HRMT Chapter 1 notes
CHAPTER ONE - HUMAN RESOURCE MANAGEMENT: Gaining a Competitive Advantage
I. Introduction
• Competitiveness = a company's ability to maintain and gain market share in its industry
• determined by whether the company satisfies the needs of stakeholders (groups affected by business practices)
◦ (1) Stockholders => want return on investment
(2) customers => want a high-quality product or service
(3) employees => desire interesting work and reasonable compensation
(4) community => want company to contribute to activities and projects, and minimize pollution of environment
• Human Resource Management (HRM) = policies, practices and systems that influence employees' behaviour, attitudes, and performance
◦ Refer to Figure 1.1
◦ Practices of HRM include: analyzing and designing work, determining human resource needs (HR planning), attracting potential employees (recruiting), choosing employees
(selection), teaching employees and preparing them (training and development), rewarding employees (compensation), evaluating their performance (performance mgmt), and creating a positive work environment (employee relations)
◦ HRM enhances company performance by contributing to employee and customer satisfaction, innovation, productivity and development of a good reputation
II. What Roles and Responsibilities do HR Departments Perform?
Employment and
Interviewing, recruiting, testing, temporary workforce coordination recruiting Training and development Orientation, performance mgmt skills training, productivity enhancement
Compensation
Wage and salary admin, job descriptions, job evaluation, exec compensation, incentive pay
Benefits
Insurance, vacay leave admin, retirement plans, profit sharing, stock plans
Employee Services
Employee assistance programs, relocation services, outplacement services
Employee and community relations
Attitude surveys, labour relations, publications, compliance with employment law, discipline
I. Introduction
• Competitiveness = a company's ability to maintain and gain market share in its industry
• determined by whether the company satisfies the needs of stakeholders (groups affected by business practices)
◦ (1) Stockholders => want return on investment
(2) customers => want a high-quality product or service
(3) employees => desire interesting work and reasonable compensation
(4) community => want company to contribute to activities and projects, and minimize pollution of environment
• Human Resource Management (HRM) = policies, practices and systems that influence employees' behaviour, attitudes, and performance
◦ Refer to Figure 1.1
◦ Practices of HRM include: analyzing and designing work, determining human resource needs (HR planning), attracting potential employees (recruiting), choosing employees
(selection), teaching employees and preparing them (training and development), rewarding employees (compensation), evaluating their performance (performance mgmt), and creating a positive work environment (employee relations)
◦ HRM enhances company performance by contributing to employee and customer satisfaction, innovation, productivity and development of a good reputation
II. What Roles and Responsibilities do HR Departments Perform?
Employment and
Interviewing, recruiting, testing, temporary workforce coordination recruiting Training and development Orientation, performance mgmt skills training, productivity enhancement
Compensation
Wage and salary admin, job descriptions, job evaluation, exec compensation, incentive pay
Benefits
Insurance, vacay leave admin, retirement plans, profit sharing, stock plans
Employee Services
Employee assistance programs, relocation services, outplacement services
Employee and community relations
Attitude surveys, labour relations, publications, compliance with employment law, discipline