HRM Chapter 1 - MHRM Cohort 9
Evidence-based HR
Demonstrating that human resource practices have a positive influence on the company's bottom line or key stakeholders (employees, customers, community, shareholders).
Organizational Leadership and Navigation
Direct initiatives and processes within the organization and gain buy-in from stakeholders
What are the 3 Product lines of HR as a Business?
1. Administrative Services and Transactions: Compensation, hiring, and staffing (Emphasis: Resource efficiency and service quality) 2. Business Partner Services: Developing effective HR systems and helping implement business plans, talent management (Emphasis: Knowing the business and exercising influence - problem solving, designing effective systems to ensure needed competencies 3. Strategic Partner: Contributing to business strategy based on considerations of human capital, business capabilities, readiness, and developing HR practices as strategic differentiators (Emphasis: Knowledge of HR and go the business, competition, the market, and business strategies
What are the underlying strategies of HRM?
1. Analysis and design of work 2. HR Planning 3. Recruiting 4. Selection 5. Training and Development 6. Compensations 7. Performance Management 8. Employee relations
What are the 9 competencies for HR professionals ?
1. Business Acumen 2. Critical Evaluation 3. Technical Expertise and Practice 4. Ethical Practice 5. Global and Cultural Effectiveness 6. Relationship Management 7. Communications 8. Organizational Leadership and Navigation 9. Consultation
3 competitive challenges influencing HRM
1. Technology 2. Sustainability 3. Globalization
Balanced Scorecard
A means of performance measurement that gives managers a chance to look at their company from the perspectives of internal and external customers, employees, and shareholders.
intangible assets
A type of company asset including human capital, customer capital, social capital, and intellectual capital.
Shared Service Model
A way to organize the HR function that includes centers of expertise, service centers, and business partners.
learning organization
An organization whose employees are continuously attempting to learn new things and apply what they have learned to improve product or service quality.
Outsourcing
An organization's use of an outside organization for a broad set of services.
Human Resource Technical Expertise and Practices
Apply the principles of human resource management to contribute to the success of the business
Talent Management
Attracting, retaining, developing, and motivating highly skilled employees and managers.
Communications
Effectively exchange and create a free flow of information with and among various stakeholders at all levels of the organization to produce meaningful outcomes
Evidence based HR refers to the demonstration that human resources practices have no impact on the company's bottom line or key stakeholders. True or False
False
Orientation and skills training are responsibilities of HR personnel involved in analysis and design of work. True or False
False
self-service
Giving employees online access to HR information
Big Data
Information merged from a variety of sources, including HR databases, corporate financial statements, and employee surveys, to make evidence-based HR decisions and show that HR practices can influence the organization's bottom line.
Ethical Practice
Integrate core values, integrity, and accountability throughout organization
Training and development
Orientation, skill training, development programs, career development
Performance Management
Performance measures; preparation and administration of performance appraisals; discipline
Personnel Policies
Policy creation; policy communication
Consultation
Provide guidance to stakeholders such as employees and leaders seeking expert advice on a variety of circumstances and situations
Employee data and information systems
Record keeping; HR information systems; workforce analytics
Recruitment and selection
Recruiting, posting job descriptions, interviewing, testing, coordinating use of temporary employees.
Sustainability
The ability of a company to make a profit without sacrificing the resources of its employees, the community, or the environment. Based on an approach to organizational decision making that considers the long-term impact of strategies on stakeholders (employees, shareholders, suppliers, community).
Change
The adoption of a new idea or behavior by a company.
Employee Engagement
The degree to which employees are fully involved in their work and the strength of their job and company commitment
HR or Workforce Analytics
The practice of using data from HR databases and other data sources to make evidence-based human resource decisions.
Stakeholders
The various interest groups who have relationships with and, consequently, whose interests are tied to the organization (employees, shareholders, suppliers, community).
Business Acumen
Understand business functions and metrics within the organization and industry
Compensation and Benefits
Wage and salary administration; incentive pay; insurance; vacation leave administration; retirement plans; profit sharing; stock plans
A company whose employees have high engagement is likely to have ___ compared to a company with low employee engagement.
a)Lower retention b)Lower empowerment c)Poorer customer service d)Lower productivity e)Lower turnover
Employee relations/labor relations
attitude surveys, employee handbooks, labor law compliance, relocation and outplacement services
Distribution channels are an example of ___ capital. a)Social b)Customer c)Human d)Intellectual e)Financial
b) Customer
When an HR professional is evaluated on how well he understands organizational metrics and their relationship to business acumen, he is being evaluated on his competency in ___. a)Relationship management b)Organizational navigation c)Business acumen d)Business communication e)Ethical practice
c) Business acumen
Among the functions performed by an HR department, vacation, retirement plans, and profit sharing are categorized under the ___ function. a)Training and development b)Employee relations c)Compensation and benefits d)Employee data and information systems e)Legal compliance
c) Compensation and benefits
gig economy
companies who rely primarily on non-traditional employment to meet service and product demands
Which competency is an HR professional said to have if he is able to act personally and professionally with integrity and accountability? a)Critical evaluation b)Consultation c)Business acumen d)Communication e)Ethical practice
e) Ethical practice
Among the functions performed by an HR department, feedback and coaching are categorized under the ___ function. a)Recruitment and selection b)Compensation and benefits c)Employee relations d)Personnel policies e)Performance management
e) Performance management
knowledge workers
employees whose main contribution to the organization is specialized knowledge, such as knowledge of customers, a process, or a profession
Empowering
giving employees responsibility and authority to make decisions
Support for business strategy
human resource planning and forecasting, talent management, change management, organization development
Nontraditional employment
includes the use of independent contractors, freelancers, on-call workers, temporary workers, and contract company workers.
Critical Evaluation
interpret pertinent information skillfully to determine impact of business decisions
Analysis and design of work
job analysis, work analysis, job descriptions
Global and Cultural Effectiveness
manage human resources within and across organizational boundaries
Relationship Management
manage interaction with and between others with a specific goal of providing service and organizational success
Legal compliance
policies to ensure lawful behavior; safety inspections, accessibility accommodations, privacy policies, ethics
Human Resource Management
the policies, practices, and systems that influence employees' behavior, attitudes, and performance