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RSM100Y1 (431)
Chapter 8

CHAPTER 8-Managing Human Resources

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Department
Rotman Commerce
Course
RSM100Y1
Professor
Michael Szlachta
Semester
Fall

Description
CHAPTER 8: Managing Human Resources The Foundations of HR Management -HR Management (HRM) is a set of organizational activities directed at attracting, developing and maintaining an effective work force. Strategic importance of HRM - newfound importance of HRM is because of increasing complexities in firms and the recognition that HR are a valuable means for improving productivity and the new awareness of costs associated with poor HR - effectiveness of HR has a huge impact on the firms bottom line performance HR Planning - attracting qualified human resources is planning. HR planning involves job analysis and forecasting the demand and supply of labour JOB ANALYSIS: this is a detailed study of the specific duties in a particular job and the human qualities required for that job. It is a systematic analysis of jobs within an organization. It has 2 parts: job description (lists the duties of the job, the working conditions, the tools, materials, and equipment used to perform it, as well as its relationship to other position and the skills needed to perform it). Theres also job specification (lists the specific skills, education and experience needed to perform a job). Job analysis is important in HR activities because knowing about job content and requirements is necessary in order to decide about things like compensation FORECASTING HR DEMAND & SUPPLY: once managers fully understand the jobs that need to be performed within an organization, they start planning for the organizations future HR needs. Start with assessing trends in HR past usage, future organizational plans, and general economic trends. - Managers use a sales forecast to predict the demand for labour. Using historical ratios, the managers can estimate what kind of employees it needs. - Forecasting the supply of labour involves forecasting the internal supply of labour (number and type of employees who will be in the firm) and external supply of labour (the number and type of people who will be available from the market) - very large firms have models to keep track of when there will be too many qualified people competing for few promotions or too few good people available to fill important positions - Replacement charts: managers make plans for specific people and positions. The replacement chart is most common HR technique for this. The replacement chart lists each important managerial position, who occupies it, how long heshe will probably remain in that position before moving on and who is qualified to move into that position. This allows for managers to identify potential successors. - Skills inventories: this is to facilitate planning and identifying people for transfer or promotion. It is a computerized system that contains information on each information on each employees education, skills, work experience and career aspirations. This system quickly finds qualified people in the organization - to forecast external supply of labour, a manager relies on external sources (ie government reports and statistics) Matching HR supply and demand - after comparing future demand and internal supply, managers can make plans to manage predicted shortfallsover staffing. If a short fall is approaching, the firm will take steps like transferring employees into understaffed areas and convincing employees who are approaching retirement to stay in the firm www.notesolution.com
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