Studied by 0 people
Looks like no one added any tags here yet for you.
HR Management Fuctions
1. Talent acquisition
2. Talent management
3. total rewrds
4. Risk management and worker protection
5. employee ad labor reations
6. equal employment opportunity
7. startegy and planing
Roles of HR
Selecting, training, rewarding, managing, and retaining employees
Managing Human Resources in organizations
- Setting performance expectations, providing regular feedback, and evaluating employee performance
- Includes designing/..implementing performance systems that are fair, transparent, and igneous with organization's goals
Innovation
Process where new ideas are generated that create value for an organization
The Changing workforce
- racial and ethical diversity (racial and ethnic minorities account for a high percentage in the labor force)
- gender in the workforce (women may be a majority in certain occupations)
- age considerations (millennials may present 75% of the workforce in 2025, many will want to retire)
How technology has changed HR management
- helps in strategic HR planning
- improves administrative and operational efficiency
- reduces costs
- supports recruitment, selection, and training
* challenge- over reliance may negatively impact learning
Gig Economy
Much work is performed by freelance workers rather than full-time employees
Talent Acquisition
The process of finding and hiring high-quality talent needed to meet the organization's workforce needs
Outsourcing the HR admin
When you contract with an independent provider to handle some or all of your HR functions and administrative tasks
Restructuring
Redesigning an organization so that it can more effectively and efficiently serve its customers
What do total rewards include?
Monetary and non monetary rewards provided by companies to attract, motivate, and retain employees
Fair Labor Standards Act (FLSA)
Primary federal law affecting compensation which is enforced by the Wage and Hour Division of the U.S. Department of Labor
Exempt employees
Employees who hold positions for which they are not paid overtime
Nonexempt employees
Employees who must be paid overtime
Garnishment
A court order that directs an employer to set aside a portion of an employee's wages to pay a debt owed to a creditor
entitlement philosophy
assumes that individuals who have worked another year with the company are entitled to pay increases with little regard for performance differences
Pay-for-performance philosophy
Assumes that compensation decisions reflect performance differences
Salary surveys
Collection of data on compensation rates or workers performing similar jobs in other organizations; uses benchmark jobs to anchor the survey data
Variable pay
compensation that is tied to performance
Independent Contractor
One who works for, and receives payment from, an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
pay equity
principle that women and men who perform jobs that are of equal value to society and that require equal training ought to be paid equally; equal pay for work of equal value
commission
an instruction, command, or duty given to a person or group of people; a group of people officially charged with a particular function
monetary incentives
Direct rewards
-cash bonus, raises, commissions, profit sharing, gift cards
Non-monetary incentives
Less tangible and focus on experiences and emotions
- flexible work arrangements, additional time off, wellness programs, training
Benefits
Rewards provided to an employee or group of employees for organizational membership
- retirement plans, paid time off, health insurance, life and disability insurance, and more
Benefits and HR Strategy
Benefits approach adopted as part of total rewards depends on many factors, such as:
- Size of the organization
- Workforce competition
- Organizational life cycle
- Employee demographics
- Financial circumstances
- Corporate strategic approach
Types of Benefits
Some benefits are mandated by laws and government; others are offered voluntarily by employers as part of their HR Strategy
Social Security
legally required retirement benefits; provides old age, survivor's, disability, and retirement benefits
Medicare
Government-operated health insurance for Americans aged 65 and above and for some citizens with disabilities
Workers Compensation
state programs that provide benefits to workers who suffer work-related injuries or illnesses, or to their survivors; legally required security benefits
retirement benefits
Private and publicly traded employers may provide pensions or 401k's with contributions by the employer and/or employees to fund employee's retirement years
Unemployment compensation
government payments to those who recently lost their jobs through no fault of their own; legally required security benefits
401(k) plan
Allows for a percentage of an employee's pay to be withheld and invested in a tax-deferred account
ESOP
Employee Stock Ownership Plan; An arrangement whereby employees can own shares in the company, the same as if they were ordinary shareholders in a joint-stock company.
HIPAA (Health Information Portability and Accountability Act)
Allow employees to switch their health insurance plans when they change employers; require employers to provide privacy notices, store sensitive employee personal information, not disclose health information without authorization
FMLA (Family and Medical Leave Act)
- covers those employed for > 12 months by an employer employing 50 or more employees
- entitled to 12 workweeks of leave during a 12-month period for (1) births (2) adoption (3) taking care of sick (4)own serious health condition
TPA (Third-party Administrator)
Vendor that provides enrollment, record keeping, and other administrative services to organizations
COBRA (Consolidated Omnibus Reconciliation Act)
Legally (involuntary) required health care benefit; for employers with 20 employees
Legally required time-off benefits
military service leave
Voluntary time-off benefits
Public-service leave, vacation, holidays, and bereavement leave
