3.6.1 Flashcards
Define human resource objectives
Targets pursued by the HR function or Department of the business
Define labour productivity
Measures the output of a farm in relation to its number of employees
Define quality
The extent to which a product to meet customers needs
Where are the labour productivity objectives common?
Manufacturing and construction industries
More straightforward to measure the output of individual employees
Why do people set labour productivity objectives?
Can assist businesses in controlling costs due to high competitiveness
Why would a business measure workforce performance?
Helps inform decision-making
Human resource data includes what 4 things?
- Labour turnover and retention rates
- Labour productivity
- Employee costs as a percentage of turnover
- Labour costs per unit
Name 3 benefits to low labour turnover
- Low Recruitment
- Low training costs
- experienced staff
Name 2 negatives to low labour turnover
- Not getting new talent and ideas
2. Less innovation
Name a benefit to high labour turnover
Hospitality industries, acceptable to have it high
What are the six causes of low labour turnover?
- Seasonal business and workers
- Poor pay and benefits
- Poor recruitment process
- Demotivation
- Lack of opportunities
- Poor working conditions
What are the 3 threat from low retention rates?
- High recruitment and training costs
- Risk of loss of important information
- Loss of talent
What improves labour productivity?
- Financial and non-financial rewards
- Changing leadership style
- Soft to hard HR
- Training
What are the limitations of labour productivity?
Does not take into account wage rates
Productivity depends on the use and efficiency of the capital equipment
What will the employee costs be influenced by?
Capital/labour-intensive
Tertiary, secondary or primary sector
Skills and qualifications of the average employee
