*Human Resource Management*

Human resource management

Managing an organization's employees and employment-related processes.

Major HR responsibilities

Recruiting, hiring, training, compensation, employee relations, performance evaluation, benefits, workplace policies, employee development, and compliance.

Employee retention

An organization's ability to keep employees.

Employee turnover

The rate at which employees leave an organization and are replaced.

Effects of high employee turnover

Increased recruitment and training costs and reduced productivity.

Ways to improve employee retention

Fair compensation, recognition, development opportunities, and positive working conditions.

Compensation

Money employees receive for their work, including wages, salaries, and bonuses.

Benefits

Additional forms of compensation beyond regular pay, such as health insurance, paid time off, and retirement plans.

Hiring process

Job analysis → job description → recruitment → applications/resumes → screening → interviews → selection → offer → onboarding.

Job description

The duties and responsibilities of a position.

Job specification

The qualifications needed to perform a position.

Internal recruitment

Filling a position with someone already employed by the organization.

External recruitment

Finding candidates from outside the organization.

Onboarding

Introducing new employees to an organization, their responsibilities, workplace policies, and coworkers.

Leadership in organizations

Establishing direction, influencing employees, motivating people, communicating expectations, supporting employees, building trust, and helping teams achieve goals.

Coaching

Helping an employee improve a specific skill or performance area.

Mentoring

Providing longer-term guidance and support to help someone develop professionally.

Supervision

Assigning work, giving instructions, monitoring performance, providing feedback, coaching employees, addressing problems, and supporting employees.

Good supervision vs. micromanagement

Good supervision provides guidance and support without unnecessarily controlling every detail of an employee's work.

Motivation

The internal or external factors that encourage someone to take action or perform work.

Intrinsic motivation

Motivation that comes from within a person, such as enjoyment, personal satisfaction, or interest.

Extrinsic motivation

Motivation that comes from external rewards or consequences, such as pay, bonuses, or recognition.

Ways managers can encourage motivation

Recognition, meaningful work, opportunities for growth, and fair treatment.

Training

Teaching employees the knowledge and skills needed for their current jobs.

Development

Preparing employees for future responsibilities and career growth.

Performance assessment

Comparing an employee's actual performance with established expectations or standards.

What may managers evaluate during performance assessments?

Quality, productivity, reliability, teamwork, communication, and achievement of goals.

Effective feedback

Feedback that is specific, relevant, constructive, timely, and focused on behavior or performance.

Rating scale

A performance appraisal method that evaluates employees using predetermined performance categories or numerical ratings.

Self-assessment

A performance appraisal method in which employees evaluate their own performance.

Peer evaluation

A performance appraisal method in which coworkers provide feedback about one another's performance.

360-degree feedback

A performance appraisal method that collects feedback from multiple sources, such as supervisors, coworkers, subordinates, and sometimes customers.

Harmonizing tasks, projects, and employees

Aligning people, tasks, projects, and organizational goals.

How can managers harmonize work with business priorities?

Prioritize important work, match employees' skills to tasks, allocate resources, coordinate projects, avoid conflicting assignments, and support business objectives.