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Chapter 9 Attracting and Retaining the Best Employees - Coggle Diagram
Chapter 9 Attracting and Retaining the Best Employees
Human resources management (HRM)
– all the activities involved in acquiring, maintaining, and developing an organization’s human resources
ACQUISITION
includes planning and the various activities that lead to hiring new personnel.
5 SEPERATE ACTIVITIES
Human resources planning
– determining the firm’s future human resources needs
Job analysis
– determining the exact nature of the positions
Recruiting
– attracting people to apply for positions
Selection
– choosing and hiring the most qualified applicants
Orientation
– acquainting new employees with the firm
MAINTAINING
human resources consists primarily of encouraging employees to remain with the firm and to work effectively by using a variety of HRM programs
Employee relations
– increasing employee job satisfaction through satisfaction surveys, employee communication programs, exit interviews, and fair treatment
Compensation
– rewarding employee effort through monetary payments
Benefits
– providing rewards to ensure employee well-being
The
DEVELOPMENT
phase of HRM is concerned with improving employees’ skills and expanding their capabilities.
The two important activities of this phase are:
Training and development
– teaching employees new skills and new jobs, and more effective ways of performing their present jobs
Performance appraisal
– assessing employees’ current and potential performance levels
Human resources planning
– the development of strategies to meet a firm’s human resources needs
JOB ANALYSIS
Job description
– a list of the elements that make up a particular job
Job specification
– a list of the qualifications required to perform a particular job
RECRUITMENT
Recruiting – the process of
attracting qualified job applicants
Recruiters may seek applicants
outside
the firm,
within
the firm, or
both
.
External recruiting
– attracting job applicants from outside an organization
Advantage
:
Brings people into a firm who have new perspectives and varied business backgrounds
Disadvantage
:
Is often expensive
May provoke resentment among present employees
Internal recruiting
– considering present employees as applicants for available positions
Advantages
Provides strong motivation for current employees
Helps the firm to retain quality personnel
Disadvantages
Leaves another position open
incurs recruiting and selection costs
must train 2 employees instead of one
SELECTION
Selection
– the process of
gathering information about applicants
for a position and then using that information
to choose
the most appropriate applicant
Means of obtaining info:
employment applications
interviews
references
Assessment centers
social networking sites
ORIENTATION
Orientation
– the process of acquainting new employees with an organization
Orientation topics range from the location of the company cafeteria to career paths within the firm.
COMPENSATION DECISIONS
Compensation – the
payment
employees receive in return for their labor
Compensation system – the policies and strategies that determine employee compensation
3 MGT SYSTEMS for compensation
Wage level
Wage structure
Individual wages
wage level
Management first must position the firm’s general pay level
relative to pay levels of comparable firms.
To determine the average pay for a job, the firm may use wage surveys.
Wage survey
– a collection of
data on prevailing wage rates within an industry
or a
geographic
area
wage structure
Next, management must determine the wage structure by deciding on
relative pay levels for all the positions within the firm.
The wage structure is developed on the basis of a
job evaluation.
Job evaluation – the process of
determining the relative worth of the various jobs within a firm
Individual Wages
Finally, the company must determine the specific payments individual employees will receive.
Employee benefit
– a reward in addition to regular compensation that is provided indirectly to employees
types of benefits
Pay for time not worked
Covers such absences as vacation, holidays, and sick leave
Insurance packages
Include health, life, vision, and dental insurance
Pension and retirement programs
May be borne entirely by the firm or shared with the employee
Unemployment insurance
Social Security
TRAINING AND DEVELOPMENT
Training and development are usually differentiated as employee training or management development.
Employee training
– the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently
Management development
– the process of preparing managers and other professionals to assume increased responsibility in both present and future positions
Performance appraisal
– the evaluation of employees’ current and potential levels of performance to allow managers to make objective human resources decisions
COMMON EVALUATION TECHNIQUES
Objective appraisal methods
use some measurable quantity as the basis for assessing performance.
Examples: units of output, dollar volume of sales, and number of defective products
Judgmental appraisal methods
require that the manager judge or estimate the employee’s performance level.
These methods are based on employee ranking or rating scales.