Management 301 Final Exam Study Guide I Chapter 10 HR Management a Human Resources Management i The process of attracting developing and maintaining a high quality workforce ii HR Basics what is HR and HR management iii Talent MGMT major 3 areas within HR iv Other Issues within HR v When you look at people in the work place you see 1 Cost to reduce 2 An asset to develop vi The number one asset to most businesses is their human capital 1 Human Capital economic value of employee skills knowledge the economic value of people with job relevant abilities knowledge ideas energies and commitments vii Strategic HRM 1 Mobilizes human capital to implement organizational strategies 2 Aligns human capital with organizational strategy Strategy usually thought of by leaders in company 3 Society for Human Resource Management SHRM 4 Large governing body from trade standpoint of HR a b All Fortune 500 and Global 1000 companies have HR function c Always want to know what s next d HR field looking at future i How can we look out for our company e Video Human Resource Management Overview i Pace of change in world accelerating ii Must stay on top of change iii Asset that keeps up with change people iv Makes us more competitive grows in strength with organization positions countries to perform better in the world v Developing people best way to adapt to change 1 People drive the change vi HR professional is voice of the people 1 Experts on what s next vii Adapt to change faster when you know what is b Defining HRM Three Functions next i Attracting recruiting and selecting ii Developing training and coaching orientation performance management etc iii Keeping all retention types of things career development work life balance compensation and benefits retention and turnover labor management relations iv All are relative to employees v The building and maintain of a quality workforce HRM c Function 1 Attracting 3 Steps i Assessing Need and Defining Job ii Recruiting Strategy and Implementation iii Candidate Selection and Offer Process iv J J Hiring Example 1 Assess talent need tons of need for human capital 2 Roughly 200 different business units 3 What do we need talent to do 4 Gold Development Leadership Program a Define needs jobs for departments b Could be for new talent or retraining c Skills the company wants you to know are illustrated v How Companies Recruit 1 35 External a b 10 of external are internal people making external Job boards LinkedIn Career Fairs referrals 2 65 Internal Referrals a Knowing someone that s a good fit b Ex Temp Agency Recruiting i Used to assess potential hires for companies ii Ron s student got involved and did an exceptional job and landed a position with Johnson Johnson iii People hire people they know and like Job Organization Fit Foundational to HR Attracting Customers 3 a Job i Make sure connect with company ii Screening do candidates have necessary skills to connect them to the job b Organizational Cultural c Recruiting has two sides i Ex Google very casual dress wouldn t really fit in if wore a suit every day ii Ex Nike is very into sports if you re not into sports you probably wouldn t be a good organizational fit at Nike i Personal hire people they know and like want to see you in person and see if you re a good fit ii Technical HRM systems bring in resumes and find candidates using keyword searches 4 Selection Methods a In depth interviewing screening i Starts with basic screening b Technical personality testing i Tech test could be related to what the company does or something like the SAT ii Personality test 60 of Fortune 1000 use 1 Communication style ability and honesty evaluated iii Testing must be reliable and valid c Real time or simulated actual work i Ex Toyota brings candidates into a simulated work setting to actually build a car and asses them that way d Background Checks i Credit and drug tests ii Ex Coach wanted to work for Notre Dame lied about having 2 masters degrees and was fired e Assessment Centers i Hiring center that brings in managers and potential employees Interview and many exercises working in teams ii iii Assessors sit in corners of rooms and take notes on how each individual acts in situations d Function 2 Developing 4 elements i Once you get talent what can we do to make them develop grow ii Orientation Socialization 1 On boarding 2 J J has 6 week complete orientation where are the facilities What goes on within each department In depth learning about products etc 3 Gulf Stream many young people involved clubs are established as ways for the employees to get connected iii Experiences 1 Ex Student left to work at Eaton did different functions while traveling around the country 2 The right experience and training gains you experience 3 Desire makes you want to be a leader 4 American Society for Training Development ASTD a Top Ten Training Subjects b Managerial Industry Specific Business Practices Compliance Other product quality Information Tech Customer Service Orientation Interpersonal Skill Sales c US training spending 171 billion d Avg employee 1228 e Avg hr 23 hrs employee iv Mentoring Coaching company 2 Mentoring 1 Major set of programs managed through HR functions of a a Process of assigning an early career employee to a senior manager for career guidance b Used to be very informal i Connect with your manager ii Many holes what if you aren t reaching out as much because you re introverted People weren t being mentored equally c Now it s much more formal d Important to make as many formal and informal mentors 3 Coaching a Working with a manager to develop personal and business competencies in a holistic manner b Designed to develop skills c Get someone to help you develop your game d Different methods to help coach having your friends family co workers evaluate you and having your coach take a look at them and help steer you in the right direction 4 Both can be formal or informal v Performance Appraisal 1 Two Fold Purpose a Measures and documents work performance e Function 3 Keeping 3 Steps i Video SHRM India i Ex How many classes students does Ron teach How did Ron do at getting along with co workers b Used a developmental tool to enhance work performance i Can see where doing well or need improvement c Feedback balanced and specific i Which areas are doing well and which need ii Give reasons for both iii Feedback in terms of managing resources very improvement important 1 What makes you so passionate about your HR job a
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