Social exchange theory provides insights into the reciprocal relationships between employees and organizations, which form the basis of many Human Resource Management (HRM) practices. Let’s explore how social exchange theory relates to HRM:
🔁 Social Exchange Theory:
- Social exchange theory suggests that employees engage in reciprocal relationships with their organizations, exchanging efforts and contributions for rewards and recognition.
- Mutual Expectations and Obligations:
- Employees and organizations have mutual expectations and obligations toward each other, based on the principle of reciprocity.
- Exchange of Efforts for Rewards:
- Employees contribute their time, skills, and efforts to the organization in exchange for various rewards and benefits, such as compensation, career advancement opportunities, and job security.
- Psychological Contract:
- The relationship between employees and organizations is governed by a psychological contract, which involves implicit agreements and mutual understandings about roles, responsibilities, and expectations.
- Factors Influencing Exchange Relationships:
- Factors such as trust, fairness, perceived organizational support, and quality of leader-member exchange influence the quality and strength of exchange relationships.
- Implications for HRM Practices:
- HRM practices, such as performance appraisal, rewards and recognition, training and development, and employee engagement initiatives, are designed to reinforce positive exchange relationships and foster a sense of reciprocity among employees.
- Enhancing Employee Motivation and Commitment:
- By promoting a positive exchange relationship between employees and the organization, HRM practices enhance employee motivation, commitment, and loyalty, leading to improved organizational performance and effectiveness.
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