HR Importance Flashcards
What is ‘HRM?’
integrated set of processes/practices/programs/systems for effective deployment + development of employees
What does HRM have an impact on? (3)
organizational success
individual well being
society
main role of the line manager:
manage/lead employees so they contribute efficiently
Relation of HR professional to the line manager:
equip line managers with best people practices
Line manager is responsible for: (6)
determine work/job design make hiring decision coach/develop employees supervise evaluate employee performance
Who is responsible for the employee performance?
line manager
HR professional is responsible for: (5)
align HR strategy w/ business strategy
deliver service (ex: recruiting)
develop/implement HR policies
recommend, influence, advise, advocate for employees
True/False: the HR professional is usually not in direct contact with employees
True
____ acts as the link between HR and employees
line manager
6 current business issues:
- global economy
- evolution of firms/sectors
- technology + quality
- sustainability
- developing human capital/talent management
- demographic and employee concerns
pros and cons of globalization?
pros: business opportunities in global markets (export), more partnerships
cons: global competition, complicates legal, cultures, business practices
What is globalization
opening of international trade -> more movement of people, goods, capital
What is involved in the evolution of firms and sectors? (5)
slow economy consolidate/amalgamate businesses increased competition US companies entering and leaving manage costs thru outsourcing or contractors
In the evolution of firms and sectors, ____ costs are a large expenditure and cutting costs will lead to ____ and ____
labor
downsizing (planned job elimination)
outsourcing (contract outside rather than internally)
Effect of technology on businesses: (6)
improve processes + quality reduce costs changes customer requirements and needs demand for knowledge workers more virtual work more training required
___ ___ are the key to customer retention
quality initiatives
4 types of innovation skills:
- creativity, problem solving, continuous improvement skills
- risk assessment and risk taking skills
- interpersonal skills
- implementation skills
implications of sustainability for companies:
less demands for some products
new opportunities
require new ‘environmental’ skills
What is human capital
set of knowledge, skills, capabilities of INDIVIDUALS that have economic value to an organization
What are core competencies?
Combination of knowledge, skills, characteristics needed to effectively perform role in organization
what is HRM’s role in human capital and talent management?
- need to build human capital (retain and develop)
- reinforce competencies
- talent management (use competencies effectively)
What are some changes in the composition of the workforce? (6)
diverse backgrounds diverse generations (aging pop) skills/labor shortage gender distribution (more women) more educated workers more part-time/temp workers
What are some changes in expectations of employees, from cultural changes? (5)
- more rights, and more awareness of their rights
- ethics concerns
- privacy concerns
- different attitudes towards work
- work/life balance
What is ‘corporate strategy?’
overall scope/direction of organization - “what business are we in, what do we do, where are we going?”
What is ‘business strategy?’
value creation through development of sustainable competitive advantage - “how will we compete? how do we improve the business?”
What is ‘HR strategy?’
Developing /implementing people processes + systems to stay competitive
identify key HR practices -> link to overall business strategy
