Human Resource Management: Key Concepts and Trends

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One. What is HRM?

HRM is the strategic and systematic approach to managing an organization's employees, also known as human capital management, so as to achieve its goal.

HRM is the process of acquiring, training, appraising and compensating employees and of attending to their labor relations, health and safety and fairness concerns.

HRM processes include:

Conducting job analysis

Planning human resource need and recruiting job candidates

Selecting job candidates

Orienting and training new employees

Managing wages and salaries

Providing incentives and benefits

Appraising performance

Communicating, counseling and disciplining

Training employees and developing managers

Building employee relations and engagement

Two. What is SHRM?

Strategic Human Resource Management means formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims.

SHRM aligns HR practices with organization's long term strategy.

Example: HR strategy of Bolman Rigs - Carlton Shanghai Hotel strategically they set the goal of making the Shanghai Peninsula outstanding by offering superior customer service.

Improved employee skills.

As a result hotel gained recognition and profits increased showing success of effective SHRM. Company's strategic goals

Employee competency and behaviors required for company to achieve these strategic goals.

Strategic legal environment.

HR policies and practices to produce employee competency and behaviors, Compensation, Training and development, Employee relations.

Three. What are the trends shaping HRM?

One. Social, Demographic and workforce trends.

Two. Economic trends.

Three. Geographic/Globalization Trends.

Four. Technological Trends.

Five. Political Trends and Values.

Six. Competitive Trends.

Four. Importance of HRM and how sustainability is related to HRM.

HRM designs:

Relationship between HRM and sustainability:

Sustainable workforce management:

Employee well-being and work life balance:

Ethical and fair practices:

Green HR practices:

Conclusion:

Five. Why HRM is important in Global Markets?

Six.

Financial.

Customer.

Internal Process.

Seven. How do we do benchmarking in HRM?

Steps involve in this:

Two. Choose HR Metrics.

Three. Collect Internal Data.

iv) Collect external Data

v) Compare Performance

vi) Identify best practices

vii) Implement improvements

viii) Review regularly

Eight. What is high performance work system?

Nine. What is the use of Job Analysis?

Ten. How do we do job analysis?

STEP ONE: Identify the use to which the information will be put

STEP TWO: Review relevant background information about job

STEP THREE: Select representative positions

STEP FOUR: Actually analyze the job

STEP FIVE: Verify the job analysis information

STEP SIX: Develop a job description & specification

Eleven. What are the methods of job analysis?

ii) Interviewing method:

iii) Questionnaire method:

iv) Diary/Log method:

v) Critical Incident method:

Twelve. What is JD?

JD consists of:

Two. Position overview

Four. Required qualification

Six. Location

Example Job Description:

Job Summary:

Responsibility:

Qualification:

Skills: Communication skills, fluency, negotiation.

The results in competency statement will include three statements:

Fourteen. Sample of a perfect job description?

Division:

Location:

Summary:

Scope & Impact of Job:

Required Knowledge and Experience

One. Labour Demand:

Two. Trend Analysis:

Three. Ratio Analysis:

Four. The scatter plot:

Five. Computerized Forecasting:

Six. Managerial judgement:

Advantages:

Disadvantages:

External Candidates:

Advantages:

Disadvantages:

Pros of temporary employees:

Cons of temporary employees:

Key methods:

Used for:

Uses of Job analysis information:

Four. Compensation:

Five. Training:

Advantages of LinkedIn:

Disadvantages of LinkedIn:

A) HR staff data:

B) HR expense ratio:

C) Compensation data:

D) Profitability linked HR ratios:

Improving recruitment effectiveness:

One. Choosing the right recruitment sources:

Steps for Recruitment:

Workforce Planning and Forecasting:

Twenty-five. Steps for workforce planning and recruitment (Continuation)

One) Use a framework for succession planning (Nine Grid)

Succession Planning

The Nine-Box Grid Framework

One. Identify leadership talent.

Two) What is the role of HR in succession planning?

HR's Role Includes:

Two. Talent Assessment

Three. Development Planning

Four. Aligning with Strategy

Succession planning falls under:

HR ensures succession planning aligns with:

Five. Monitoring and Metrics

Thus, HR acts as:

Three) Why is succession planning important?

Succession planning is important because:

Three. Supports Strategic Goals

Four) What is succession planning?

It includes:

It is directly linked to:

Five) Suggest how to upskill employees in budget

Dessler explains multiple cost-effective training methods:

Two. Job Instruction Training

Three. Apprenticeship Training

Four. Informal Learning

Five. Computer-Based Training (CBT)

Six. Internet-Based Training

Seven. Behavioral Modeling

Eight. Job Rotation

These methods allow upskilling within budget constraints.

Pay decisions must comply with:

Two. Union Influence (if applicable)

Three. Company Compensation Policy

Four. Equity Considerations

External equity (market competitiveness)

Five. Job Worth (Job Evaluation Results)

Six. Individual Factors

Seven. Total Rewards Components

From Chapter eleven - Establishing Strategic Pay Plans

One. The Job (Internal Equity)

Two. External Market Conditions (External Equity)

Three. Employee Contributions (Individual Equity)

Eight) Equity and its impact on Pay rate:

One. Internal Equity

Two. External Equity

Three. Individual Equity

Impact on Pay Rate

Nine) Point method - Job evaluation

Steps in Point Method

Ten) How to create a market competitive pay plan

Eleven) Write about different types of employee incentive and recognition program

One. Individual Incentive Plans

Two. Group Incentive Plans

Three. Organization-Wide Incentive Plans

Recognition Programs

Twelve) What is employee value proposition (EVP)

SHRM Pillars:

Thirteen) Write a note about different types of benefit offered (twenty-two points) to employees

Legally Required Benefits

Health Insurance Benefits

Retirement Benefits

Pay for Time Not Worked

Supplemental Benefits

Employee Services

Fourteen) What are the factors which affect well-being? And do you take care as manager.

Factors affecting well-being:

Two. Workplace Safety

Three. Work-Life Balance

Four. Organizational Culture

Five. Leadership Style

Six. Job Security

As a Manager, Care Includes:

Fifteen) What are the practices which a manager can adopt for well-being strategy:

Sixteen) How to prevent accident in a workplace. How to manage stress

Preventing Workplace Accidents

Managing Stress

Seventeen) HR in Gig Economy

HR Role in Gig Economy:

Challenges:

Eighteen) How to recruit a more diverse workforce?

Methods:

Nineteen) What is the use of Job Analysis?

Uses of Job Analysis:

Twenty) Pros and Cons of Social Media like LinkedIn

Advantages:

Disadvantages:

Twenty-one) Give some example of HR Metrics

Examples:

Twenty-two) Why effective recruitment is important?

Twenty-three) Steps for workforce planning and recruitment

Steps:

Twenty-four) What is HR audit?

Purpose:

Twenty-five) Recruitment Yield Pyramid

Stages:

Twenty-six) What are the methods used for forecasting personnel needs?

Methods:

Twenty-seven) What's best way to do succession planning.

The best way to do succession planning includes:

Two. Assess Current Talent

Three. Develop High-Potential Employees

Four. Maintain Replacement Charts

Twenty-eight) Explain reliability and validity?

Reliability

Types:

Validity

Types:

Twenty-nine) What are different types of test (Do not describe)

Types of tests include:

Thirty) Why background and reference check is important.

Thirty-one) What is structured and unstructured interview

Structured Interview

Advantages:

Unstructured Interview

Thirty-two) What errors to avoid to make the interview more effective?

Common errors:

Thirty-three) How to design and conduct effective interview.

Steps to design effective interview:

Two. Create Structured Questions

Three. Use Rating Scales

Four. Train Interviewers

Five. Ask Job-Related Questions Only

Six. Combine Multiple Assessments

Thirty-four) What is the purpose of orientation on onboarding.

Purpose of Orientation:

Thirty-five) Discuss in detail ADDIE five step training process.

One. Analysis

Two. Design

Three. Development

Thirty-six) How to design the training?

Thirty-seven) Why performance appraisal is an important part of organization.

Thirty-eight) Give the details on tool for performance appraisal.

Thirty-nine) What are the probable errors in appraisal process.

Forty) How to create a Market-competitive pay plan?

Part Three

Two. Job Rotation

Three. Job Burnout

Four. Job Enlargement

Five. Competency Based Pay

Six. Design Compensation

Seven. Cafeteria Compensation Plan

Eight. Factors Affecting Well Being

Nine. Well Being Strategy

Ten. Stress Management

Overview

This document explores the concepts and practices of Human Resource Management, highlighting its strategic importance in organizations, the impact of various trends, and the significance of sustainability in HRM practices. It aims to inform readers about effective HRM techniques necessary for organizational success.

Key Points

1HRM is essential for managing an organization's employees effectively
2Key trends influencing HRM include social, economic, and technological changes
3HRM contributes to employee motivation, performance, and retention
4Sustainability in HRM involves ethical practices and employee well-being
5Global HRM practices help manage diverse workforces and comply with local laws

Details

Category: Business and Finance

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