HRM

• Human Resource Management (HRM) refers to the policies, practices, and systems that influence employees‘ behavior, attitudes, and performance
• Human Resource Management refers to people practices
• Analyzing and Designing of Work - Job analysis, work analysis, job descriptions
• Recruitment and Selection - Recruiting, posting job descriptions, interviewing, testing, coordination use of temporary employees
• Training and Development - Orientation, skills training, development programs, career development
• Performance Management - Performance measures, preparation and administration of performance appraisals, feedback and coaching, discipline
• Compensation and Benefits - Wage and salary administration, incentive pay, insurance, vacation, retirement plans, profit sharing, health and wellness, stock plans
• Personnel Policies - Policy creation, policy communications
• Employee Data and Information Systems - Record keeping, HR information systems, workforce analytics, social media, Intranet and Internet access
• Support for Business Strategy - Human resource planning and forecasting, talent management, change management, organization development
• Employee relations/Labor relations - Human resource planning and forecasting, talent management, change management, organization development
• Legal compliance - Policies to ensure lawful behavior; safety inspections, accessibility accommodations, privacy policies, ethics
• Give the 10 functions of HRM

  
  

  Analysis and Design of Work

  Recruitment and Selection

  Training and Development

  Performance Management

  Compensation and Benefits

  Employee Relations

  Personal Policies

  Employee data and information systems

  Legal Compliance

  Support for Business Strategy
• One study estimates that HR budgets on average are $2,936 per employee
• High-impact HR teams have one staff person per 64 employees, spend more than the average HR budget per employee ($4,434 on average per employee)
• Self-service refers to giving employees online access to, or apps which provide, information about HR issues such as training, benefits, compensation, and contracts; enrolling online in programs and services; and completing online attitude surveys.
• Outsourcing refers to the practice of having another company (a vendor, third party or consultant) provide services
• HRM department (also known as Personnel or Employee Relations)
• HRM department - primarily an administrative expert and employee advocate.
• Evidence-based HR refers to the demonstration that human resources practices have a positive influence on the company‘s bottom or key stakeholders
• HR or workforce analytics refers to the practice of using quantitative methods and scientific methods to analyze big data.
• Big data refers to information merged from human resource databases, corporate financial statements, employee surveys, and other data sources to make evidence-based human resource decisions and show that HR practices influence the organization‘s bottom line, including profits and costs.
• HR generalists perform a wide range of activities including recruiting, selection, training, labor relations, and benefits administration.
• HR specialists work in one specific functional area such as training or compensation.
• Sustainability refers to the company‘s ability to meet its needs without sacrificing the ability of future generations to meet their needs.3
• triple bottom line: economic, social, and environmental benefits.
• Stakeholders refers to shareholders, the community, customers, employees, and all of the other parties that have an interest in seeing that the company succeeds
• A company‘s value includes three types of assets that are critical for the company to provide goods and services:

  financial assets

  physical assets

  intangible assets.
• Intangible assets include human capital, customer capital, social capital, and intellectual capital.
• Knowledge workers are employees who contribute to the company not through manual labor, but through what they know about customers or a specialized body of knowledge.
• Empowering means giving employees responsibility and authority to make decisions regarding all aspects of product development or customer service
• learning organization embraces a culture of lifelong learning, enabling all employees to continually acquire and share knowledge. I
• Change refers to the adoption of a new idea or behavior by a company.
• Employee engagement refers to the degree to which employees are fully involved in their work and the strength of their commitment to their job and the company.
• Talent management refers to the systematic planned strategic effort by a company to use bundles of human resource management practices including acquiring and assessing employees, learning and development, performance management, and compensation to attract, retain, develop, and motivate highly skilled employees and managers.
• Alternative work arrangements include independent contractors, on-call workers, temporary workers, and contract company workers.
• The balanced scorecard gives managers an indication of the performance of a company based on the degree to which stakeholder needs are satisfied; it depicts the company from the perspective of internal and external customers, employees, and shareholders.
• The labor force of current employees is often referred to as the internal labor force.
• The labor force will continue to age and the number of workers age 55 or older will grow from 21 to 26% by 2022
• external labor market includes persons actively seeking employment. A