Week 9 (Ch.13 Managing Human Resources)

What is the significance of managing human resources in an organization?

It provides a competitive advantage by creating superior shareholder value and contributes to high individual and organizational performance.

What are the key activities involved in staffing an organization?

HR Planning, Recruitment (Decruitment), Selection, Orientation and Training, Performance Management, Compensation and Benefits, Career Development.

What external factors affect the Human Resource Management process?

Economic conditions, labor unions, collective bargaining agreements, government legislation, and demographic trends.

What is the purpose of HR planning?

To assess current human resources, evaluate future needs, and develop a program to meet those needs.

What is a job description?

A written statement detailing what the jobholder does, how it is done, and why it is done.

What is a job specification?

A written statement of the minimum qualifications a person must possess to perform the job.

What is recruitment in HR?

The process of locating, identifying, and attracting capable applicants to an organization.

What is decruitment?

Techniques used to reduce an organization's workforce.

What is the selection process in HR?

Screening job applicants to ensure the most appropriate candidates are hired.

What are some types of selection devices used in hiring?

Application forms, written tools, interviews, background investigations, physical examinations, and performance simulations.

What is the purpose of employee orientation?

To familiarize new employees with work-unit goals, clarify job contributions, and introduce them to co-workers.

What is a performance management system?

A process for establishing performance standards and evaluating performance to support objective HR decisions.

What role does compensation and benefits play in retaining employees?

It helps attract and retain high-performance employees and impacts the strategic performance of the firm.

What is skill-based pay?

A pay system that compensates employees for the job skills and competencies they can demonstrate.

What are the types of compensation in HR?

Base wage or salary, wage and salary add-ons, incentive payments, and skill-based pay.

What is the impact of government legislation on HRM?

It introduces laws and regulations that organizations must comply with, affecting workplace conditions.

What is collective bargaining?

The process by which labor unions represent employees to negotiate contracts covering wages, hours, and working conditions.

What demographic trends are currently affecting the labor market?

Shortage of workers, an educated workforce, and a greater female presence in the labor market.

How does high-performance work affect organizations?

It leads to both high individual and organizational performance, making companies more valuable.