2.1 Human Recourses

• What is the main focus of human resource management (HRM)?


  Deploying and developing people within an organization to meet business objectives
• What are some interrelated roles of human resource management?


  Human resource planning, recruitment, training, performance management, and employee welfare
• What is human resource planning also known as?


  Workforce planning
• How do human resources add value to an organization?


  By increasing labor productivity, improving product quality, and enhancing customer service
• Why do many entrepreneurs consider human resources as the most valuable resource?


  Because employing the right people helps businesses achieve their organizational objectives
• What is the cost of a worker leaving after 8 months on a salary of £40,000?


  £132,000, which is 330% of their salary
• What does short-term human resource planning focus on?


  Existing and upcoming demands of an organization
• What is long-term workforce planning concerned with?


  The human resource needs of the business in the foreseeable future
• How can historical data and trends assist in human resource planning?


  By providing insights into workforce changes over the past few years
• What do labour turnover rates measure?


  The number of employees who leave a firm as a percentage of its workforce per year
• How does demographic change affect human resource planning?


  It influences the supply of human resources available in the workforce
• What is the net birth rate?


  The difference between the number of births and deaths for a given period
• What happens if the retirement age is raised?


  It increases the number of people in the labor force
• How does an ageing population affect the dependent population?


  It increases the dependent population supported by the working population
• What are the implications of reduced labour mobility?


  It decreases the flexibility and international competitiveness of a country's workforce
• How do changes in consumption patterns relate to an ageing population?


  Different age groups have different spending patterns, affecting business opportunities
• What is the impact of hiring part-time staff on businesses?


  Part-time staff are generally cheaper to employ
• What is a disadvantage of hiring part-time employees?


  They tend to feel less valued and less loyal to the business
• What is the effect of high labour turnover among part-time workers?


  It can be expensive and time-consuming for businesses
• What is the definition of a migrant worker?


  A person engaged in a remunerated activity in a state of which they are not a national
• How do migrant workers contribute to the economy of the host country?


  Through their production, consumption, and payment of taxes
• What are some reasons for the migration of workers?

  Better pay and remuneration offered by multinational companies
• What are the internal and external factors that influence human resource planning?

  • Internal factors: Flexi-time, organizational culture
  • External factors: Immigration, demographic changes, economic conditions
• What are the 5 Rs that organizations face if they do not effectively manage human resources?


  1. Recruitment - Higher costs
  2. Resources - Increased management time on personnel issues
  3. Reservations - Lower morale and productivity
  4. Returns - Decreased productivity and profits
  5. Reputation - Poor corporate image
• What are the implications of demographic changes on human resource strategies?


  • Need to adapt to changing workforce characteristics
  • Anticipate future staffing needs based on demographic trends
  • Address challenges related to an ageing population
• What are the effects of changes in labour mobility?


  • Increased flexibility in the workforce
  • Greater supply of labour
  • Potential challenges due to geographical and occupational constraints
• What are the advantages and disadvantages of part-time employment for businesses?


  Advantages:

  • Lower employment costs
  • Flexibility in adjusting working hours

  
  

  Disadvantages:

  • Lower employee loyalty
  • Higher turnover rates
• What is meant by "activity in a State of which he or she is not a national"?


  It refers to anyone working outside their home country.
• Which countries do many Filipino and Indonesian women work in as domestic helpers?


  Singapore, Malaysia, Saudi Arabia, and the United Arab Emirates.
• What does net migration measure?


  It measures the difference between the number of people entering and leaving a country.
• How do migrant workers contribute to the economic growth of the host country?


  Through their production, consumption, and payment of taxes.
• What is a significant financial action many migrant workers take regarding their pay?


  They remit a significant proportion of their pay back to their home country.
• What are some reasons for the migration of workers?

  • Pay and remuneration
  • Employment opportunities
  • Seasonal factors
  • Domestic instability
  • Higher standard of living
• What attracts migrant expatriate workers to multinational companies?


  Better pay and remuneration, including relocation allowances and subsidized housing.
• Why might workers from low-income countries seek employment elsewhere?


  Due to unemployment and poverty.
• What do high-income countries experience that increases their need for labor?


  Economic growth.
• Why might agricultural workers migrate during off-peak seasons?


  To find employment in other countries.
• What are key drivers for migrant workers related to domestic conditions?


  Political instability, lack of security, and limited business opportunities.
• What lifestyle improvement do migrant workers often seek through immigration?


  A higher standard of living.
• What was the traditional working hours for many industries?

  From 9 am until 5 pm on Mondays to Fridays.