Chapter 3 Flashcards
Human Resources
Define “human resource management”.
Human resource management means ensuring that the brokerage has the most qualified employees to achieve the strategic plan.
Explain the importance of planning human resources, and what a plan should include.
To evaluate ability to generate sales & premium growth, and determine whether the existing HR are capable - if not, create a plan to obtain the necessary HR. Plan should evaluate skills the new employees must have, hiring timetable, and a contingency plan in case capable HR cannot be found in a timely manner.
What are the three components of HR selection?
Recruitment
Screening/Interviewing
Hiring
What is the purpose of recruitment and how is success measured?
Building awareness of the available position. Success is measured by quality not quantity of applications.
What are the five ways to screen/interview potential employees?
Application Forms: Consistent information
Resumes: Employment history
Interview: Ascertain if they will ‘fit in’
Testing: Intelligence, aptitude, personality or interests
Reference Checks: Employment problems, performance and behaviours
Describe the hiring process.
Review all information, and what the brokerage can offer to the individual. Provide a formal offer, which should include a non-piracy clause - this will restrict the employee from soliciting or taking accounts from the previous employer for a certain period of time.
Describe the orientation process.
Provide new employees with information regarding the brokerage and their role in it. This should include a tour of the brokerage, review of the office policies and procedures, enrolment in employee benefits, a review of the position description, and explanation of performance expectations.
What should a training plan include?
Who is to be trained? what is the subject of training? Why are we training? How will training be evaluated?
What are the four essential training types?
Quality Service Training
Sales Training
Product & Service Knowledge
Leadership Training
What is the primary focus of quality service training?
Focus on problem-solving
What are the five focuses of sales training?
Listening skills Problem solving Consultative selling Building trust Follow-up
What is the importance of product and service knowledge training?
Employees should have expertise in other aspects of the brokerage so that they can recognize sales and service opportunities and make referrals as necessary.
What does leadership training entail?
How to train, coach, create a motivating environment, and empower employees.
Identify three ways to train employees.
On-the-job
Classroom-based
Computer-based
Describe on-the-job training
Employee learns while performing under guidance of an experience employee. Disadvantage: reduces efficiency of experienced employee.
Describe classroom-based training
Lectures, conferences. Allows the employee to learn without the pressures of the job environment.
Describe computer-based training
Employee can use the material at their own workstation, and can learn at their own pace.
What is the importance of a career path?
Creating a career path shows employees how they may progress from one position to another, and what kind of skills and education will be required in order to progress.
What is meant by employee rewards?
Compensation structure, including incentives - allowing employees to maximize their earning potential by reaching goals for service, quality, sales, and client satisfaction.
How do you manage employee performance?
Manage performance by measuring their activities and tracking how well they progress. Assess performance by giving equal weight to quantitative and qualitative aspects of their performance.
What should management consider when contemplating termination?
Employers must be aware of strict provincial employment standards which will guide terms of ending employment.
What are the benefits to promoting from within?
Promote from within to save training/orientation costs, improve morale, encourage growth, reduce employee turnover.
