HB 307Lecture 1 Why Human Resources? - Human Resources Management (HRM) – Process of managing human talent to achieve an organizations objectives - Staffing organization, designing jobs and teams, developing skillful employees, improvingperformance, ext are all HRM issues - Business plans, products and services can all be copied, while great personnel cannot Human Capital and HRM- Human Capital – Knowledge, Skills, and Capabilities of individuals that have economic value to an organization - Intangible and cannot be managed in same way as jobs, products, technologyHuman Capital, HRM, and HB - HB’s uniqueness?- Labor Intensive- Guest/Customer Contact IntensiveCompetitive Challenges and HR Management - Top Challenges:- Responding to Marketplace- Setting Goals and Achieving social responsibility - Advancing HRM with technology- Responding to Demographic and Diversity ChallengesChallenge 1: Responding to Changes in Marketplace- Human Resources Managers and Business Strategy - HRM managers must understand firms business operations, strategies.- Total Quality Management (TQM) – Principles and practices whose core ideas include customer needs, doing things right, constant improvement - Six Sigma – Translates customer needs into set of tasks that are performed in concert with one another - Reengineering and HRM – Fundamental rethinking and radical redesign of business to achieve improvement in cost, quality, service and speed- Downsizing – Elimination of jobsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- Outsourcing – Contacting outside org to have work done - Offshoring – Sending jobs to other countries- Change efforts fail due to:o Not establishing urgency o Lacking Leaderso Not removing obstacleso Lack of planning Challenge 2: Competing, Recruiting, and Staffing Globally - Globalization – 70-85% of U.S. economy affected by international competition- Impact – partnerships with foreign firms, lower trade barriers Challenge 3: Social Responsibility and Sustainability Corporate Social Responsibility (CSR) – Responsibility of firm to act in best interests of people, environment Challenge 4: Advancing HRM with Technology: Technology has changed corporate culture Human Resources Information System (HRIS) - System that provides current and accurate data for purposes of control and decision-makingBenefits – Automation, Access to Information, Online RecruitingChallenge 5: Containing Costs While Maximizing Productivity - Top approaches include – Managing employee benefits, downsizing, outsourcing, offshoring, employee leasing - Hidden Costs of Layoffs – Severance, Pension, Lawsuits, Loss of Trust, Lack of Staff - Benefits of No-Layoff Policy – More Loyal, productive workforce, higher customer satisfaction, workers who aren’t afraid to innovate- Employee Leasing – Dismissing Employees who are then hired by a leasing company and contracting with that company Challenge 6: Demographic and Diversity Challenges - Demographic Changes- More diverse, educated workforce- Managing Diversity – Being aware of characteristics common to employees, treating people as individuals Challenge 7: Adapting to Educational and Cultural Shifts- Educational attainment of U.S. labor force has dramatically changed - College degree shown to be worth it - Other factors – Changing Attitudes towards work, Balancing work and family, culturing and societal changes, employee rights and privacy Partnership of Line Managers and HR departments - Successful managers combine experience of line managers with expertise of HR to develop and utilize talents of employees to greatest potential - Responsibilities of HRM: o 1. Strategic Advise and Counsel o Service o Policy formation and implementationo Employee advocacy - Competencies of HRM Require o Business Masteryo HR mastery o Personal