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RSM100Y1 (431)
Chapter 8

Chapter 8 summary

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Rotman Commerce
Michael Szlachta

Chapter 8 Human resource management (HRM) the set of organizational activities directed at attracting, developing, and maintaining an effective workforce HRM (or personnel) has increased in importance in the last two decades. This new importance stems from increased legal complexities, the recognition that human resources are a valuable means for improving productivity, and the awareness of the costs associated with poor HRM. Poor human resource planning can result in spurts of hiring followed by layoffscostly in terms of unemployment compensation payments, training expenses, and morale The starting point in attracting qualified human resources is HR planning, which involves job analysis and forecasting the demand for and supply of labour Job analysis analyzing the nature of jobs, requires the assessment of two items: job description lists the duties of a job, its working conditions, and the tools, materials, and equipment used to perform it job specification lists the skills, abilities, and other credentials needed to do the job these two things are necessary to develop appropriate selection methods and job- relevant performance appraisal systems and to set equitable compensation fees After managers have analyzed the jobs, they can start planning for the organizations future HR needs. The manager starts by assessing trends in past HR usage, future organizational plans, and general economic trends. Historical data can be used to predict demand for different types of employees, such as sales representatives. Forecasting the supply of labour involves two tasks: forecasting internal supplythe number and type of employees who will be in the firm at some future date forecasting external supplythe number and type of people who will be available for hiring from the labour market at large the simplest approach merely adjusts present staffing levels for anticipated turnover and promotions www.notesolution.com
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