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