Ch1. Human Resource Management: Gaining a Competitive Advantage Flashcards
Human resource management (HRM)
Plays a role in a company’s survival, effectiveness, and competitiveness
Refers to the policies, practices, and systems
-> influence employees’ behavior, attitudes, and performance.
Involving “people practices
Competitiveness
- Ability to maintain and gain market share in its industry.
HRM practices include
- Analyzing and designing work
- HR planning: determining human resource needs
- Recruiting: attracting potential employees
- Selection: choosing employees
- Training and development: teaching employees how to perform their jobs and preparing them for the future
- Compensation: rewarding employees
- Performance management: evaluating their performance
- Employee relations: creating a positive work environment
HRM is a means to contribute to
- profitability
- quality
- other business goals
High-Impact HR functions
- more integrated with the business
- more skilled at attracting and retaining employees
- can adapt quickly
- identify and promote talent from within
- identify what motivates employees
- continuously building talent and skills
Responsibilities of HR Departments
- Analysis and design of work
- Recruitment and selection
- Training and development
- Performance management
- Compensation and benefits
- Employee relations/Labor relations
- Personnel policies
- Employee data and information systems
- Legal compliance
- Support for business strategy
HR as a Business with Three Product Lines
- Administrative Services and Transactions
- Business Partner Services
- Strategic Partner
Administrative Services and Transactions
Compensation, hiring, staffing
-> Emphasis: Resource efficiency and service quality
Business Partner Services (phát triển dựa trên kế hoạch)
Developing effective HR “systems” and helping implement business “plans”, talent management.
-> Emphasis: Knowing the business and exercising influence – problem solving, designing effective systems to ensure needed competencies
Strategic Partner (đưa ra quyết định khi họp)
Contributing to the business “strategy” based on considerations of “human capital, business capabilities, readiness”, and developing HR practices as strategic differentiators
-> Emphasis: Knowledge of HR and of the business, competition, the market, and business strategies
Time spent on “administrative” tasks is “decreasing”,
roles as a “strategic business partner”, change agent and employee advocate are “increasing”. (T/F)
T
Shared service model
- Includes centers of expertise or excellence, service centers, and business partners
- Central place for administrative and transactional tasks
Most commonly outsourced activities
- Benefits administration (creating, managing and updating an organization’s employee benefits program) (e.g., flexible spending accounts, health plan eligibility status)
- Relocation
- Payroll (list of employees who get paid by the company, also refers to the total amount of money employer pays to the employees)
Most common reason for outsourcing
- Cost savings
- Increased ability to recruit and manage talent
- Improved HR service quality
- Protection of the company from potential lawsuits (vụ kiện) by standardizing processes such as selection and recruitment
Demonstrating the Strategic Value of HRM: HR Analytics and Evidenced-Based HR
- HR can engage in “evidence-based HR”
- Requires the use of “HR or Workforce Analytics”
- “Big data”
+ Information merged from HR databases, corporate financial statements, employee surveys, and other data sources
+ Result in evidence-based HR decisions
+ Show that HR practices influence the organization’s bottom line, including profits and costs
