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Human Resources Management > Midterm > Flashcards

Midterm Flashcards

0
Q

Ownership top ten

A 
Client work load
Profitability of projects
Safety
Legal issues
Union issues
Finding enough people to staff the projects
Cost impacts of people and Benifits on project profits
Keeping the best people
Keeping the rest in line
Who will take over from me
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1
Q

Hr top ten

A 
Health care costs
Leadership development
Performance Managment
Retention
Strategic hr
Succession planning
Benchmarking and metrics
Future employee shortage
Best practices in recruitment
Effective use if technology
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2
Q

Recruitment

A 
Referral systems- employee-management
Traditional/internet
College relations
Head hunters- contingency- retained
Direct sourcing
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3
Q

Key hr metrics

A 
Head count
Retention
- total turnover
-voluntary turnover
-turnover by cohort
Training hours/head
Cost per hire
Time to fill
Revenue per fte
Profit per fte
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4
Q

Measuring trends

A 
Demographics
Retention
Head count
Revenue per head
-build predictive model by # key client facing jobs needed to support x $ volume in revenue
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5
Q

Measuring results

A

Changes in behavior
Increased % of women / minorities in field operations management
Increase/decrease in A players

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6
Q

Effectiveness measures

A

Effectiveness measures focus on whether hr programs and practices have the intended effect on employees or talent pools to which they are directed. For example- does training result in in handed job performance.

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7
Q

Measuring performance

A

Objective performance appraisals
Self assessments
Managers assessments
Frequency of measurement
Measuring quantifiable aspects of job performance
Rating subjective aspects of job performance
Competency based models

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8
Q

Smart goals

A 
Specific
Measurable
Achievable
Realistic
Timely
Cascade from business strategic loan to annual targets to department then individual level.
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9
Q

Hr dashboard

A

.Requires company wide ERP with robust talent management / HRIS functionality.
.Allows managers to monitor overall HR performance by key metric for company, division, their area of responsibility.
.Take ownership of managing talent thru metrics and technology.

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10
Q

457(b) plans

A

Also known as differed compensation plans DCP. They are limited to HCEs. Most plans are full voluntary and are supple tarty to defined benefit pension plans. May not be matched directly.

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11
Q

Human resources functions are successful when these three business objectives are achieved

A

Accomplishing the purposes of the employer

Supporting other functions interdependly

Returning more profitability than is expected

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12
Q

When human resource function cannot justify its existence with quantifiable numbers

A

It will not have the trust and support of top management

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13
Q

What are the guiding principals to promote discipline and order?

A

Principal 1- a sense of common purpose

Principal 2- contextual clarity. Clarify competitiveness realities.

Principle 3- ownership of outcomes

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14
Q

Staffing plan

A

Organization chart
Job description-essential functions, competences
Career paths-logical next steps, what does it take to move up.
Sourcing model- who owns recruiting

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15
Q

Legal issues

A

Fair labor standards act- exempt va non exempt
Equal pay act- equal pay for equal work
Age discrimination in employment act- over 40 protections
Title vii and executive order 11246- discrimination and affirmative action
Fair credit reporting act

16
Q

Retention

4 top reasons people stay in their job

A 
Meaningful, challenging work
A chance to learn and grow
A good boss
Being part of a team
Having a good friend at work
17
Q

Typical sourcing ratios

A 
College relations 5%
Employee referrals 35%
Manager / industry referrals 20%
Direct sourcing 15%
Fee paid recruiters 5%
Internet 20%
18
Q

Recruiting sources

A

Fee paid recruiters

  • head hunters charge 1/3 up front
  • contingency in 3 installments. Only get paid when you hire someone. Further down the food chain.
19
Q

Types of recruiters

A

Employer always pays the fee
.contingency
-% of annual salary to a cap
- fee us earned only if the employer hires a candidate thru their actions
.retatiner
-% of first years total compensation to a cap plus expenses
-fee is earned whether the employer hires a candidate or not
-fee is paid in installments-1/3 on signing, 1/3 on presentation of first slate, final 1/3 on completion

20
Q

Recruiting models

A

In house recruiters
- cold calling vs. managing the process
Leveraging hiring managers industry networks
Employee referral programs- bonus$s
Networking with subcontractors, architects, engineering & other project partners
Maintaining a warm bench- manager constantly interviewing for future needs
Or paying for expensive introductions

21
Q

On boarding

A

Benifits overview given during recruiting and interview phase. Once offer is confirmed and accepted, detailed Benifits information provided. During the first 30 days, manager and new hire establish expectations as well as short and medium term goals

22
Q

Healthcare government mandates

A 
Workers compensation
Unemployment insurances
Federal  and state 
Social security
Disability
23
Q

Flexible Benifits

A

Invented by an American Can engineer who changed career paths to hr and Benifits

Allowed employees to choose Benifit options offa menu and pay for them with pre tax dollars via payroll deduction.

The silver lining was used to distract employees while employers reduced Benifits and raised the employee share of the cost.

24
Q

Cost models

A

Collectively, insured and uninsured health and welfare Benifits, combined with retirement Benifits make up fringe Benifits

They are budgeted as a % of base salary then tracked and passed almog to the client for all project billable staff.

25
Q

Captives

A

As a add on to. General liability and other sophisticated risk management programs

Ocip, ccip
Potential profit center if claims can be reduced.

26
Q

Defined benefit pension plans

A

Qualified plan under federal government regulation

Makes commitment on the amount of pension Benifits at normal retirement

Company guarantees future benefits and maintains a fund to create a pool from which these Benifits will be paid

Annual funding requirements and return on investments underwrite these future obligations.

27
Q

DB2

A

The company takes all the risk

The employees future rearward depends on continued service with the company benefits are not portable

Funding requirements and return on investment assumptions make Db plans difficult to manage

Employees don’t usually understand how these plans work.

28
Q

DB3

A

Common formula is x% of high five years of pay in the lat ten years before retirement

May or may not coordinate with social security

Unions continue to maintain their memberships entitlement to this expensive benefit

Construction firms have phased these out for their non union personnel

29
Q

Db4

A

Roi have not lived up to the 8% assumption naked into most plans

Market volatility have made reaching long term pension goals unlikely without huge cash contributions

Changes in government regulations have made these plans more difficult to maintain and fund

Interest rate assumptions have created additional volatility

Union and municipalities are now struggling under the burden these plans create

30
Q

Defined contributions

A

Any qualified retirement plan subject to federal government oversight that’s funded via a cash contribution to an account in which the employee becomes vested

Includes 401k profit sharing and defined contribution retirement plans

Company contributions are invested either by the company or the employee

Portability- employees can rollover their dc plan balances from plan to plan as they change employers

31
Q

Dc2

A

Predictability cost for employers from year to year

Portability reflects employes realty. Gen x will change jobs and even careers far more frequent than baby boomers

Employees take theism associated with having enough saved to retire on

In most models employees manage their own investments within limits established by the employer

32
Q

401 k

A

Invented in the 70’s as away for employees to save with tax free $ and supplement their employer Db plans

Today most major construction firms offers a combination of 401k and profit sharing plans

Typical match is .50- 1$ of salary deferred

Investments usually provide 1 choice from each quite style box
(Large cap, mid cap, small cap, vale, bled, equity, cash equivalents, bonds, internal equity

33
Q

401k6

A

Employees have not proven to be savy investors

Employers educational efforts have not addressed this issue

Employees have not fared well in the. Armed downturns

Portability is an advantage but risk of future retirement security is not being met.

34
Q

Profit sharing

A

Common in construction firms who migrated away from Db plans

Allows them to manage employee contributions based on annual profit performance

Not volatile or fixed % as in other models

Can be a % of pay or a % of profits then allocated based on pay of participants

35
Q

Ps2

A

Allocation may favor more highly compensated by adding leverage for compensation above FICA cap

Gives construction firms a way to reward employees for creating profits using tax free dollars

Flexibility allows them to respond to the down cycles that are inherent to our industry

36
Q

Non qualified- plans used to reward executives and. Other key employees- share in profits.

A

Serp- supplemental executive retirement plan
Ferried compensation- share of profits, long term incentatives, phantom stock,equity participation

Rabbit rust-funding mechanisms where assets from SERPS or deferred compensation are funding in cash and held by an arms length trustee- still considered to be part of a companies assets in a bankruptcy scenario

Human Resources Management (1 decks)

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