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Introduction to Business

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Introduction to Business ­MGT 211
VU
Lesson 14
HUMANRESOURCE MANAGEMENT
Thegoal of human resourcemanagement (HRM) is to attract,develop, and maintain an
effectiveworkforce. Planning forhuman resources involvesanalyzing jobs, forecastingsupply
anddemand for the numberand types of workersnecessary in the organization,and matching
supplywith demand for workers.Recruiting is the process of attracting qualified people to
applyfor open jobs. Humanresource managers canrecruit either internally(from within the
organization) or externally (from outsidethe organization). Organizationsuse a variety of
methods--includingapplications, tests, andinterviews--to select employeesfrom the pool of
applicants.
Onceworkers have been hired,performance appraisals, whichtypically
incorporateeither ranking or ratingtechniques, help managersdecide who needs trainingand
whoshould be promoted. Wagesand salaries, incentives,and benefit packages mayall be
part of a company's compensation program,playing a critical role in attracting andretaining
qualifiedpersonnel.
In recruiting, hiring, compensating,and managing workers,managers must comply with a
variety of federal laws. Equalemployment opportunity legislationforbids discriminationbased
on factors that do not relate to legitimate job requirements.The concept of comparableworth
holdsthat different jobsrequiring equal levels of training and skill mustpay the same. And the
OccupationalHealth and SafetyAdministration establishes guidelinesfor ensuring a safe
workingenvironment. Human resourcemanagers must also dealwith othercontemporary
legalissues including employment-at-will,AIDS and sexualharassment.
Keychanges that affect theworkplace today includeworkforce diversity, themanagement of
knowledgeworkers, and the growinguse of contingent employees. Many firms are striving to
createworkforces that reflect theincreasing diversity of thepopulation, but not allfirms have
beenequally successful in, or eager to implement, diversityprograms. Recruiting,retaining,
andmanaging knowledge workers--employeeswhose value is based on whatthey know
ratherthan on their experience--is a particular challenge fortechnology-related firmswho
depend on them. Hiring contingentworkers--temporary or part-timeemployees--is a growing
trendthat offers managers moreflexibility, but alsocreates a new set of management issues.
A labor union is a group of employees working together to achieve shared job-relatedgoals,
such as higher pay, shorterworking hours, more jobsecurity, or improved benefits.  For
unionizedemployees, the foundation of labor-management relations is collectivebargaining,
theprocess by which unionleaders and managersnegotiate terms of employmentfor those
workersrepresented by unions. Bothlabor and management have a range of tactics thatthey
canuse against each other if negotiations fail.
1. THE FOUNDATIONS OF HUMANRESOURCE MANAGEMENT
Theability to attract andretain talented andmotivated employees oftenmarks the
differencebetween success and failure in today's competitive businessenvironment.
HumanResource Management--set of organizationalactivities directed at attracting,
developing,and maintaining an effectiveworkforce.
a. TheStrategic Importance of HRM
i. Human resources are criticalfor effective organizationalfunctioning.
ii.The effectiveness of the HR function has a substantialimpact on a firm's
bottom-lineperformance.
iii.The chief human resourceexecutive of most largebusinesses is a vice
presidentdirectly accountable to theCEO, and many firmsdevelop
strategic HR plans that are integratedwith other strategicplanning
activities.
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Introduction to Business ­MGT 211
VU
HumanResource Planning
iv.JobAnalysis--systematicanalysis of jobs in an organization.
1. JobDescription--systematicevaluation of the duties,working
conditions,tools, materials, andequipment related to the
performance of a job.
2. JobSpecification--description of the skills, abilities, andother
credentialsrequired by a job.
v. Forecasting HR Demand and Supply
1. Forecasting the supply of labor is two tasks:
a. Forecastinginternal supply--the numberand type of
employeeswho will be in the firm at some future date.
b. Forecastingexternal supply--the numberand type of
peoplewho will be available forhiring from thelabor
market at large. Large organizationsuse extremely
sophisticatedmodels to forecast staffinglevels.
2. ReplacementChart--listing of each managerial position,who
occupiesit, how long thatperson will likely stay in the job, and
who is qualified as a replacement.Replacement charts areused
at higher levels of theorganization to plandevelopmental
experiencesfor people identified as potential successors to
criticalmanagerial jobs.
3. SkillsInventories (or EmployeeInformation System)--
computerizedsystem containing information on each employee's
education,skills, work experiences,and careeraspirations.
vi.Matching HR Supply and Demand--Aftercomparing futuredemand
andinternal supply, managerscan make plans to managepredicted
shortfalls or overstaffing. If the organizationneeds to hire, theexternal
labor-supplyforecast helps managers planhow to recruit.
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Table of Contents:
  1. INTRODUCTION:CONCEPT OF BUSINESS, KINDS OF INDSTRY, TYPES OF TRADE
  2. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:THE ECONOMIC ENVIRONMENT
  3. BUSINESS ORGANIZATION:Sole Proprietorship, Joint Stock Company, Combination
  4. SOLE PROPRIETORSHIP AND ITS CHARACTERISTICS:ADVANTAGES OF SOLE PROPRIETORSHIP
  5. PARTNERSHIP AND ITS CHARACTERISTICS:ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP
  6. PARTNERSHIP (Continued):KINDS OF PARTNERS, PARTNERSHIP AT WILL
  7. PARTNERSHIP (Continued):PARTNESHIP AGREEMENT, CONCLUSION, DUTIES OF PARTNERS
  8. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:ETHICS IN THE WORKPLACE, SOCIAL RESPONSIBILITY
  9. JOINT STOCK COMPANY:PRIVATE COMPANY, PROMOTION STAGE, INCORPORATION STAGE
  10. LEGAL DOCUMENTS ISSUED BY A COMPANY:MEMORANDUM OF ASSOCIATION, CONTENTS OF ARTICLES
  11. WINDING UP OF COMPANY:VOLUNTARY WIDNIGN UP, KINDS OF SHARE CAPITAL
  12. COOPERATIVE SOCIETY:ADVANTAGES OF COOPERATIVE SOCIETY
  13. WHO ARE MANAGERS?:THE MANAGEMENT PROCESS, BASIC MANAGEMENT SKILLS
  14. HUMAN RESOURCE MANAGEMENT:Human Resource Planning
  15. STAFFING:STAFFING THE ORGANIZATION
  16. STAFF TRAINING & DEVELOPMENT:Typical Topics of Employee Training, Training Methods
  17. BUSINESS MANAGERíS RESPONSIBILITY PROFILE:Accountability, Specific responsibilities
  18. COMPENSATION AND BENEFITS:THE LEGAL CONTEXT OF HR MANAGEMENT, DEALING WITH ORGANIZED LABOR
  19. COMPENSATION AND BENEFITS (Continued):MOTIVATION IN THE WORKPLACE
  20. STRATEGIES FOR ENHANCING JOB SATISFACTION AND MORALE
  21. MANAGERIAL STYLES AND LEADERSHIP:Changing Patterns of Leadership
  22. MARKETING:What Is Marketing?, Marketing: Providing Value and Satisfaction
  23. THE MARKETING ENVIRONMENT:THE MARKETING MIX, Product differentiation
  24. MARKET RESEARCH:Market information, Market Segmentation, Market Trends
  25. MARKET RESEARCH PROCESS:Select the research design, Collecting and analyzing data
  26. MARKETING RESEARCH:Data Warehousing and Data Mining
  27. LEARNING EXPERIENCES OF STUDENTS EARNING LOWER LEVEL CREDIT:Discussion Topics, Market Segmentation
  28. UNDERSTANDING CONSUMER BEHAVIOR:The Consumer Buying Process
  29. THE DISTRIBUTION MIX:Intermediaries and Distribution Channels, Distribution of Business Products
  30. PHYSICAL DISTRIBUTION:Transportation Operations, Distribution as a Marketing Strategy
  31. PROMOTION:Information and Exchange Values, Promotional Strategies
  32. ADVERTISING PROMOTION:Advertising Strategies, Advertising Media
  33. PERSONAL SELLING:Personal Selling Situations, The Personal Selling Process
  34. SALES PROMOTIONS:Publicity and Public Relations, Promotional Practices in Small Business
  35. THE PRODUCTIVITY:Responding to the Productivity Challenge, Domestic Productivity
  36. THE PLANNING PROCESS:Strengths, Weaknesses, Threats
  37. TOTAL QUALITY MANAGEMENT:Planning for Quality, Controlling for Quality
  38. TOTAL QUALITY MANAGEMENT (continued):Tools for Total Quality Management
  39. TOTAL QUALITY MANAGEMENT (continued):Process Re-engineering, Emphasizing Quality of Work Life
  40. BUSINESS IN DIGITAL AGE:Types of Information Systems, Telecommunications and Networks
  41. NON-VERBAL COMMUNICATION MODES:Body Movement, Facial Expressions
  42. BUSINESS ORGANIZATIONS:Organization as a System
  43. ACCOUNTING:Accounting Information System, Financial versus Managerial Accounting
  44. TOOLS OF THE ACCOUNTING TRADE:Double-Entry Accounting, Assets
  45. FINANCIAL MANAGEMENT:The Role of the Financial Manager, Short-Term (Operating) Expenditures