in population growth, the surplus of employable people has declined. It is thus becoming increasingly difficult for firms to find good job candidates for positions created by their growth (Business Week, 1987). Since good job candidates are usually not attracted to jobs paying minimum wage with no fringe benefits, larger firms with better salaries and benefits are better situated to expand and hire employees. As a result, the small firm may find only less skilled people left in the job market to fill its job openings (McEvoy, 1983). With this competition for good people, the value of HRM practices may be even greater for small firms than for large firms. Once the employees are hired, managing them is another problem area for many small businesses. A firm must be able to find and keep good employees that are capable of contributing to the growing small business. With only a few employees on the payroll, each employee constitutes a significant portion of a firm's total labor force. It is vital that each employee is selected properly, is well integrated into the firm's activities, and is a productive member of the firm. Hornsby and Kuratko (1990) said that small business owners regardless of their size do not recognize that there are important HRM factors that must be looked at to retain a quality workforce. The use of good human resource management (HRM) practices can help the firm achieve these goals. In order to manage employees effectively, small firms should invest time, money, and support for HRM programs and practices (Rocha and Khan, 1985). Investment in HRM has been shown to have an impact upon the profitability of organizations (Misa and Stein, 1983), and to be a key ingredient for a firm to achieve success (Foulkes, 1980). A firm's HRM policies and practices, supported by the management of the firm, create a climate of confidence and trust for the employees. This climate has been considered to be consistent with high employee productivity (Schuler, 1990). Huselid (1994) found that HRM practices contributed to firm performance, in firms with more than one hundred employees. In addition to other reasons why good HRM practices are valuable, in today's business environment a small firm must have safe and reasonable HRM practices to avoid various liabilities (Usry and Mosier, 1991). …" @default.
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• W226798162 date "1995-09-22" @default.
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• W226798162 title "The Perception of HRM Practices by Founders and by Non-Founders of Small Firms" @default.
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