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AGEC 242 (10)
Chapter 8

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McGill University
Agricultural Economics
AGEC 242
Brahm Canzer

Chapter 8 – Human Resource Management: From Recruitment to Labour Relation Human Resources - Companies where workers come in eager to work more likely to be successful - Human Resource Management: attracting, developing, retaining employees who can perform o When small firm, attracting and keeping top management is difficult - Accomplish 5 tasks to: - Providing qualified, well-trained employees for organization - Maximizing employee effectiveness in organization - Satisfy employee needs through monetary compensation, benefits, opportunities to advance, job satisfaction - 5 tasks: o Employee recruitment and selection o Employee training and performance evaluation o Employee compensation and benefits o Employee separation o Planning for staffing needs Recruitment and Selection - Finding qualified candidates o Traditionally, firms use job fairs, personal referrals and want ads. Now use website o Internet recruiting is quick, efficient, inexpensive to reach large # of job seekers - Selecting and Hiring Employees o Laws to prevent discrimination  to make competition fair. Extremely expensive o Some require drug-testing: esp common for industries with public safety (transport)  Problem: privacy, and may not be accurate o Costly to select and hire, but even more costly if hire a bad employee o Often candidates are required to complete employment test  could be anything Orientation, Training, Evaluation - Training Programs: opportunity to build skill and knowledge. Also keeps employees long-term, loyal and high-performing o On-the-job-training: Could be apprenticeship training assisting a trained worker  Common in blue collar (plumbing and heating) and white collar o Classroom and computer-based training  E&Y offers this  Computer based training = consistent presentations and allows employee to work at own pace. Also less expensive o Management Development: improve skills and broaden knowledge of managers - Performance Appraisals: to assess from attendance to goals met o Used to evaluate compensation, promotion, additional training, transfers, termination o Some feel that these are not effective o Some firms use peer reviews, or to have employees review their supervisors and managers o Criteria: take place several times a year, linked to organizational goal, based on objective measures, be a two-way conversation Compensation - Amount employees are paid in money and benefits - Hit & Miss: wallstreet bankers receive large paycheques despite steep financial losses o Affects lower level employees - Wage: pay based on hourly rate or amount of work accomplished. Can receive overtime pay - Salary: pay calculated on periodic basis (weekly or monthly) - Compensation policies depend on following factors: o What competing companies paying o Government regulation o Cost of living o Company profits o Employee’s productivity - Profit Sharing: bonuses based on company’s profits - Gain Sharing: share financial value of productivity gains, cost savings or quality improvements - Lump-Sum and Stock options: one-time cash payments and right to purchase stock - Pay for Knowledge: distributes wage/salary increase as employees learn new job tasks - Employee Benefits: additional compensation, partially paid or paid entirely o Vacation time, retirement savings, profit-sharing, health insurance, gym memberships, child and elder care, tuition reimbursement o Some benefits required by law: pension - Flexible Benefits: (aka cafeteria plans) employee can choose their benefits (good for families) - Flexible Work: allows to adjust working hours or place of work to suit needs o Compressed Workweek: work longer hours for some days but get days off  Increases company work hours, and lowers commuting cost o Job Sharing: two or more employees to divide up job o Telecommuters: connected to employers through internet, video conferencing, mobile Employee Separation - V
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