week 4: human resource management busn 102 – Özge can
TRANSCRIPT
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WEEK 4: HUMAN RESOURCE MANAGEMENT
BUSN 102 – Özge Can
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Keeping Pace with Today’s Workforce Human Resources (HR) Management
The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them
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Contemporary Staffing Challenges Aligning the workforce Fostering employee loyalty Monitoring workloads and avoiding
employee burnout Managing work–life balance
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Contemporary Staffing Challenges Work–Life Balance
Efforts to help employees balance the competing demands of their personal and professional lives
Quality of Work Life (QWL) An overall
environment that results from job and work conditions
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Steps in Human Resources Planning
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Evaluating Job Requirements
Job Description A statement of the tasks involved in a given job
and the conditions under which the holder of a job will work
Job Specification A statement describing the kind of person who
would be best for a given job— including the skills, education, and previous experience that the job requires
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Forecasting Supply and Demand Turnover Rate
The percentage of the workforce that leaves every year
Employee Retention Efforts to keep
current employees
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Forecasting Supply and Demand Succession Planning
Workforce planning efforts that identify possible replacements for specific employees, usually senior executives
Contingent Employees Non-permanent employees, including temporary
workers, independent contractors, and full-time employees hired on a probationary basis
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Alternative Work Arrangements
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Managing a Diverse Workforce Diversity
All the characteristics and experiences that define each of us as individuals
Includes race, age, military experience, parental status, marital status, and thinking style
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Managing a Diverse Workforce Sexism
Discrimination on the basis of gender
Glass Ceiling An invisible barrier that can be attributed to subtle
discrimination keeping women and minorities out of the top positions in business
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Managing a Diverse Workforce Diversity Initiatives
Programs and policies that help companies support diverse workforces and markets
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Managing the Employment Life Cycle Recruiting
The process of attracting appropriate applicants for an organization’s jobs
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The Recruiting Process
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Terminating Employees
Termination The process of
getting rid of an employee by firing him
Layoffs Termination of
employees for economic or business reasons
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Major Employment Legislation
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Major Employment Legislation
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Retiring Employees
Worker Buyouts Distributions of financial incentives to employees
who voluntarily depart; usually undertaken in order to reduce the payroll
Mandatory Retirement Required dismissal of an employee who reaches
a certain age
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Developing and Evaluating Employees Performance Appraisals
Periodic evaluations of employees’ work according to specific criteria
Electronic Performance Monitoring (EPM) Real-time, computer-based evaluation of
employee performance
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Developing and Evaluating Employees 360-degree review
A multidimensional review in which a person is given feedback from subordinates, peers, superiors, and possibly outside stakeholders such as customers and business partners
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Training and Developing Employees Orientation Programs
Sessions or procedures for acclimating new employees to the organization
Skills Inventory A list of the skills a company needs from its
workforce, along with the specific skills that the individual employees currently possess
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Administering Employee Compensation Compensation
Money, benefits, and services paid to employees for their work
Salary Fixed cash compensation for work, usually by an
yearly amount; independent of the number of hours worked
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Administering Employee Compensation Wages
Cash payment based on the number of hours an employee has worked or the number of units an employee has produced
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Incentive Programs
Bonus A cash payment, in addition to regular wage or
salary, that serves as a reward for achievement
Commissions Employee compensation based on a percentage
of sales made
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Incentive Programs
Profit Sharing The distribution of a portion of the company’s
profits to employees
Gain Sharing Tying rewards to profits or cost savings achieved
by meeting specific goals
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Incentive Programs
Pay for Performance An incentive program that rewards employees for
meeting specific, individual goals
Knowledge-Based Pay Pay tied to an employee’s acquisition of
knowledge or skills; also called competency-based pay or skill-based pay
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Employee Benefits and Services Employee Benefits:
Elements of compensation other than wages, salaries, and incentive programs
They are offered as either a preset package or as flexible plans
Cafeteria plans: Flexible benefit programs that let employees personalize their benefits packages
(e.g. insurance, retirement benefits, stock options, family benefits)
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Employee Benefits and Services Insurance
Range of plans including life, health, dental, disability and long-term care insurances
Retirement Plans Company-sponsored programs for providing
retirees with income (pension plans) Defined benefit plans => payment to employees
upon retirement Defined contribution plans => company puts into a
retirement fund. Similar to saving plans
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Employee Benefits and Services Employee Stock-Ownership Plan (ESOP)
A program that enables employees to become partial owners of a company. The company places some or all of its stock in trust
Stock Options Granting employees the right to purchase a set of
number of shares of the employer’s stock at a specific price during a certain period
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Other Employee Benefits:11-30
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Summary: Key Dimensions of HRM HR planning: evaluating job requirements and
forecasting labor supply and demand Managing a diverse workforce Managing the employee life cycle: recruiting,
terminating and retiring employees Training and developing employees Evaluating employees: performance appraisal Administrating compansation: wages, salaries,
incentive programs, employee benefits
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