MGMT 203-Chapter 12:Human resource Management

the strategic approach to human resource management

1. All managers are involved in human resource management 2.employees are viewed as assets 3.HR is a matching process, integrating the organization's strategy and goals with the correct approach to managing human capital

Three broad HRM activities

1.Find the right people 2.manage talents 3.maintain the work force over the long term

Achieving these goals require skills in

1.Planning 2.Recruiting 3.Training 4.performance appraisal 5. wage and salery administration 6. benefit programs, 7.Termination

Human capital

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

Job description

a concise summary of the specific tasks and responsibilities of that job

recruiting

activities or practices that defines the desired characteristics of applicants for specific jobs

pay-for-performance

also called incentive pay, means tying at least a portion of compensation to employee to employee effort and performance

On the job training

an experience employee is asked to teach a new employee how to perform job duties.

Social contract

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

corporate university

is an in house training and development facility that offers broad-based learning opportunities for employees.

Job evaluation

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

job specification

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

compensation

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

Downsizing

refers to intentionally reducing the companys workforce to the point where the number of employee is deemed right for the company's current situation.

mentoring

refers to when an experienced employee or managers guides and supports a newcomer or less experienced employee

benefits

some are required by law such as Social Security, unemployment compensation, health insurance, vacations, on site day care and worker's compensation.

Human resource planning

the forecasting of human resource needs and the projected matching of individuals with expected vacancies

the matching modal

the organization and the individual attempts to match each other's needs, interests, and values.