Chapter 1: Human Resource Management in Organizations Flashcards
When did human resource management first begin?
Around the year 1900
Designing formal systems in an organization to manage human talent for accomplishing organizational goals
Human resource management
Does every organization have an HR department?
No
What is a simpler term for human resources?
People
A unique capability that creates high value for a company
Core competency
The development and implementation of specific strategies must be based on an organization’s what?
Areas of strength
The 4 types of assets
Physical, financial, intellectual property, and human
What are some physical assets?
Buildings, land, furniture, computers, vehicles, equipment, and so on
What are some financial assets?
Cash, financial resources, stocks, bonds or debt, and so on
What are some intellectual property assets?
Specialized research capabilities, patents, information systems, designs, operating processes, copyrights, and so on
What are some human assets?
Individuals with their talents, capabilities, experience, professional expertise, relationships, and so on
What is the “glue” that holds together a firm?
Human assets
The collective value of the capabilities, knowledge, skills, life experiences, and motivation of an organization’s workforce
Human capital
What is human capital sometimes called?
Intellectual capital
A measure of the quantity and quality of work done, considering the cost of the resources used
Productivity
A useful way to measure productivity of HR is to consider what?
Unit labor cost
Computed by dividing the average cost of workers by their average levels of output
Unit labor cost
What is the part of an organization most closely scrutinized?
Human resources