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Lecture 5

WDW346H1F Lecture Week 5 Oct 10th.doc

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Department
Woodsworth College Courses
Course
WDW101Y1
Professor
Ted Mock
Semester
Fall

Description
th WDW346H1F Lecture Week 5 Oct 10 , 2012. Internal equity: compare within the firm External equity: compare with other firm Chapter 7: HR Supply Vacancy Model Supply- Internal and External (most of it tonight will be internal) External supply become important when the internal supply can’t fulfil the supply Managing the external supply: - Company image as a good employee (Employer Value Proposition, EVP) - Better wages and benefits (efficiency wages: paying above market, large pool of candidates, better grade of employees, that increase productivity from employees; but it is not apply to every job but mostly to job requires human capital) - Build an inventory of staff - Invest in universities (co-op program and internship program); influence the undergraduates students at universities- chances to get them after grad is higher - Top 100 company - Guest speaker gigs - Booze ad schmooze Managing internal supply: - Why: destroy the spirit of current employees if the job is given to the outsider; essence of not being valued; internal person knows the system, has internalize the values, reduces the turnover rates, likes the company, no issue of person/organization fit - Promotion is a reward (recognition) increase motivation - Internal candidate is “network”- increase efficiency - Cheaper – recruiting cost - Person/ job fit- knows everything about the current employees - Internal promotion stimulates external application- reputations by having promotion within company - Entry level job- hiring for many jobs down the road - Company that get stuck in the idea of everyone recruit internally they can be a little rigid, less flexible, stagnant - Help person finds their elements with internal supply The internal supply still needs to work hard and compete within company Downside of internal supply: - Homogeneity- Not bringing in fresh perspectives or knowledge of competitors- latest technology; info from competitor/ supplies - Creates a vacancy that must be fill - Employees who do not get the job are potentially upset- turn in into development opportunity, give them a right to speak to the hiring manager - You do own explanation if you hiring from inside- Mock opinion - Managers are often reluctant to give u their good people - Potential for internal conflict- not allow peer become a boss - Can be a slow process- - The ripple effect edcba effect-5 people new to the job= total cost is staggering - Miss the chance to “raise the bar” Next week start week succession mod
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