Chapter 1- Strategies, Trends, and Opportunities for Human Resource Management

Human Resource Management (HRM)

The practices, policies, and systems that influence employees' behaviours, attitudes, and performance.

Strategic HRM Process

1. Analysis and Design of work 2. Workforce Planning 3. Recruiting 4. Selection 5. Training, learning and development. 6. Performance Management 7. Total Rewards 8. Employee and Labour Relations

human capital

An organization's employees, described in terms of their training, experience, judgment, intelligence, relationships, and insight.

Necessary Qualities of Human Resources

1. Are valuable

2. Are rare

3. Cannot be imitated

4. Have no good substitutes

Employee Engagement

the degree to which employees are fully involved in their work and the strength of their job and company commitment

Employee Experience

The sum of all the moments that matter between an employee and an employer.

Three product lines of HR

1. Administrative services and transactions

2. Business partner services

3. Strategic partner

Strategic Partner

Contributing to the company's strategy through an understanding of its existing and needed human resources and ways HR practices can give the company a competitive advantage.

Business partner services

Developing effective HR systems that help the organization meet its goals for attracting, keeping, and developing people with the skills it needs.

Administrative services and transactions

handling administrative tasks efficiently and with a commitment to quality

Job Analysis

the process of getting detailed information about jobs

Job Design

the process of defining the way work will be performed and the tasks that a given job requires

workforce planning

identifying the numbers and types of employees the organization will require to meet its objectives

Performance Management

The process of ensuring that employees' activities and outputs match the organization's goals

Talent Management

a systematic, planned effort to attract, retain, develop, and motivate highly skilled employees and managers

Evidence-based HRM

Making HR decisions through the conscientious use of credible evidence from multiple sources to increase the probability of a positive impact or favourable outcome.

organizational agility

Ability of a firm to sense and respond to the environment by intentionally changing.

non-traditional employment

includes the use of independent contractors, freelancers, on-call workers, temporary workers, and contract company workers

high performance work system

an organization in which technology, organizational structure, people, and processes work together seamlessly to give an organization an advantage in the competitive environment

Internal Labour Force

An organization's workers (its employees and the people who work at the organization).

External Labour Market (ELM)

Individuals who are actively seeking employment

Labour force participation rate

The number of persons who are employed and unemployed but looking for a job divided by the total working age population

knowledge workers

employees whose main contribution to the organization is specialized knowledge, such as knowledge of customers, a process, or a profession

human resource information system

a computer system used to acquire, store, manipulate, analyze, retrieve, and distribute information related to an organization's human resources

Recruitment

The process through which the organization seeks applicants for potential employment.

Selection

The process by which the organization attempts to identify applicants with the necessary knowledge, skills, abilities, and other characteristics that will help the organization achieve its goals.

Top Attributes Employers Look for in Employees

1. Ability To Work in a Team

2. Problem Solving Skills

3. Analytical/Quantitative Skills

4. Communication Skills (Verbal)

5. Communication Skills (Written)

Training

Planned effort by an organization to enable employees’ learning of job-relates knowledge, skills and behaviours

Development

The acquisition of knowledge, skills, and behaviours that improve and employee’s ability to meet the challenges of a variety of new or existing jobs.

How can HR professionals support their organizations to enhance ESG performance

Policies, Practices, Systems

Outsourcing

The practice of having another company (a vendor, third-party provider, or consultant) provide services

Offshoring

Moving Operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available