Capital
Includes cash, valuables or goods used to generate income for business
Human Capital
The skills and abilities of employees, which ultimately make a business successful
Human Resource Management (HRM)
The process of employing people, training them, compensating them, developing policies relating to them, and developing strategies to retain them.
Staffing
Involves the entire hiring process from posting a job to negotiating a salary package
Compensation
includes anything the employee receives for his or her work
Retention
Involves keeping and motivating employees to stay with the organization
External Factors
This things the company has no direct control over; however, they may be things that could positively or negatively impact human resources
Flexible work schedules
Allowing employees to set their own schedules
Telecommuting
Allowing employees to work from home or a remote location for a specified period of time, such as one day per week.
Multitask
Working on more than one task at a time
Ethics
A concept that examines the moral rights and wrongs of certain situations
Strategic
A ________ mind-set as an HR professional can plan far advance and look at trends that could affect the environment in which the business is operating
Cafeteria plans
Gives all employees a minimum level of benefits and a set amount to spend on flexible benefits, such as additional health care or vacation time
Turnover
Refers to the number of employees who leave a company in a particular period of time
Offshoring
The movement of jobs overseas to contain costs
Virtual Organizations
An organization that does not have a physical office;rather, employees use technology and do their job from home or the location of their choice.
Cyberloafing
Used to describe lost productivity as a result of an employee using a work computer for personal reasons
Baby Boomers
Defined as those born between the years of 1946 and 1964
Code of Ethics
Is an outline that explains the expected ethical behavior of employees
Diversity
Refers to age, disability, race, sex, national origin, and religion
Needs, wants, and goals
Each employee has different ____, ______, _______ .
Professional in Human Resources (PHR)
To take this exam, an HR professional must have at least two years' experience.
Senior Professional in Human Resources (SPHR)
This exam is designed for HR professionals who focus on designing and planning, rather than actual implementation.
Global Professional in Human Resources
This exam is for HR professionals who perform many of their tasks on a global level and whose companies often work across borders.
Human resource strategy
An elaborate and systematic plan of action developed by a human resources department
HRM Strategic Plan
A written document that consists of the major objectives the organization wants to achieve
HR Plan
A detailed, written plan to ensure the strategic plan is achieved
Personnel department
This department handled grievances, discharges, safety concerns, and other employee issues. It also kept track of new legislation surrounding law that's impacting the organization. Provides support of the rest of the organization. Mostly involved in activ
Staffing
This includes the development of a strategic plan to determine how many people you might need to hire
Basic workplace policies
Development of policies to help reach the strategic plan's goals is the job of HRM. Communication of these policies on safety, security, scheduling, vacation times, and flextime schedules
Compensation and benefits
This part of the plan includes paychecks, 401(k) plans, health benefits, and other perks
Retention
Assessment of employees and strategizing on how to retain the best employees is a task that HR managers oversee, but other managers in the organization will also provide input
Training and development
Helping new employees develop skills needed for their jobs and helping current employees grow their skills
Succession Planning
Including a handling the department of managers and making current employees ready to take on managerial roles when a manager does leave
Regulatory issues and worker safety
Keeping up to date on new regulations relating to employment, health care, and other issues.
Strategic analysis
Looks at three aspects of the individual HRM department: 1. Understanding the company mission and values 2. Understanding of the organizational life cycle 3. Understanding of the HRM department mission and values.
Organizational life cycle
Refers to to the introduction, growth, maturity, and decline of the organization, which can vary over time.
Brainstorming
_____ about HR goals, values, and priorities is a good way to start.
Mission statement
Statement that should express how an organization's human resources help that romanization meet the business goals.
SWOT Analysis
A strategic planning tool that helps to determine some of the issues that businesses are facing.
Prioritize the goals; put action plans together
The HRM manager should ______________ and then __________ to deal with these challenges
Overall Strategic Plan
An HRM manager should always refer to the ___________ before developing the HRM strategic plan and HR plans
Strategic plan
This plan looks at the organization as a whole
Staffing Plan
A detailed document that synthesizes information to determine how many people should be hired, when they should be hired, and what skills they should have.
Head hunter
A person who specializes in matching jobs with people, and they usually work only with high-level positions
Company culture
Is the organization's way of doing things
Performance appraisal
A method by which job performance is measure
Determine human resource needs, Determine recruiting strategy, Select employees, Develop training, Determine compensation, Appraise performance
What are the six parts of the HRM plan?
3. Select employees
This part of the HRM plan consists of the interviewing and hiring process
5. Determine compensation
This part of the HRM plan consists of the manager determining pay scales and other compensation such as health care, bonuses, and other perks
2. Recruit (Determine recruiting strategy)
This part of the HRM plan includes knowing how many people to hire, what skills they should possess, and hiring them when the time is right.
Company culture, Skills needed for the job, Human relations skills
One way we can ensure success is by training employees in three main areas. What are they?
Success
A good strategic plan and HR plan should discuss the way _________ will be measured.
Monitoring
By ______ the changes constantly, you can be sure you are able to change your strategic plan as they come.