rsm100chapter8.docx

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Department
Rotman Commerce
Course
RSM100Y1
Professor
John Oesch
Semester
Fall

Description
Chapter 8 Human resource management (HRM): set of organizational activities directed at attracting, developing and maintaining an effective workforce HRM takes place within a complex and ever changing environmental context HRM has grown importance over the years due to increased legal complexities, the recognition that human resources are a valuable means for improving productivity, and the awareness of the costs associated with poor human resource management The starting point in attracting qualified human resources is HR planning, which involves job analysis and forecasting the demand for and supply of labour o Job analysis: a detailed study of the specific duties in a particular job and the human qualities required for that job Job description: the duties of a job, its working conditions, and the tools, materials, and equipment used to perform it Job specification: the skills, abilities, and other credentials needed to do the job o Forecasting: the manager starts assessing trends in past HR usage, future organizational plans, economic trends and historical data can be used to predict demand for different types of employees Forecasting supply of labour involves Forecasting internal supplythe number and type of employees who will be in the firm in the future Forecasting external supplythe number and type of people who will be available for hiring from the labour market at large The simplest approach merely adjusts presents staffing levels for anticipated turnover and promotions Large companies use sophisticated models to keep track of present and future distributions of professionals and managers and this allows the company to spot areas where there will be too many or too few qualified professionals Replacement chart: an HR technique that lists each important managerial position, who occupies it, how long he/she will probably stay in it before moving on, and who is now qualified or soon will be qualified to move into it o This technique allows managers to make plans for specific people and positions o Usually used for higher levels of the organization Employee information systems (skills inventories): computerized systems that contain information on each employees education, skills, work experience, and career aspirations o Can be used to facilitate both planning and identifying people for transfer or promotion o Usually used for higher levels of the organization To forecast external supply of labour, planners gather information from outside sources such as government reports and figures After comparing future demand and internal supply, managers can make plans to manage predicted shortfalls or overstaffing Top 3 characteristics employers are looking for when they hire people are a good work ethic, reliability, and willingness to stay on the job Both external staffing (process of acquiring staff from outside the company) and internal staffing (process of promoting staff from within) start with effective recruiting Recruiting selection process training and development evaluating performance Recruiting: process of attracting qualified persons to apply for the jobs that are open Internal recruiting: considering present employees as candidates for openings External recruiting: attracting people outside the organization to apply for jobs o Private employment agencies can be a good source of clerical and technical employees o Executive search firms specialize in locating top management talent o Newspaper and internet ads reach a wide audience and thus allow minorities equal opportunity o Internship: short term paid positions where students focus on a specific projecto Internet recruitment is becoming very popular (i.e. Monster.com, Workopolis.com) Once the recruiting process has attracted a pool of applicants, the next step is to select someone to hire (selection process involves gathering information on the applicants and then hire the candidate that likely to be most successful) o Validation: process of determining the predictive value of information (some applicants are not qualified, so their information is useless) Selection process: o Candidates usually fill out an application form (application forms are generally used informally to decide whether a candidate merits further evaluations and interviewers use them to familiarize themselves with candidates they are interviewing) o Tests of ability, skill, aptitude or knowledge relevant to a particular job are usually the best predictors of job success o Regardless of the type of test used, it must be job related and must be a valid predictor of performance (i.e. people who performed well on the test are more likely to perform well in the job) o Tests should be administered and scored consistently, and all candidates should be given the same directions, offered same amount of time and testing environment o Assessment centre: a series of exercises in which candidates perform realistic management tasks under the watchful eye of expert appraisers o Video assessment: potential hires are shown videos of realistic work situations and are then asked to choose a course of action to deal with the situation Advantage is that its fast, reliable, cheap and versatile o Interview is a popular selection device but it is not very good because the interviewers can be biased In a structured interview, questions are written in advance and each interviewer asks the same questions (it is consistent)however for interviewing managerial or professional candidates, a less structured approac
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