Chapter 9 - Attracting and Retaining the Best Employees Flashcards
Human Resources Management (HRM):
All activities involved in acquiring, maintaining, and developing an organization’s human resources.
1. Acquisition: hiring
i. Planning
ii. Job Analysis
iii. Recruiting
iv. Selection
v. Orientation
2. Maintenance: encouragement
i. Employee Relations
ii. Compensation
iii. Benefits
3. Development: improving skills and capabilities
i. Training
ii. Development
iii. Performance Appraisal (how do we assess employee performance and potential?)
Workplace Diversity:
differences among people in the workforce
- Socioeconomic background
- Racial and ethnic identity
- Gender identity
- Religious affiliation
- Age
- Physical or learning disabilities
- Sexual orientation
3 Key Benefits of a Diverse Workforce
- Marketing Edge
i. Insight
ii. Cultural knowledge
iii. Language skills
2. Creativity and Innovation
i. Skills
ii. Life Experiences
3. Attracts Top Talent
Sources HR Forecasts
-Company’s strategic plan
-Past stagging levels
-Industry and economic trends
Useful Techniques For Forecasting Human Resources
- Replacement Chart: list of key job roles, current employees, and existing and potential job vacancies.
- Skills Inventory: computerized database containing information on the skills and experiences of all current employees.
Job Analysis Process
- Document
- Observe
- Design
Recruiting and Selecting Employees
6 Steps:
- Attract a candidate pool
- Screen candidates
- Interview candidates
- Compare candidates
- Check references
- Make a job offer
Common Recruiting Strategies
- Networking events
- Social media
- Employee referral programs
Employee Compensation Strategies
It Must Be:
- Competitive enough to attract new talent
- Fair enough to keep existing talent from leaving the company
- Reasonable enough so that the company can still make profit
3 Primary Forms of Compensation
- Salaries and Wages
- Incentives
- Fringe Benefits
Orientation:
process of acquainting new employees with an organization
- Complete hiring paperwork
- Learn administrative details
- Employee introductions
Training:
process of teaching new employees how to do their jobs, or teaching existing employees how to do their jobs more effectively and efficiently.
Development:
teaches employees various professional and personal skills (time management, creativity, negotiation, delegation, and positive thinking).
(Employee) Performance Appraisal:
evaluation of employees’ current and potential levels of performance to allow managers to make objective human resources decisions.
3 Important Objectives of Performance Appraisal:
- Evaluate Performance Against Standards
- Make Personnel Decisions
- Assess HRM Practices
Legislation affecting HRM practices is generally aimed at:
- Protecting rights of employees
- Promoting job safety
- Eliminating discrimination on the basis of race, gender, age, and other characteristics
