Study Guide for the Final Exam of MAN4301 0001 The final exam will focus on materials after Exam 2 including chapters 10 11 12 and 14 lecture slides and long in class videos The order of the above materials reflects their importance To excel in the Final you are expected to read the chapters and lecture slides for at least three times For long video clips try to recall why they were showed Analytic and critical thinking skills are important for college students Thus I will try to avoid definitional questions and focus on applications of course concepts and materials The following section summarizes what you need to know in each chapter of the text book Chapter 10 What is employee development Involves activities that influence personal and professional growth How is employee development different from training Development activities generally help employees learn skills that will be helpful in future jobs Training is concerned with ensuring that employees have the knowledge and skills to perform their current jobs How is employee development strategic Most organizations use certain basic development programs and organizations that do not use them may be at a disadvantage in recruiting and retaining employees Employee development is equally important for firms with differentiation and cost strategies Difference is that firms pursuing a cost strategy need to focus on keeping development costs low and firms pursuing a differentiation strategy must use development to foster high quality service and innovation How can organizations help employees develop Formal education Courses Formal education as a form of development includes courses specifically designed for the company s employees Courses offered by consultants trade organizations or universities or courses that are part of degree programs from accredited institutions like community colleges and universities Courses may involve lectures discussions simulations or other learning activities Certification and Licensing Certification License An optional designation of competence within a professional field Required designation of competence within a professional field Assessments and feedback Career Assessment Holland typology Identifies 6 different personality types Realistic R investigative I artistic A social S enterprising E and conventional C A classification developed by Dr John Holland of people s interests values and skills asserts that people will be more satisfied and more successful in jobs that closely match their characteristics World of Work Map Simplifies typology into 2 dimensions of whether a person prefers working with data or ideas and whether they prefer working with people or things and links the interests to a wide variety of occupations Multisource Assessments and Feedback Process in which an employee s managers peers and sometimes subordinates and customers answer questions about the employee Responses are combined and provided as development feedback to the employee Work experiences Job enrichment Job rotation develop new knowledge and skills Job transfer new knowledge and skill known as a promotion known as a demotion Developmental relationships Downward move Upward move Addition of challenges or new responsibilities to jobs Time limited lateral work assignment for the purpose of helping employees Permanent lateral work assignment for the purpose of helping employees develop A career move resulting in an increase in responsibility pay and status also A career move resulting in a decrease in responsibility pay and status also When a person works with others to equip them with the tools knowledge and Coaching opportunities they need to become more effective at work Mentoring When an experienced person helps a less experienced person learn and grow What is career A career is a pattern of work experiences that people have over their lifetime Differences between the traditional and protean career A career is a pattern of work experiences that people have over their lifetime In previous generations careers involved going to school joining a company and then staying with that company until retirement Progression from position to position generally occurred in the form of promotions that involved more pay and more responsibility what we refer to as moving up the career ladder A career characterized by personal responsibility continuous and self directed Protean career development and an emphasis on psychological success process includes four steps self assessment reality check goal setting and action is a process in which employees determine their interests values Career development process Career development planning Self assessment personalities and skills Reality check realistic and how those assessments fit with opportunities in the labor market and with their current employer s future labor needs achieve skills to be gained and development efforts to pursue involves setting milestones or achievements for the future such as positions to employees make plans for how they will accomplish their goals employees gather information to determine whether their self assessments are Action planning Goal setting Note Important career development challenges will not be tested Chapter 11 What is employee compensation Definition Human resource practice of rewarding employees for their contributions Compensation is a broad term which includes pay and benefits such as insurance retirement savings and paid time off from work Compensation represents the total package of rewards both monetary and nonmonetary Compensation practices are strategic because they encourage employees to put forth their best effort and perform in ways that help the company produce its particular goods and services External vs Internal equity External equity they could earn elsewhere which concerns the fairness of what the company is paying them compared with what Organizations with an external labor orientation must assess how their compensation compares with the compensation offered by other organizations Internal Equity analyzing pay differences among their own employees Organizations with an internal orientation spend time and effort comparing and Pay practices such as how much each person makes are usually less secretive in these organizations than in organizations with an external orientation Internally oriented organizations also use long term incentives to reward employees who stay with them for long periods Aligning compensation with HR strategy