MG302 Exam 3

human capital

human capital

the economic value of the combined knowledge, experience, skills, and capabilities of employees

top three factors for maintaining competitive success

(1) human capital (2) customer relationships (3) product and service innovation

human resource management

the alignment of HR strategies with the organization's strategic direction have a positive impact on performance, fostering both higher employee productivity and stronger financial results

three key elements to HRM

find the right people, manage talent so that people achieve their potential, and maintain an effective workforce over the long term

investments in human capital

contribute to stronger organizational performance and better financial results

discrimination

occurs when hiring and promotion decisions are based on criteria that are not job-relevant

affirmative action

requires that employers take positive steps to guarantee equal employment opportunities for people within protected groups

Civil Rights Act (1991)

provides compensation for cases of intentional discrimination brought under Title VII of the 1964 Civil Rights Act. Shifts the burden of proof to the employer.

Americans with Disabilities Act (1990)

Prohibits discrimination against qualified individuals by employers on the basis of disability and demands that "reasonable accommodations" be provided for disabled employees to allow performance of duties.

Age Discrimination in Employment Act (1967)

Amended in 1978 and 1986; Prohibits age discrimination and restricts mandatory retirement

Civil Rights Act Title VII (1964)

Prohibits discrimination in employment on the basis of race, religion, skin color, sex, or national origin

The Equal Employment Opportunity Commission (EEOC)

created by the Civil Rights Act of 1964 who initiates investigations in response to complaints concerning discrimination

new social contract

based on the notion of employee employability and personal responsibility rather than lifelong employment by an organization

contingent workers

sometimes called the shadow workforce; freelancers who are typically paid less then regular employees, receive no benefits, and employed on an as-needed basis

blind hiring

focuses managers on an applicant's job skills and performance rather than educational credentials, appearance, or prior experience

AI based hiring

todays managers are applying AI algorithms to reduce bias in hiring decisions

employer brand

similar to a product brand, except that rather than promoting a product, its aim is to make an organization seem like a highly desirable place to work

gig

a job that lasts for a specific period of time and a short-term commitment

matching model

a HR approach in which the organization and the individual attempt to match each other's needs, interests, and values

human resource planning

the forecasting of HR needs and the projected matching of individuals with expected vacancies

recruiting

activities or practices that define the desired characteristics of applicants for specific jobs; sometimes called talent acquisition

benefits to internal recruiting

less costly than an external search and generates higher employee commitment, development, and satisfaction because it offers opportunities for career advancement to employees rather than outsiders

job analysis

a systematic process of gathering and interpreting information about the essential duties, tasks, and responsibilities of a job, as well as about the context within which the job is performed

job description

a clear and concise summary of the specific tasks, duties and responsibilities of a job

job specification

outlines the knowledge, skills, education, physical abilities, and other characteristics needed to perform the job adequately

realistic job previews (RJPs)

gives applicants all pertinent and realistic information, both positive and negative, about a job and the organization

virtual recruiting

use of social media's video and chat features, virtual job fairs, and recruitment software to identify desired candidates

internship

An arrangement whereby an intern, usually a high school or college student, exchanges his or her services for the opportunity to gain work experience and see whether a particular career is appealing

selection process

The process of assessing the skills, abilities, and other attributes of applicants in an attempt to determine the fit between the job and each applicant’s characteristics

application form

A selection device that collects information about the applicant’s education, previous work experience, and other background characteristics

structured interviews

an interview that uses a set of standardized questions that are asked of every applicant so comparisons can be made easily

biographical questions

ask about a person's previous life and work experiences

situational/case questions

require people to describe how they might handle a hypothetical situation

behavioral questions

questions that ask people how they have performed a certain task or handled a particular problem

work sample

a real example of work that a job candidate has produced, or it might be a live simulation of the job in real time

employment tests

A test given to employees to evaluate their abilities; can include cognitive ability tests, physical ability tests, personality inventories, and other assessments

personality tests

test given to employees to asses such characteristics as openness to learning, agreeableness, conscientiousness, creativity, and emotional stability

brain teasers

used by companies that put a premium on innovativeness and problem solving; the answers aren't as important as how the applicant goes about solving the problem

training and development programs

a planned effort by an organization to facilitate employees' learning of job-related skills and behaviors

training

typically refers to teaching people how to perform tasks related to their present jobs

development

teaching people broader skills that not only are useful in their present jobs but also prepare them for greater responsibilities in future jobs

on the job training (OTJ)

A process in which an experienced employee is asked to teach a new employee how to perform job duties

social learning

Using social media tools to network and learn informally

corporate university

An in-house training and development facility that offers broad-based learning opportunities for employees

performance appraisal

The process of observing and evaluating an employee’s performance, recording the assessment, and providing feedback

biggest talent management mistake

the failure to provide candid performance assessments that focus on development needs

360 degree feedback

a process that uses multiple raters, including self rating, as a way to increase awareness of strengths and weaknesses and guide employee development

modern approach to performance management

measurably improving performance, enhancing skills, and retaining human talent rather than simply assessing or rating them

performance review ranking systems

sometimes called "rank and yank"; are increasingly being criticized because they tend to pit employees against one another rather than promoting cooperation and teamwork

compensation

All monetary payments and all non-monetary goods or benefits used to reward employees

job based pay

linking compensation to the specific tasks an employee performs

skill based pay

employees with higher skill levels receive higher pay than those with lower skill levels; also called competency based pay

job evaluation

The process of determining the value of jobs within an organization through an examination of job content

wage and salary surveys

A questionnaire that shows what other organizations pay incumbents in jobs that match a sample of key jobs selected by the organization

pay for performance

Tying at least a portion of compensation to employee effort and performance. Also called incentive pay.

benefits

some are required by law, such as Social Security, other types, such as vacations or education reimbursements, are not required by law but are provided by organizations to attract and maintain an effective workforce

exit interview

A discussion conducted with departing employees to determine reasons for their departure and learn about potential problems in the organization

diversity challenges

managers face a tremendous challenge in creating diverse, inclusive workplaces where all people feel welcome and have a change to thrive

diversity

All the ways in which employees differ

traditional model of diversity

defining diversity in terms of race, gender, age, lifestyle, and disability

inclusive model of diversity

recognizes a spectrum of differences that influence how employees approach work, interact with each other, derive satisfaction from their work, and define who they are as people in the workplace

inclusion

The degree to which an employee feels like an esteemed member of a group in which his or her uniqueness is highly appreciated

managing diversity and inclusion

Creating a climate in which the potential advantages of diversity for organizational performance are maximized while the potential disadvantages are minimized

diversity of thought

Achieved when a manager creates a heterogeneous team made up of individuals with diverse backgrounds and skill sets to provide a broader and deeper base of ideas, opinions, and experiences for problem solving, creativity, and innovation; also referred to as cognitive diversity

dividends of workplace diversity

better use of employee talent, increased understanding of marketplace, enhanced understanding among managers, better team problem solving, and lower costs related to turnover, absenteeism, and lawsuits

unconscious bias

Occurs when a person is not aware of the bias in his or her favorable and unfavorable assessments, actions, and decisions toward members of specific groups; sometimes called implicit bias

unconscious bias theory

suggest that majority groups will inevitabley slight minority groups because of unconscious bias

prejudice

The tendency to view people who are different as being deficient.

stereotypes

A rigid, exaggerated, irrational belief associated with a particular group of people

value differences

recognizing individual differences and seeing these differences with an appreciative attitude

ethnocentrism

the belief that one's own group and culture are inherently superior to others; makes it difficult for managers to value diversity

monoculture

A culture that accepts only one way of doing things and one set of values and beliefs

ethnorelativism

The belief that groups and cultures are inherently equal

pluralism

An environment in which the organization accommodates several subcultures, including employees who would otherwise feel isolated and ignored

the female advantage

women are sometimes favored in leadership roles for demonstrating behaviors and attitudes that help them succeed in the workplace

glass ceiling

An invisible barrier that separates women and minorities from senior management positions

double jeopardy

term used to describe the double dose of discrimination that women of color face

bamboo ceiling

a combination of cultural and organizational barriers that impede Asians' career progress

first rung

The first promotion onto the management career ladder

chief diversity officer

has the role of creating an inclusive working environment where everyone can flourish

sponsor

A higher-ranking organizational member who is committed to providing upward mobility and support to a protégé’s professional career

mentor

provided employees with direct exposure to senior management and inside information on the norms and expectations of the organization and enables the lower ranked employee to feel more confident and capable; largely offer informal guidance

coaching

In management, the process of someone engaging in regular conversations with an employee that facilitate learning and development by supporting strengths and overcoming obstacles to improve behavior and performance

employee resource groups (ERGs)

Group based on social identity, such as gender or race, and organized within companies to focus on concerns of employees from that group

self awareness

Being conscious of the internal aspects of one’s nature, such as personality traits, beliefs, emotions, attitudes, and perceptions, and appreciating how your patterns affect other people

two keys to self awareness

soliciting feedback and using self assesment

blind spots

An attribute about a person that he or she is not aware of or doesn’t recognize as a problem; this limits effectiveness and hinders career success

self confidence

General assurance in one’s own ideas, judgment, and capabilities

self efficacy

An individual’s strong belief that he or she can successfully accomplish a specific task or an outcome

self assesment

uses self inquiry and reflection to gain insights into yourself

job satisfaction

reflects the degree to which people find fulfillment in their jobs

organizational commitment

Loyalty to and engagement with one’s work organization

perception

The cognitive process that people use to make sense out of the environment by selecting, organizing, and interpreting information

the perception process

(1) Observe info via the senses (2) Screen the info and select what to process (3) Organize the selected data into patterns for interpretation and response

perceptual distortions

An error in perceptual judgment that results from inaccuracies in any part of the perception process

halo effect

Occurs when a manager gives an employee the same rating on all dimensions of the job, even though performance may be good on some dimensions and poor on others

attributions

A judgment about what caused a person’s behavior—characteristics of either the person or the situation

internal attribution

the characteristics of a person led to their behaviore

external attribution

something about the situation caused the person's behavior

fundamental attribution error

A tendency to underestimate the influence of external factors on another person’s accomplishments and to overestimate the influence of internal factors.