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.