Human Resource Management and Productivity
Paper No' CEPDP0982:
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Keywords: human resource management; productivity, personnel economics
JEL Classification: L2; M2; O32; O33
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This Paper is published under the following series:
CEP Discussion Papers
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In this chapter we examine the relationship between Human Resource Management (HRM)
and productivity. HRM includes incentive pay (individual and group) as well as many nonpay
aspects of the employment relationship such as matching (hiring and firing) and work
organization (e.g. teams, autonomy). We place HRM more generally within the literature on
management practices and productivity. We start with some facts on levels and trends of both
HRM and productivity and the main economic theories of HRM. We look at some of the
determinants of HRM – risk, competition, ownership and regulation. The largest section
analyses the impact of HRM on productivity emphasizing issues of methodology, data and
results (from micro-econometric studies). We conclude briefly with suggestions of avenues
for future frontier work.