Human Resource Management and Asset Valuation

Comprehensive flashcards covering Human Resource Management, manpower planning, recruitment, selection, remuneration, and employee retention based on the provided lecture notes.

What is the core objective of Human Resource Management (HRM)?

To encompass all decisions intended to improve the effectiveness of both the employees and the business.

According to the 'Strategic Shift' in HRM, how should businesses view their employees?

Employees are not overheads but rather measurable assets whose future value must be determined, rewarded fairly, and continuously developed.

What is the formula for calculating the Skills Gap?

$$[\text{Required Skills for Business Goals}] - [\text{Present Skills Available}] = [\text{The Skills Gap}]$$

What is the function of a Manning Table?

To document the total requirement of positions and the specific skills required for each.

What is the difference between a Job Description and a Job Specification?

A Job Description focuses on the job itself (title, duties, conditions), while a Job Specification focuses on the worker (qualifications, skills, and required experience).

What are the benefits of Internal Recruitment?

High cost-effectiveness, positive impact on morale by creating promotion opportunities, and low risk since past performance is known.

What are the benefits of External Recruitment?

High innovation through fresh ideas, opportunities to meet Affirmative Action/Employment Equity goals, and elimination of internal conflict over vacancies.

Why is the selection process described as an 'Exclusionary Funnel'?

Because it is designed to distil a massive talent pool down to a single signed contract through steps like screening, shortlisting, and testing.

What laws may regulate medical and work-sample testing during the selection process?

EEA, BCEA, and OHSA.

What is the two-fold purpose of Induction (also known as orientation or onboarding)?

1. Introduce the worker to colleagues. 2. Supply more information about the business and the job.

What are the primary outputs (ROI) of a successful Induction Engine?

Reduced anxiety, immediate cultural alignment, zero wasted time on basic procedures, and drastically higher long-term staff retention.

What is the 'Cost to Company' (CTC) remuneration architecture?

A guaranteed package where benefits (Medical, Pension, UIF) are subtracted from the total salary to reach the cash value, offering maximum flexibility for the employee.

What is the 'Basic Plus Benefits' remuneration architecture?

A structure where fringe benefits (Housing, Meals, Education) are added to the basic pay, offering a predictable mix with limited flexibility.

Under the Two-Pot Retirement System, what are the rules for the Savings Component?

It is accessible once a year with a minimum withdrawal of $R2,000$.

What is the difference between 'Training' and 'Skills Development'?

Training targets job-specific skills, while Skills Development targets broader attitudes such as time management and etiquette.

What is an 'Apprenticeship & Learnership' within the SAQA framework?

A form of practical execution where the individual works while studying.

What are the four stages of the Appraisal Feedback Loop?

1. Plan (setting targets), 2. Evaluate (assessment), 3. Feedback (discussion of root causes), and 4. Action (PIPs or career paths).

What are three examples of 'Flight Risks' that lead to employee turnover?

Better salary opportunities, poor management treatment, and lack of job satisfaction.

What is the purpose of an Exit Interview?

A diagnostic tool to capture critical data from departing staff to identify and fix systemic operational issues.

In the restaurant ecosystem, what are the primary roles in the 'Back-of-House'?

Executive Chef, Sous Chef, Station Chefs (Grill, Sauce, Pastry), Commis Chef, and Scullery.