CH 1 - World of Human Resources Management Flashcards
Human Capital -
the knowledge, skills, and capabilites of individuals that have economic value to an organization
Human Resource Managment (HRM)
the process of managing human talent to achieve an organization’s objectives
HRM - Challenges/issues
- Disruptions due to Covid-19
- Corporate Social Responsibility
- Advancing HRM with Technology
- Containing costs while retaining top talent and maximizing productivity
- Demographic and diversity challenges
- Adpating to Educational and Cultural Shifts Affecting the Workforce
Disruptions due to Covid-19
organizations have had to brainstorm, evaluate, and significantly revise their organizations people strategy while attempting to continue to operate efficiently
Strategic planning
has become more crucial - orgranizations are increasingly required to be more agile and efficient in adapting their business plan for the future of work
HRM business strategies:
- six sigma
- reengineering
- downsizing
- outsourcing
- change management
Six Sigma
is a set of principals and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement
Reengineering
is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed
Downsizing
planned elimination of jobs
Outsourcing
is contracting out work that was formerly done by employees
change management
is a systematic way of brining about and managing both organizational changes and changes on the individual level
2 Types of change management
- reactive change
- proactive change
Reactive changes
changes that occur after external forices have already affected performance
Proactive change
change initiated to take advantage of targeted opportunities
Globalization
the trend to opening up foreign markets to international trade and investments
How Globalization Affects HRM
different cultures, employment laws, and business practices
- gauge knowledge of international workers
- best train
- relocating managers
- deal with culture shock
Corporate social responsibility
- the responsibility of the firm to act in the best interests of the people and communities affected by its activities
Sustainability
doing business in a way that does little harm to the environment and depletes as few natural resources as possible
Green Human Resource Managment (GHRM)
is a growing phenomenon and refers to the unification or environmental HRM policies and sustainable business practices
Collaborative softwate
is software that allows workers to interface and share information with one another electronically
Tech external -
attract right employees, gather information, build company brand, give face to the company
Tech internal
become more engaged and connected to the organizations culture, mission/vision, and overall goals, can be used to manage talent, and allow for greater collaboration among employees
Knowledge workers
workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem solving
Influence of Technology on HRM
- Human resources information system (HRIS) I
-Workforce (HR) analytics
Human resources information system (HRIS)
is a computerized system that provides current and accurate data for the purposes of control and decision making
usefulness of HRIS
Automates routine activities, reduces costs, improves productivity, helps people connect with HR data they need, uses big data which is massive amounts of data that are too large for conventional database tools or statistical software to collect, save, manage, and examine
Workforce (HR) analytics
the process of gathering and analyzing data to improve a firm’s human resources management
Employment history, skills, education, demographics, hours worked, compensation, performance, training
Big data can be used in recruitment and selection -
pre populate demographic questions and factual rather than self-reported experiences and activities such as professional memberships and associations
Downsizing - hidden costs
Severance and rehiring costs, accrued vacation and sick-day payouts, pension and benefit payoffs, potential lawsuits from aggravated workers, loss of institutional memory and trust in management, lack of staffers when the economy rebounds, survivors who are risk averse, paranoid, and political
Downsizing benefits -
Fierce loyal and more productive workforce, higher customer satisfaction, readiness to snap back with the economy, a recruiting edge, workers who are not afraid to innovate, knowing that their jobs are safe
Furloughing
a situation in which an organization asks or requires employees to take time off for either no pay or reduced pay
Outsourcing
delegating business processes to a 3rd party
Offshoring
the business practice of sending jobs to other countries
Homeshoring
the process of moving jobs to work-fromhome domestic independent contractors
Nearshoring
the process of moving jobs colder to one’s home country
Employee leasing
the process of dismissing employees who are then hired by a leasing company (which handles all HR-related activities) and contradicting with the comnay to lease back the employees
Demographic and diversity challenges
Demographic changes, diversity and immigration challenge, age distribution of employees, gender distribution of the workforce
Adpating to Educational and Cultural Shifts Affecting the Workforce
Education of the workforce
Cultural changes - ones culture affects their behaviour on the job and the environment within the organization, influencing their reactions to work assignments, leadership styles and reward systems
Employers have the right to monitor email and internet use at work
More self employment, balancing work and family lifestyle
Line managers -
non HR managers who are responsible for overseeing the work of other employees
HR managers responsibilities
strategic advice and counsel, provide service, polciit formualtion and implementation, employee advociay, business mastery - know the business - financial capabilities, HR mastery - staffing, performance apprasials, rewards, change mastery - problem solving skills, innovation and creativity, personal credibility - trust, personal relationships, limited values, courage
