MGHB12H3 Chapter Notes - Chapter 1: Corporate Social Responsibility, Total Quality Management, Human Resources

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30 Jun 2017
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Chapter 1: The World of Human Resource Management
Human Resource Management: the process of managing human talent
to achieve an organization’s objectives
Human Capital: the knowledge, skills, and capabilities of individuals that
have economic value to an organization
o Intangible asset, employees own the capital not the organization
Changes in the Marketplace
o HR Professionals can improve company’s bottom line by
streamlining employment cost
o Can improve top line by forecasting labour trends, designing new
ways to acquire and utilize employees, measuring their
effectiveness, and helping managers enter new markets
o Total quality management, reengineering, downsizing, and
outsourcing: means organizations use to modify operations to be
successful
o Six Sigma: a set of principles and practices whose core ideas
include understanding customer needs, doing things right the first
time, and striving for continuous improvement
o Reengineering: the fundamental rethinking and radical redesign of
business processes
o Downsizing: planned elimination of jobs
o Outsourcing: contracting out work that was formerly done by
employees
o Change management: change management in a systematic way
of bringing about and managing both organizational changes and
changes on the individual level
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o Managing change: communicate vision to employees, set
expectations for performance, develop capability to execute by
reorganizing people and reallocating assets
o Reactive change: change that occurs after external forces have
already affected performance
Competition, recession
o Proactive change: change initiated to take advantage of targeted
opportunities
Competing, Recruiting, and Staffing Globally
o Globalization: the trend to opening up foreign markets to
international trade and investment
o Expanding; most stuff produced outside Canada
o Partnerships and mergers are ways companies can globalize
o National identities of products being blurred
o First major trade agreement made in 1948: General Agreement on
Tariffs and Trade (GATT)
Rules and guidelines for global commerce between nations
and groups of nations
Setting and achieving corporate social responsibility and sustainability
goals
o Corporate social responsibility: the responsibility of the firm to act in
the best interests of the people and communities affected by its
activities
o Sustainability: company’s ability to produce a good or service
without damaging the environment or depleting a resource
Advancing HRM with technology
o Collaborative software: software that allows workers to interface
and share information with one another electronically
o Knowledge workers: workers whose responsibilities extend beyond
physical execution of work to include planning, decision making,
and problem solving
o Human resources information system (HRIS): a computerized system
that provides current and accurate data for purposes of control
and decision making
Obvious impact: operational automating activities
Relational impact: connecting people with the data they
need
Transformational impact: changing the way HR processes are
designed and executed
Containing costs while retaining top talent and maximizing productivity
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