1-2 Learning Objectives After reading this chapter, you should be able to: Discuss the roles and activities of a company’s human resource management function Discuss the implications of the economy, the makeup of the labor force, and ethics for company sustainability Discuss how human resource management affects a company’s balanced scorecard Discuss what companies should do to compete in the global marketplace Identify the characteristics of the workforce and how they influence human resource management Discuss human resource management practices that support high-performance work systems Provide a brief description of human resource management practices
1-6 Competitive Challenges Influencing HRM Three competitive challenges that companies now face will increase the importance of HRM practices: The Global Challenge The Challenge of Sustainability The Technology Challenge
1-7 The Balanced Scorecard The balanced scorecard gives managers the opportunity to look at the company from the perspective of internal and external customers, employees and shareholders. The balanced scorecard should be used to: –Link human resource management activities to the company’s business strategy. –Evaluate the extent to which the human resource function is helping the company’s meet its strategic objectives.
1-8 The Balanced Scorecard How do customers see us? What must we excel at? Can we continue to improve and create value? How do we look to shareholders?
1-9 Managing a Diverse Workforce To successfully manage a diverse workforce, managers must develop a new set of skills, including: –Communicating effectively with employees from a wide variety of cultural backgrounds –Coaching and developing employees of different ages, educational backgrounds, ethnicity, physical ability, and race –Providing performance feedback that is based on objective outcomes –Creating a work environment that makes it comfortable for employees of all backgrounds to be creative and innovative