Week 1 Exam 2

Question 1

Human Resource Planning

Answer 1

identifying the number and the types of employees that an organization will need to meet its objectives

Question 2

HRP Goal

Answer 2

Have the right talent in the right place at the right time capable of effectively and efficiently completing tasks for an organization’s success

Question 3

HRP Questions:

Answer 3

Where are our strengths and weaknesses?
Who is doing a good job and who is not?
What changes can be made?
How diverse are we? What actions can we take in this area?

Question 4

Forecasting Goal

Answer 4

Determine supply and demand to predict which areas of the organization will experience labor shortages or surpluses

Question 5

Determine Labor Demand

Answer 5

-Trend Analysis (statistical models used to predict labor demand based on last years)
-Managerial Judgements (subjective)

Question 6

Determine Labor Supply

Answer 6

Transitional Matrix (a chart that lists job categories held in one period and shows how many employees in each of these job categories in the future

Question 7

Determine labor shortage

Answer 7

Labor demand > labor supply = labor shortage

Question 8

Determine labor surplus

Answer 8

Labor demand < labor supply = labor surplus

Question 9

How to deal with a labor shortage?

Answer 9

Technology innovation, new external hires, outsourcing, temporary workers, overtime/expanded hours

Question 10

Employing temporary & contract works (PROS/CONS)

Answer 10

Pros: flexibility and lower costs

Cons: employees may not be as committed to the organization, tension can rise from temporary & permanent workers

Question 11

Outsourcing

Answer 11

Contracting with another organization to perform a broad set of services

Question 12

Outsourcing (PROS/CONS)

Answer 12

Pros: can operate efficiently and save money

Cons: quality control, greater chance for security violations and poor customer service

Question 13

How to deal with a labor surplus?

Answer 13

Offer pay reductions, transfers, early retirement, work sharing, downsizing, demotions

Question 14

Downsizing

Answer 14

PLANNED elimination of large numbers of personnel

Question 15

Downsizing Pros & Cons

Answer 15

Pros: speed- immediate effect on cost

Cons: hurts long-term effectiveness- loss of talent (can eliminate irreplaceable people) and hurt current employee’s motivation

Question 16

Recruiting

Answer 16

any practice carried on by the organization with the purpose of identifying and attracting potential employees

Question 17

Recruiting Goal

Answer 17

to provide information that will attract qualified candidates and discourage unqualified ones from applying

Question 18

Direct Applicants Pros

Answer 18

Those who apply are already sold on the organization

Question 19

Referrals Pros

Answer 19

Simplifies the recruitment process and is less expensive

Question 20

Internal Recruiting Pros/Cons

Answer 20

Pros: applicants are well known to the organization, cheaper and faster, minimizes employees unrealistic job expectations

Cons: can create a workforce whose members all think the same and nepotism

Question 21

External Recruiting Pros

Answer 21

spurs innovation and creativity, organizations can gain a competitive edge by hiring the best talent

Question 22

Lead-the-market Pay Strategies

Answer 22

Pay more than the current market wages for a job

Question 23

Employment-at-will Policies

Answer 23

If there is no specific employment contract saying otherwise then an employee/employer may end an employment relationship at any time

Question 24

Cost per hire by source

Answer 24

total amount of money spent to fill a job vacancy

Question 25

Yield ratio

Answer 25

the percentage of applicants from a recruitment source that make it to the next stage of the selection process

Question 26

Employee Selection

Answer 26

the process through which organizations make decisions about who will or will not be invited to join the organization

Question 27

Hiring Freeze

Answer 27

Putting a pause on hiring

Question 28

Natural Attrition

Answer 28

Employees that leave on their own

Question 29

Personnel Policies

Answer 29

an organizations decisions about how to carry out HRM

Question 30

Social Security Act of 1935

Answer 30

requires everyone seeking unemployment benefits to register through a local state department in search for work oppurtunities