Business in Action 6e Bove/Thill Human Resources Management Chapter 11.
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Transcript of Business in Action 6e Bove/Thill Human Resources Management Chapter 11.
Business in Business in Action 6e Action 6e Bovée/ThillBovée/Thill
Human Human Resources Resources
ManagementManagement
Chapter 11Chapter 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 Hall11-2
Contemporary Staffing Challenges
Aligning the workforceFostering employee loyaltyMonitoring workloads and avoiding
employee burnoutManaging work–life balance
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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 Hall11-4
Forecasting Supply and Demand
Turnover Rate The percentage of
the workforce that leaves every year
Employee Retention Efforts to keep
current employees
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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
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Alternative Work Arrangements
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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
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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
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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
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Managing a Diverse Workforce (cont.)
Diversity Initiatives Programs and policies that help companies
support diverse workforces and markets
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Managing the Employment Life Cycle
Recruiting The process of attracting appropriate
applicants for an organization’s jobs
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Terminating Employees
Termination The process of
getting rid of an employee by firing him
Layoffs Termination of
employees for economic or business reasons
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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
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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 Hall11-15
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 Hall11-16
Administering Employee Compensation
Compensation Money, benefits, and services paid to
employees for their workSalary
Fixed cash compensation for work, usually by an yearly amount; independent of the number of hours worked
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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
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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
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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
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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
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Retirement Benefits (cont.)
Employee Stock-Ownership Plan (ESOP) A program that enables employees to become
partial owners of a company
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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
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