HUMAN RESOURCES MANAGEMENT Lesson 3.3 5/20/2019 LESSON 3.3 HUMAN RESOURCES MANAGEMENT Define human resources management Understand employee compensation, benefits, and evaluation INTRO TO BUSINESS

Manage Human Resources 3.3 Manage Human Resources Human resources management involves all aspects of recruiting, hiring, training, compensating, and evaluating employees. Analyze staff needs Hiring and training is expensive – how do we decide what needs to be done and how and who to hire? Determine employee qualifications What training, knowledge and skills do we want our employees to have? Find new employees Where do we look to find the best possible employee for the job we need done?

3.3 CheckPOINT Define human resources management in your own words.

3.3 Compensation Compensation is the amount of money paid to an employee for work performed. Compensation is made up of two parts: Salary and wages Benefits

3.3 Salary and Wages Salary and wages are direct payments to employees for work completed. A salary is a fixed amount of money paid to an employee regardless of the number of hours worked. Wages are payments for labor made on an hourly, daily, or per-unit basis; for example, $8 per hour.

3.3 Benefits Benefits include compensation in forms other than a direct payment to the employee. Vacations Insurance Other benefits

3.3 Evaluation Managers need to be objective when completing evaluations. Results of evals are help in employee’s personnel files Evaluation process Evals are based on observations of the employee’s performance and focus on specific job duties of each employee Evaluation conference A formal meeting should be held post-evaluation to discuss results and make a plan for improvement

3.3 CheckPOINT What is the connection between compensation and evaluations?