Introduction to HR, R&P Management Flashcards
Define Human Resource Management?
The policies, practices and systems that influence employee behavior, attitudes and performance
What are the components of HR Management?
HR Planning
Staffing
Compensation and reward
Training and development
Job and work design
Performance appraisal and review
Employee protection and representation
Organizational improvement
What is performance?
It is concerned with how well something is done
It can be defined as behavior that accomplishes results
What are rewards?
It is concerned with how people should be recognized for for doing something well
What is performance management?
A systematic process for improving individual, team and organizational performance.
It influences performance by helping people to understand what good performance means and by providing the information to improve it.
What is reward management?
The process of deciding how people should be rewarded and of ensuring that reward policies and practices are implemented.
It influences performance by recognizing and rewarding good performance and by providing incentives to improve it
Explain the reward and performance management context?
They are both closely associated topics that play an important role in achieving one of the key goals of HRM which is to contribute to the development of a high performance culture.
Explain the performance management cycle?
It has four phases.
- Planning:
Organizational goal setting, creating development plans, job description reviews - Monitoring:
Establishing processes that determine progress and hosting regular checkups between leaders and employees - Reviewing:
Once or twice a year measuring progress on a longer time frame and asking the employees to complete a 360 degree feedback - Rewarding:
Salary increases, bonuses, extra vacation time, promotions etc. Because good work should always be recognized
What is the Psychological Contract?
It is an unwritten set of expectations of the employment relationship as distinct from the formal codified employment contract
Employment contract + Psychological contract = Employer-Employee relationship
It is the perceptions of both parties towards the employment relationship and the reciprocal promises and obligations implied in that relationship
It is a system of beliefs that encompasses the actions that the employees believe are expected of them and the responses they expect in return from their employer
What is the significance of the psychological contract?
It highlights the fact that employer/employee expectations can take the form of unarticulated assumptions
Therefore disappointments on both sides maybe inevitable
Disappointments can be alleviated if management plays the role of managing expectations (clarify their expectations)
Must discuss and agree upon such requirements with individuals and teams
What are the steps to develop a positive psychological contract?
- Define expectations during recruitment and induction
- Communicate and agree expectations as part of the continuing dialogue
- Adopt a policy of transparency on company policies and procedures
- Generally treat people as stakeholders. Rely on consensus and cooperation rather than control and coercion
What are the factors affecting levels of pay and performance?
Technological changes
Labor Market laws and regulations
Organization’s strategy
Job evaluation
Job requirements
Potential seniority
Experience
Performance
Ability to pay
What are the different types of mergers and aquisitions
Horizontal
Vertical
Conglomerate
