The world of Human Resource Managment

Question 1

Human Resource Management (HRM) definition:

Answer 1

The process of managing human talent to achieve an organization’s objective.

Question 2

Why study HRM?

Answer 2

• Great business plans, products, and
  services can easily be copied by
  your competitors. Great personnel
  cannot.

Question 3

Words to describe how important people are to the organization:

Answer 3

Human Capital
* Human Resources
* Intellectual Assets
* Talent Management

Question 4

Describe human capital:

Answer 4

(Intangible) Knowledge, skills, and capabilities of
individuals that have economic value to an
organization

Question 5

Six competitive issues in Human resource management:

Answer 5

1- Respond strategically to changes in the local/global market:
2- Setting/Achieving corporate social responsibility and sustainability goals
3-Advancing HRM with technology
4-Containing cost while retaining top talent and maximizing productivity
5- Responding to the demographic/diversity challenges in the workforce
6-Adapting to Educational and Cultural Shifts
Affecting the Workforce

Question 6

How to respond to issue 1(Respond strategically to changes in the local/global market)=

Answer 6

-Total quality management[TQM]/ Six Sigma:(A set of principles: understanding customer needs, doing things right the first time, and striving for continuous improvement.)

-Reengineering: rethinking and redesigning of business
to achieve improvements in cost, quality, service, and
speed

Question 7

Issue 1 (Respond strategically to changes in the local/global market) and change management:
Two types of change:

Answer 7

Proactive change: Change initiated to take advantage of targeted opportunities

Reactive change: Changes that occur after external forces have
already affected performance

Question 8

What is globilization:

Answer 8

Globalization:The trend of opening up
foreign mark

“Anything, anytime, anywhere” markets
Partnerships with foreign firms
Lower trade and tariff barriers

Question 9

issue 2(Setting/Achieving corporate social responsibility and sustainability goals)
What is corporate social responsibility:

Answer 9

The responsibility of the firm to act in the best interests of the people and
communities affected by its activities(Includes sustainability)

Question 10

Issue 3(Advancing HRM with technology) and knowledge workers:

Answer 10

-Workers whose responsibilities extend beyond the physical
execution of work to include planning, decision
making, and problem solving
-

Question 11

issue 3 (Advancing HRM with technology)and Human resource information system + workforce analytics

Answer 11

A computerized system that provides current and
accurate data for purposes of control and decision
making
Workforce analytics is the process of gathering and
analyzing data to improve a firm’s human resources
management.

Question 12

Issue 3(Advancing HRM with technology) and the three ways tech affect HRM

Answer 12

-Operational(automation of tasks)
-Relational (Online interactions)
-Transformational(training and tracking)

Question 13

Issue 4 (Containing cost while retaining top talent and maximizing productivity)and six ways to lower labor costs

Answer 13

-carefully managing employee benefits

-downsizing

-outsourcing (Contracting outside to have work
done that formerly was done by internal employees)

-offshoring/nearshoring/homeshoring (Send to other countries)

-employee furloughing ( organization asks/requires
employees to take time off for either no pay/reduced pay)

-employee leasing: dismissing employees who are then
hired by a leasing company and contracting with that company to lease back the employees

Question 14

Issue 4 (Containing cost while retaining top talent and maximizing productivity)and hidden costs of laying people off:

Answer 14

Severance and rehiring costs
Accrued vacation and sick-day payouts
Pension and benefit payoffs
Potential lawsuits from aggrieved workers
Loss of institutional memory and trust in
management
Lack of staffers when the economy rebounds

Question 15

Issues 4 (Containing cost while retaining top talent and maximizing productivity) and the benefit of not laying people off:

Answer 15

Loyal, more productive workforce
Higher customer satisfaction
Readiness to snap back with the economy
Recruiting edge
Workers who aren’t afraid to innovate,

Question 16

Issue 5 ( Responding to the demographic/diversity challenges in the workforce) demographic change and diversity of workforce:

Answer 16

Demographic Changes
*More diverse workforce
*Aging workforce
*Gender distribution

Managing Diversity
* Being aware of
characteristics common
to employees, while also
managing employees
as individuals

Question 17

5 Things influencing issue 6(education of the work force)

Answer 17

• Education of the workforce
  -Changing nature of work
  -Privacy concerns of employees
  -Changing attitudes toward work
  -Employee rights
  -Balancing work and family

Question 18

HR manager’s responsibilities:

Answer 18

Advice and Counsel
*Service
*Policy formulation and implementation
*Employee Advocacy