Week 1 - Intro to HR and Roles Flashcards
Human Resource Management
Management of employees through different processes, procedures and systems to achieve the outcomes (individually/collectively) to enhance their contribution to the organizational goals of a company.
Rules for Strategic Human Resouce Management
- to choose an hr system, integrate the “strategic” needs to support mission, strategies and performance.
- choices made with the organization in mind
- Must align with and contribute to the organizations strategies
- each hr practice should generate value for the organization
5 Steps in strategic HRM
- analysis: mission goals and strategy
- Environmental scan
- analysis of organizational character and culture (internal analysis)
- choice and implementation of HR strategies
- review, education and audit of hr strategies
General environmental forces
and the four major economic forces?
Economic
Technological
Demography
Cultural
Legal
+ 4 major
economic cycle - boom and bust
global trade
productivity and innovation improvement
knowledge (creative workers)
What is the Baumol cost syndrome
Baumol’s cost syndrome explains rising costs in certain industries.
It occurs when sectors have slow productivity growth and must pay higher wages.
Sectors with rapid productivity growth can control costs better.
Examples include healthcare and education, which become more expensive even without major improvements in output.
Three major technological forces
Connectivity and work design - increase flexibility, different work styles. - bringing pets to work, working from home
Automation - speed, flexible, better quality, replace hazardous jobs - losing voices to AI
Data Analytics - store and access, information capture, analytics
Demographic forces
- gender balance
- educational attainment of workers
- aging population
- generational shift
Impacts of corporate ageing
Older employees need specific training programs, time models, retaining and transfer of knowledge, health management + benefits, incentives for junior staff retention (log jam?)
Two major cultural forces
- diversity + social justice - power imbalance
- ethics
- before it used to be about fitting in, now its about ur difference.
ethics - some bias in recruitment - PEOPLE WALK OUT IF NOT MET.
Managers should understand ethical perspectives and consider ethical implications
What is the third step in strategic HRM?
Analysis of structure and culture
- structure: employees, objectives, technology, size, age, unions, policies, successes, failures
- reflects the past, shapes the future
-unique culture for all organizations
- the core beliefs shared by all memebrs
What is the 4th step in strategic HRM?
Strategies and choice and implementation
- identifying opportunities, risks and challenges
- making data-informed decisions aligned with strategy
- optimizing for high performance
What is the fifth step in strategic hrm?
Review, evaluate and audit
- strategies examined periodically
- with changing factors
- holistic views
- correcting deficiencies
- activities aimed for productivity/innovation, succession planning nd cultural change are critical to survival
