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Midterm

Human Resource Management Midterm Notes

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Department
Administrative Studies
Course Code
ADMS 2600
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HR Midterm-exam notes CH. 1 The world of human resources Why Study human resources? Core competencies - integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers. Competitive Challenge: The most pressing competitive issues facing firms: 1. Competing, recruiting, and staffing globally Globalization - The trend towards opening up foreign markets to international trade and investment. Impact of Globalization. - Anything, anywhere, anytime markets, Partnerships with foreign firms, Lower trade and tariff barriers. Corporate Social Responsibility - The responsibility of the firm to act in the best interests of the people and communities affected by its activities. Impact on HRM - Different geographies, cultures, laws, and business practices Issues: Identifying capable managers and workers, Developing foreign culture and work practice training programs, Adjusting compensation plans for overseas work. 2. Embracing New technology Knowledge Workers - Workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem solving. Knowledge-Based Training - Online instruction, Just-in-time learning via the Internet on company intranets. Influence of technology on HR Human Resources Information System (HRIS) - A computerized system that provides current and accurate data for the purposes of control and decision making. Benefits (operational, Relational, transformation): Store and retrieve of large quantities of data, Combine and reconfigure data to create new information, Institutionalization of organizational knowledge, Easier communications, Lower administrative costs, increased productivity and response times. Investment factors: - Fit the application of the firms employee base. - Ability to upgrade or customize the software - Compatibility with current systems -User friendliness - Availability of technical support - Time required to implement and train staff members to use the HRIS - Initial costs and annual maintenance costs 3. Managing Change Types of Change Reactive change - Change that occurs after external forces have already affected performance. Proactive change - Change initiated to take advantage of targeted opportunities. Managing Change through HR Formal change management programs help to keep employees focused on the success of the business. Why Change Efforts Fail: - Not establishing a sense of urgency. - Not creating a powerful coalition to guide the effort. - Lacking leaders who have a vision. - Lacking leaders who communicate the vision. - Not removing obstacles to the new vision. - Not systematically planning for and creating short-term wins. - Declaring victory too soon. - Not anchoring changes in the corporate culture. 4. Managing Talent, or Human Capital Human Capital - The knowledge, skills, and capabilities of individuals that have economic value to an organization. Valuable because capital: is based on company-specific skills, is gained through long-term experience, can be expanded through development. Human Capital and HRM: Creation of knowledge, Utilization of knowledge, Application of knowledge 5. Responding to the market Total Quality Management (TQM) - A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement. Six Sigma - A process used to translate customer needs into a set of optimal tasks that are performed in concert with one another. Reengineering and HRM - Fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed. 6. Containing Costs Downsizing - The planned elimination of jobs (head count). Hidden Costs of Layoff: - Severance and rehiring costs. - Accrued vacation and sick day payouts. - Pension and benefit payoffs. - Potential lawsuits from aggrieved workers. - Loss of institutional memory and trust in management. - Lack of staffers when the economy rebounds. - Survivors who are risk-averse, paranoid, and political. Benefits of a No-Layoff Policy - A fiercely loyal and more productive workforce. - Higher customer satisfaction. - Readiness to snap back with the economy. - A recruiting edge. - Workers who arent afraid to innovate, knowing their jobs are safe. Outsourcing - Contracting outside the organization to have work done that formerly was done by internal employees. Off shoring - The business practice of sending jobs to other countries. Employee Leasing - The process of dismissing employees who are then hired by a leasing company (which handles all HR-related activities) and contracting with that company to lease back the employees. Productivity Enhancements Demographic and Employee Concerns The diversity/immigration Challenge Age Distribution of Employees Gender Distribution of the Workforce Rising Levels of Education Cultural Changes Employee rights Concern for privacy Changing nature of the job Changing attit
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