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This study draws on both agency theory and stewardship theory in order to develop a fuller understanding of the change in performance-based HR practice of Korean firms. It also suggests ideal HR pract...
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This study draws on both agency theory and stewardship theory in order to develop a fuller understanding of the change in performance-based HR practice of Korean firms. It also suggests ideal HR practice for Korean firms based on case studies conducted in recent years. In terms of agency theory, the study suggests HR practices and cases including 1) performance management assures goal congruence of all employees, 2) gainsharing that enables knowledge sharing on collective increases in productivity, 3) transparent information sharing, and 4) job
analysis that defines role and responsibilities. From a stewardship theory perspective, the study suggests the following HR practices and cases 1) strict recruitment strategy consistent with firm value, 2) an expansion of corporate social responsibility and concrete practice, 3) leader¡¯s enthusiastic involvement and interactive communication, and 4) workplace spirituality that enlightens the meaning of work and life. Rather than leaning towards one of these two theories, we suppose that the ideal HR practice is the one that retains control system to resolve agency problems and also inspires stewardship. By referring to Barrett¡¯s (2003) seven level of consciousness model, this study asserts that different HR practices should be implemented according to the consciousness level of both individuals and organization. Lastly, the study emphasizes the importance of implementation and operation of system that empowers positive elements of employees.
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