Human resource managementL determining human resource needs and recruiting selecting developing motivating evaluating compensating and scheduling vestibule training training done in schools where employees are taught employees to achieve organizational goals Changes in HRM 1 employees are the ultimate resource 2 changes in law Challenges in HRM worker shortages undereducated workers shortage of skilled trades delayed retirement increase in leisure time overseas labor pools 5 steps of human resource planning 1 Preparing a human resource inventory of employees whether labor is up to date and trained 2 Preparing a job analysis what employees do Job description specifies the objectives of the job Job specifications written summary of the minimal Recruitment set of activities for obtaining the right number of qualified people at the right time challenges union regulations low wages corporate culture teamwork Workers need to fit in Selection process of gathering information and deciding who should be hired education and skills 3 Assessing future human resource demand 4 Assessing future labor supply 5 Establishing a strategic plan 6 step process 1 obtain complete application forms 2 Conducting initial and follow up interviews 3 Giving employment tests 4 conducting background investigations 5 Obtain results from physical exams 6 Establishing trial periods Contingent workers part time workers temp workers seasonal workers independent contractors interns and co op students training improving short term skills development long term abilities 1 Assesing organization needs and employee skills on the job coaching senior managers assists lower level managers by teaching needed skills and feedback understudy positions employees work as assistants to higher level managers job rotation workers learn about different functions of the company Performance Appraisal evaluation that measures employee performance against established standards in order to make decisions about promotions 2 designing training activities 3 evaluating the effectiveness Management training 6 steps 1 Establishing performance standards 2 Communicating those standards 3 Evaluating Performance 4 Discussing results with employees 5 Taking corrective action 6 Use results to make decisions about promotions compensation training or firing Hay pay system job tiers with pay ranges Core time time when all employees need to be at job stations Term Insurance pure insurance protection for a given number of years Cost effective Whole life insurance combines insurance with a savings plan Variable Life insurance Invests the cash value of the insurance in stocks Annuities a contract to make regular payments to holder Fixed policy where the holder is payed a fixed interest rate Variable provide investment choices identical to mutual funds Rider insurance Purchased to protect certain items Depreciated Cost Replacement when an insurance company pays the current value of lost property IRA individual retirement account tax deferred investment plan that lets you save a part or your income tax deferred contributions those which you pay no current taxes but the earnings gained in the IRA are taxed as income when they are withdrawn from your ROTH IRA not tax deferred but earnings grow tax free and are tax free when withdrawn Executor the value of your assets listed in your will Durable Power of Attorney names someone to take over your finances if you become unable to Ive learned more from starting my own business than spending 40 000 worth of education And I can make money from the business It just doesn t make sense to me Like Im learning what recruitment is for a company Its common sense like if i were to hire somebody I would know that I have to look at what the requirements are what the job is and then I would look into hiring somebody Im just memorizing terms for shit I already know Also fro IRA