Business in Action 6e Bovée/Thill Human Resources Management Chapter 11
Keeping Pace with Today’s Workforce Human Resources (HR) Management The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-2
Contemporary Staffing Challenges Aligning the workforce Fostering employee loyalty Monitoring workloads and avoiding employee burnout Managing work–life balance Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-3
Evaluating Job Requirements Job Description A statement of the tasks involved in a given job and the conditions under which the holder of a job will work Job Specification A statement describing the kind of person who would be best for a given job— including the skills, education, and previous experience that the job requires Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-4
Forecasting Supply and Demand Turnover Rate The percentage of the workforce that leaves every year Employee Retention Efforts to keep current employees Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-5
Forecasting Supply and Demand Succession Planning Workforce planning efforts that identify possible replacements for specific employees, usually senior executives Contingent Employees Non-permanent employees, including temporary workers, independent contractors, and full-time employees hired on a probationary basis Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-6
Alternative Work ArrangementsFlextimeTelecommuting Job sharing Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-7
Managing a Diverse Workforce Diversity All the characteristics and experiences that define each of us as individuals Includes race, age, military experience, parental status, marital status, and thinking style Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-8
Managing a Diverse Workforce Sexism Discrimination on the basis of gender Glass Ceiling An invisible barrier that can be attributed to subtle discrimination keeping women and minorities out of the top positions in business Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-9
Managing a Diverse Workforce Sexual Harassment Unwelcome sexual advances, request for sexual favors, or other verbal or physical conduct of a sexual nature within the workplace Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-10
Managing a Diverse Workforce (cont.) Diversity Initiatives Programs and policies that help companies support diverse workforces and markets Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-11
Managing the Employment Life Cycle Recruiting The process of attracting appropriate applicants for an organization’s jobs Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-12
Terminating Employees Termination The process of getting rid of an employee by firing him Layoffs Termination of employees for economic or business reasons Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-13
Developing and Evaluating Employees Performance Appraisals Periodic evaluations of employees’ work according to specific criteria Electronic Performance Monitoring (EPM) Real-time, computer-based evaluation of employee performance Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-14
Developing and Evaluating Employees 360-degree review A multidimensional review in which a person is given feedback from subordinates, peers, superiors, and possibly outside stakeholders such as customers and business partners Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-15
Training and Developing Employees Orientation Programs Sessions or procedures for acclimating new employees to the organization Skills Inventory A list of the skills a company needs from its workforce, along with the specific skills that the individual employees currently possess Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-16
Administering Employee Compensation Compensation Money, benefits, and services paid to employees for their work Salary Fixed cash compensation for work, usually by an yearly amount; independent of the number of hours worked Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-17
Administering Employee Compensation Wages Cash payment based on the number of hours an employee has worked or the number of units an employee has produced Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-18
Incentive Programs Bonus A cash payment, in addition to regular wage or salary, that serves as a reward for achievement Commissions Employee compensation based on a percentage of sales made Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-19
Incentive Programs Pay for Performance An incentive program that rewards employees for meeting specific, individual goals Knowledge-Based Pay Pay tied to an employee’s acquisition of knowledge or skills; also called competency- based pay or skill-based pay Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-20
Retirement Benefits Retirement Plans Company- sponsored programs for providing retirees with income 401(k) Plan A defined- contribution retirement plan in which employers often match the amount employees invest Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-21
Retirement Benefits (cont.) Employee Stock-Ownership Plan (ESOP) A program that enables employees to become partial owners of a company Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-22
Stock Options Stock Options A contract that allows the holder to purchase or sell a certain number of shares of a particular stock at a given price by a certain date Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-23