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Introduction to Business > Human resources management > Flashcards

Human resources management Flashcards

1
Q

What is human resources management?

A

All activities involved in determining an organization’s human resources needs, acquiring, training and compensating people to fill those needs

Its also mangers who are trying to maximize employee satisfaction while motivating them to productively meet objectives.

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2
Q

Name 2 activities in the practice of recruiting and selecting employees.

A

Informal hiring and Internal recruitment

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3
Q

What are the 3 main practices involving HRM

A
  • Recruiting/Selecting employees
  • Appraising, managing performance and rewarding
  • Training and career development
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4
Q

Beside the 3 main practices involving HRM, name other aspects of HRM

A
  • Employees rights
  • Labor relations
  • Job design

etc..

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5
Q

What is human resources planning?

A

HR planning is the process to ensure that an organization has the right number of people with the right skills.

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6
Q

If you fail to plan your HR, what will definitely happen?

A

Significant costs

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7
Q

What must be taking account in Hiring and layoff decisions?

A

The current number of workers + the workers that will retire + the works that are leaving

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8
Q

What does HR planning involves?

A
  • forecasting future labor demand
  • forecasting future labor supply
  • comparing forecasted supply and demand
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9
Q

Explain the Hiring process. You have to name the name of the three main steps.

A

At first, employers/managers are gonna go trough the RECRUITMENT phase which constitutes of the process to generate a pool of qualified candidates for a particular job. From this pool, they will SELECT, which is the process of making the decision to hire or not hire each applicant for a job. For those who were hired, the employer will go forward with their orientation in the organization and their unit so they can be part of the team. It is called SOCIALIZATION.

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10
Q
  1. Finish the sentence : Poor hiring decisions are _______.
  2. Explain this fact.
A

1.Costly

  1. Low productivity : unqualified/ unmotivated workers
    It brings
    Turnover : costs related to a new hiring process, the investments of the previous hiring process vanishes. It brings new training investment, relevant information loss.
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11
Q

What is adverse selection

A

When one party has more information than the other.

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12
Q

What is moral hazard?

A

When on party changes its behavior after the contract. Usually because of asymmitrical information.

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13
Q

Give examples of places Employer can find candidates.

A

Internal sources :
- Current employees
- Referral from current employees

External sources
- Former employees
- customers
- advertiements
- career sites
- social medua
-employement agencies
-college recruiting

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14
Q

What is a job analysis?

A

When searching for candidates. The employer must produce a job analysis to determine the pertinent information about a job. Such as specific tasks and necessary abilities, skills and knowledge.

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15
Q

What is a job description?

A

formal and written explanation of a specific job (usually including job
title, tasks, relationships with other jobs, required physical and mental skills, duties, responsibilities, and working conditions)

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16
Q

What is a job specification?

A

description of a the necessary qualifications for the job (in terms
of education, experience, and personal and physical characteristics)

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17
Q

What makes an applicant choose the offered job? Then explain.

A

The participation constraint. You evaluate what both options gives you and which one is better.

Ex : Utility of working for a firm vs Utility of an alternative activity.

Working for the firm = salary, cost of effort other non-monetary benefits
vs
Alternative activity = Unemployment subsidy + offers from other firms.

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18
Q

When does looking at the credentials of a candidate occurs ?

A

During recruitment

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19
Q

Why is it important to look at a candidate’s credentials.

A

Know more about the education or experience.

  • It helps weed out unqualified
    workers
  • highly associated with worker’s performance on the job
  • signals worker’s productivity
  • requires learning or acquiring abilities
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20
Q

What is a Contingent contract?

A

The contract between the employer and the soon-to-be-employee candidate. It specifies and guides the most appropriate people to apply for the job.

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21
Q

What information can we find in a contingent contract?

A

Salary : wether its a fixed or a variable wage
The probation : The trial period.

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22
Q

What is employee selection? What does it include?

A

The process of collecting information about applicants and using that information to make hiring decisions.

It includes…
- the application
- interviewing
- testing
- reference checking

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23
Q

To select a candidate You need to collect informations that are ________ and ________.

A

Reliable and Valid

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24
Q

Name some selection tools

A

Most important :

-Credentials
-Letters of recommandation
-Ability tests
-Honesty tests
-Personality tests
-Interviews
-Assessment centers

Others :
-Drug tests
-reference checks
-backround checks
-handwriting analysis

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25
Q

Explain ways of orientating or doing employee socialization.

A
  • Anticipatory : before starting to work providing a realistic overview of
    the position

-ENcounter : as the employee starts working
providing systematic information about the firm and the job (hierarchy, processes, etc.)

-Settling in : feeling like a member of the team. An activity would be mentoring programs

It also includes activities such as
touring the building, introductions to co-workers and supervisors, distribution of manuals and policies, socializing the new employee into the ethics and culture of the company

26
Q

An other world for Motivation would be … ___________

A

Rewarding

27
Q

Why do firms motivate workers?

A

To perform according to the expectations vested in them.

28
Q

Name the two types of motivation

A

Extrinsic and Intrinsic

29
Q

How do firms reward workers?

A

Total compensation = Base compensation (salary) + Pay incentives + Non-monetary compensations and benefits

30
Q

Explain what is a base compensation

A

When an employee received a fix wage paid on a regular basis. The pay is depending on the amount of effort spent on an activity.

Typically we use time as a way to measure the effort.

Ex. Fix salary/month

31
Q

What is the assumption easily made about base compensation?

A

That more hours of work = more effort.

32
Q

What does it mean when you “pay incentives” to your employee?

A

-You give a variable pay for good performance
So based on their performance and their productuvity, the worker will receive an output-based pay.

Ex : bonus, stock options, share profits

33
Q

What are the advantages to pay incentives to employees?

A
  • Sorting workers
  • Motivates extra effort
34
Q

What is the disadvantage to pay incentives to your employee?

A

They may cheat to get more compensation

35
Q

Why do firms offer a fix salary?

A

First of all, output is difficult to measure, determining the wage based on productivity, you have to set standards, evaluate quality, quantity, etc…

Also, workers are mainly risk-averse and want to have a comfortablity.

36
Q

What is an alternative solution to a firm offering a fix salary?

A

Hybrid schemes

37
Q

What is the formula of an hybrid compensation? (wage) Explain the letters

A

w= a + bQ

w= wage
a = fixed part
b = commission (pay per performance)
Q = output measure (depends on worker’s effort and affects firm profits

38
Q

In the hybrid compensation formula, what does a higher b means?

A

Stronger incentives

39
Q

Explain the strategy behind the Hybrid compensation schemes.

A

You need to focus on b to give higher incentives to effort, while adjusting A to attract and retain cost-effective workers.

40
Q

What can non-monetary compensation brings to a company/employees?

A
  • Higher motivation
  • More productivity
  • Attracting and retaining workers : Participation constraint and self selection
41
Q

Give good examples of non-monetary compensation

A

Geographic flexibility
Flexible time
Work environment
Work relationships
Career development

42
Q

Give bad examples of non-monetary compensation and what are the strategy to use in case those compensation are obligatory.

A

Accident risk
Night shift
Weekend work

Strategy :

Increase wage
Hazard pay
Night shift differential

43
Q

What are employee benefits

A

Goods or services offered by the company to its workers

44
Q

Give some examples of employee benefits.

A
  • training and development
  • health insurance
  • restaurant tickets
  • car renting
  • credits and mortgages
  • gym fees
  • solarium
  • firm cafeteria
  • leave of absence
  • Christmas present
45
Q

True or False : In practice, an important proportion of worker compensation is in benefits,

A

True

46
Q

What are the main advantages to employee benefits?

A

It relaxes the participation constraint
Lower cost for the company
Tax advantages
Self-selection and motivation

47
Q

What are the main disadvantages to employee benefits?

A

Administrative costs
Restrictive options
adverse selection

48
Q

What is Appraising? (performance appraisals)

A

It consist of the identification, measurement and management of human performance in organizations.

49
Q

Explain the 3 steps of appraisal.

A

Identification : determiningthejobcharacteristicsto examine when measuring performance

Measurement : making managerial decisions about how “good” or “bad” is the employee
performance

Management : providingworkerswithfeedbackand coaching them to achieve higher
levels of performance

50
Q

What are the purposes of performance appraisals? (2 main purpose)

A

Administrative : Basis for a decision about an employee (promotions, termination and rewards)

Developmental : used for future-oriented decisions to improve employees’ performance and strengthen their job skills. (feedback, counselling on effective work behaviors, training and other learning opportunities.

51
Q

What is the halo effect?

A

It is the tedency to rate or evaluate similarly based on past behaviors.

Ex : Loving the early work of Beyoncé makes you think her work will always be good.

52
Q

What are range restrictions? WHat are the 3 types?

A

When managers restrict all ratings to one single part of the scale.

Leniency errors : When the ratings score are kept in the higher portion of the scale

Central tedency sores : using ongly the middle points of the scale

Severity errors : using only the lowest portion of the rating scale.

53
Q

What is personal bias?

A

Managers rating workers based on race, nationality, sex, age or other factors.

54
Q

Briefly what s the human capital theory?

A

Acquisition of knowledge or skills (like education) is a form of investment.

55
Q

Training raises worker ____________.

A

Productivity

56
Q

What are the 2 types of training?

A

On-the-job training : when you learn while doing the jobs or through explicit courses

Off-the-job training.

57
Q

What are the benefits and costs of training?

A

Benefits :
Increase in productivity
Duration of the worker’s career
Selection/screening

Cost :
Direct cost of training
Training duration

58
Q

True or False : Training only has monetary benefits.

A

FALSE

59
Q

IN TRAINING, explain the differences between genera human capital and specific human capital.

A

In general human capital, the training is useful for all kinds of firms and it increases the productivity in any of them. Normally, either workers should pay for the training and ask for a higher salary OR if the firm pays, they receive a lesser salary or a long-term contract.

In specific human capital, the training knowledge is only useful for one firm and it increases the productivity of this same firm. Workers and firms should share costs and benefits

60
Q

Is Career development the same thing as Training?

A

No

61
Q

What is Career development ?

A

ongoing and formalized effort that recognizes
people as a vital organizational resource
* focuses on enriching workers and furthering their capabilities

62
Q

What are the 3 main phases of career development?

A

Phase 1 : Assessment : To identify employees’ strenght and weakness

Phase 2 : Direction : Determines the type of career employees’ want, (eg : career path, career counselig)

Phase 3 : Development

Introduction to Business (9 decks)

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