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Management (MGT)

Human resources management (HRM)is the set of organizational activities directed at attracting, developing and maintaining an effective workforce Strategic importance of HRM HR are critical for effective organizational functioning HRM has grown in importance which stems from increased legal complexities, the recognition that HR are a valuable means for improving productivity and the awareness today of the costs associated with poor HRM Managers now realize that the effectiveness of their HR function has a substantial impact on a firms bottom line performance Poor HR planning can result in spurts of hiring followed by layoffs costly in terms of unemployment compensation payments, training expenses and morale Haphazard compensation systems do not attract, keep and motivate good employees, and outmoded recruitment practices can expose the firm to expensice and embarrassing legal action Many firms are developing strategic HR plans that are integrated with other strategic planning activities Human resource planning Starting point in attracting qualified human resources is planningwhich involves job analysis and forecasting the demand for and supply of labour Job analysisis a systematic analysis of jobs within an organization. Made up of two parts Job descriptionlists the duties of a job, its working conditions and the tools, materials and equipment used to perform it Job specificationlists the skills, abilities and other credentials needed to do the job Job analysis information used know about job content and job requirements to develop appropriate selection methods and job relevant performance appraisal systems and to set equitable compensation rates Forecasting HR demand and supply After managers fully understand the jobs to be performed within an organization, they can start planning for the organizations future HR needs Starts assessing trends in past HR usage, future organizational plans and general economic trends A good sales forecast is a startwhich can determine the demand for types of employees Forecasting the supply of labour involves two tasks Forecasting internal supplythe number and type of employees who will be in the firm at some future date Forecasting externalthe number and type of people who will be available for hiring from the labour market at large The simplest approach would be to adjust present staffing levels for anticipated turnover and promotions Larger organizations use sophisticated models to keep track of present and future distributions of professionals and managers Replacement chartsan HR technique that lists each important managerial position, who occupies it, how long he or she will probably stay in it before moving on, and who (by name( is now qualified or soon will be qualified to move into it This technique allows ample time to plan developmental experiences for people identified as potential successors to critical managerial jobs Skills inventoriescomputerized systems that contain information on each employees education, skills, work experience and career aspirations They can quickly locate employees who are qualified to fill a position requiring certain criteria Matching HR supply and demandafter comparing future demand and internal supply, managers can make plans to manage predicted shortfalls or overstaffing If an organization needs to hire, the external labour supply forecast helps managers plan how to recruit according to whether the type of person needed is readily available or scarce in the labour market Staffing the organization Once they have decided what positions they need to fill, they must find and hire individuals who meet the job requirementsRecruiting human resources Recruitingis the process of attracting qualified persons to apply for the jobs that are open Internal recruitingconsidering present employees as candidates for openings Promotion from within can help build morale and keep high quality employees from leaving External recruitinginvolves attracting people outside the organization to apply for jobs Can include advertising, campus interviews, etc A manager must select the most appropriate method for each job Job fairs, internet, etc Internshipsshort term paid positions where students focus on a specific projectif they work out well, company often hires
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