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Chapter 8

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Queen's University
COMM 103
Gregory Libitz

Chapter 8: Human Resource Management The Importance of Talent  An org’s success is only as good as the mgnt team which leads it and the human resource team which executes the strategy and is responsible for delivering on key success metrics  Why do org’s view managerial teams and staff as expense lines instead of assets? o To many org’s think of their own human resource team as a tactical vs. strategic resource and manage it on the basis of short-term needs, versus viewing it as a core strategic component and an integral part of the org’s long-term strategy  Managers need to understand that to be successful, employees should be viewed as core areas where competitive advantage can be developed – asset based approach to HR mgnt  Managers need to spend more time coaching/providing feedback to employees, ensuring that a culture of teamwork & communication exists within the org, effectively addressing underperformance, providing rewards which reflect the level of performance given, and investing in the resources needed for all to be successful in their work endeavours The Employee Transformation Process  Managers should treat workers as an asset - like other capital assets > getting an ROI  Decision making involving human assets – Key HR Activities o Determining the need within the org that needs to be solved o Developing the skill set requirements for the position o Determine the type of individual best suited for the position recruit/select them o Provide orientation, training, and skill support development for the employee o Continually invest into skill development, give opportunities, give feedback  Must recognize that there will be a lot of upfront costs and the firm won’t see a return right away (investments exceeds employee productivity) – refer to pg 245, fig 8.1  No new employee is 100% productive right away – firms invest a lot of time and money into attracting preferred candidates, hiring them, and transitioning them into their position  Associated costs: Time preparing job specifications (job description), identification for the type of candidate required (technical and interpersonal skills), advertising and related recruiting costs (agency fees, etc.) selection expenses relating to interview exps, aptitude or behavioural testing, candidate’s travel expenses, relocation expenses, training costs  Once the employee is in the position, they need also need time to develop to the culture, decision making structure, customer base, and operational processes  Managers need to provide the required motivation, rewards, and environment which will move employees up the productivity curve to a point where contribution results in a positive return on the investment which the organization has made in each of them, and which will provide, on an ongoing basis, the incentive and desire to maintain such levels What Constitutes a Great Company?  Employees want to be a part of the winning team – doesn’t mean the biggest competitor  Employees need to feel that the org is perceived to be an industry leader or challenger, and innovator within the market segments it serves  More many employees, their work environment is a major part of their overall life  Sense of accomplishment - employees like to feel that the org offers exciting challenges for the future, possess value which are in line with their own, is composed of talented people, & is recognized in the industry & community as an innovator & strong performer o Also one lead by a high-quality management team and a is a firm that offers an acceptable level of job security What Makes for a Great Job?  It is important to communicate to employees how their job affects the whole organization in achieving its overall vision and mission – employees want a purpose  The employee also needs to feel that their current position offers them challenges that are appropriate for their skill set  Offer employee opportunities for advancement, the ability to grow through job enrichment or enhancement, and the ability to take accountability for their work  Employees need to perceive a good fit between their supervisor or boss o Employees value feedback from managers and are looking for approval and recognition as well for positive/constructive criticism o Also want managers who respect them, provide an appropriate level of resources, and remove barriers which stand in the way of their ability to perform their job  2-way communication is essential to a culture & environment where employees can excel Compensation and Lifestyle Influences  Employees fundamentally need to perceive that the org’s compensation (reward) system is equitable in its underlying performance/reward framework o Org’s need to insure that inequity within the reward system, by internal/external comparisons, does not result in employees feeling undervalued or unappreciated  Managers need to recognize the diff between low/high performers and ensure that each one is not unfairly rewarded o Rewards include: Salary increases, bonuses (signing bonuses, longevity bonuses), long-term incentives (stock options), employee benefits (life/health insurance)  Employees need to know the org realises & respects their need for a balanced lifestyle o The ability to provide flexible options, valued fringe benefit options, performance based financial incentives, a manageable work pace, advancement opportunities…  High levels of employee performance are directly related to the employees’ beliefs that they work for a great company, have a great job, and enjoy a reward system that meets their lifestyle The Motivational Tool Kit – T.A.L.E.N.T.  Managers need to individually motivate each worker and the team they oversee  Managers need to recognize that high-performance teams and productive employees are the result from an environment of collaboration, cooperation, positive reinforcement, competent leadership, and effective communication T – Trust and Respect  Employees value managers & companies which trust & respect their views and opinions o This in the workplace is a key attribute of a dedicated worker A – Approval, Praise, and Recognition  Employees respond positively to praise and recognition  Managers should not underestimate the role which regular, positive feedback plays in maintaining a high-performance work unit  Recognition heightens levels of employee satisfaction in the workplace and is a key driver of employee retention – this motivator is equally as powerful as monetary rewards L – Lead by Example  The willingness of managers to work side by side with employees to get a job done results in employees building stronger bonds with, and having greater respect for them E – Enrichment  Employees often value the opportunity for new work experiences and challenges  Enriching the opportunities for individual growth on the job will result in a more productive and higher-skilled workforce  These opportunities also enforce the respect that the org has for the employee, recognizes the skills which the employee possesses, and reinforces the value which the employee provides in assisting the org to meet its overall vision and mission N – Negotiation Skills  Refers to the manager’s ability to deliver two key areas of support  The first has to do with the manager’s ability to orchestrate the removal of barriers, the acquisition of resources, and the enhancement of processes, which will enable the team to achieve the desired levels of performance needed to accomplish their goals/objectives  The second area is the ability of the managers to effectively communicate the desired level of expectations for each individual, as well as the team, in a manner which reinforces an environment of collaboration, accountability, and interdependence T – Treasure  Employees are motivated by financial incentives which are directly related to work performance and levels of productivity  Performance based cash bonuses are valued by employees as long as they are felt to be equitable, realistic, and achievable  A key concern with financial incentives lies in their sustainability – once given, the removal of such rewards (due to
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