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Unit 1 - Challenge of HRM - Full, detailed notes!

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Department
Administrative Studies
Course
ADMS 2600
Professor
Monica Belcourt
Semester
Fall

Description
ADMS 2600 thUNIT 1September 10 2013 Module 1 Human Resource ManagementThe process of managing human resources human capital and intellectual assets to achieve an organizations objectivesStaffing the organization designing jobs and teams developing skillful employees identifying approaches for improving their performance and rewarding employee successes are as relevant to line managers as they are to the HR departmentCompetitive advantage through employees Employees have to be selected and motivated to be better Human CapitalHuman capital is the knowledge skills and capabilities of employees that add economic value to an organization Even if some key people leave its important to have others in the organization o Ex CEO of SaatchiSaatchi gets fired by the board and stock plummets the CEO and his team were the human capitalHuman capital and HRM o Creation of knowledge o Utilization of knowledge o Application of knowledgeIts foolish to let talent go after developing them so companies like Sun Microsystems ask employees to work on longterm projects or take unpaid vacations in tough timesBrain waste the biggest mistake that companies make is not using the human capital they have Many workers are underutilized For example failure to recognize foreign experience A way of applying knowledge is to post ideas wisdom knowledge problems on an intranet to share solutions or best practices so that other units can benefit from this shared experience Impact of HRThe impact of HR functions is dramatically positive positive gains more profitable etco 15 of relative profit derives from HR studies o Increased financial successTwo main ways of affecting businesses o Cost savingsMost expensive cost is labour representing approx 80 of running the businesses meaning this needs to be controlledManaging turnover and absenteeismHiring an employee is estimated to be about 1 years worth of salary o More productive employeesDoing things faster better or cheaper with the same number of employees
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