Week 11 Flashcards
TRAINING
Investment in human capital that provides the knowledge, skills, and experiences necessary for current and/or future roles within the organisation
2 types:
- Initial vocational education and training (IVET)
- Continuing vocational education and training (CVET)
SOCIALISATION
Support and information provided by incumbents to newcomers as they need to become accustomed to new norms, cultures ad roles
JOB DESIGN and JOB CRAFTING
Not only people, but also situations can be changed to improve match quality
Job design: managers design jobs to improve motivation, satisfaction, and turnover intentions
Job crafting: employees proactively improve match quality by altering job dimensions
Perpetual ownership of human capital
Individual KSAOs can’t be easily separated from the individuals who “own” them. Many KSAOs are integral parts of the individual.
Substantial results of training investments remain with the individual’s discretion, and may benefit different employer if the employee moves
What are the basic assumptions of HUMAN CAPITAL THEORY
- Agents vary in productivity because they have different stocks of human capital
- Accumulation of HC occurs through investments in “schooling, on-the-job training, medical care, migration and searching for information about prices and incomes”
- Individuals, while investing in their HC, sacrifice some part of their current income in return for a higher income in the future
General Human Capital
Has equal value in many applications/forms
Can be traded on the labor market
Employer can be blackmailed after the investment
Employee should invest and negotiate future wages
Specific Human Capital
Has a lower value in alternative employments
Only imperfectly tradable on the market
Results in a bilateral monopoly situation (single supplier or single consumer)
Employee can be blackmailed after the investment
Investment and value appropriation should be shared
Bargaining occurs within the firm
Investment and value appropriation (lazear)
Lezear:
- HC is mostly general
- HC specificity results from matching
- firm-specificity is determined by outside alternatives (when no alternatives are available, specific HC is perfectly firm-specific
The development stage (what training and job design assume)
Training assumes that roles/jobs are fixed, but that people can change
Job design assumes that people are fixed but that roles/jobs can be adapted
What are the multiple dimensions of job design?
Work organisation (time and space)
Psychological job design (psychological health and growth)
Ergonomic job design (physical health and sustainability)
Everything about MEETINGS
There has been a constant increase in everyday meetings
70% of manager reported meeting as UNPRODUCTIVE and INEFFICIENT
Bad meetings are characterised by being:
- too frequent
- poorly timed
- badly run
Meeting free days: outcomes were all positive
Job characteristics (5)
- Skill variety : variety of different activities and involves the use of a number of different skills and talents of the individual
- Task identity: completion of a “whole” and identifiable piece of work
- Task significance : job is important and involves a meaningful contribution to the organisation or society in general
- Autonomy : job gives the employee substantial freedom, independence, and discretion in scheduling the work and in determining the procedures used in carrying it out
- Job feedback : carrying out the work activities provides direct and clear information to the employee regarding ow well the job has been done
Motivating Potential Score (MPS)
Combined together, the core job characteristics create a MPS
It indicates the degree to which the job is capable of motivating people
A job’s MPS can be raised by enriching the chore characteristics
MPS formula
MPS = [(SV + TI + TS)/3] * Au * Fb
Psychology of Job Design
Firms can actively design work and jobs to positively impact employee behaviour and performance
