Human Resource Management (HRM)

the process of employing people, training them, compensating them, developing

policies relating to them, and developing strategies to retain them.

Capital
all resources a company uses to generate revenue.

Staffing
involves the entire hiring process from posting a job to negotiating a salary
package.

Staffing Plan
allows HRM to see how many people they should hire based on revenue expectations.

Within the staffing function, there are four main steps:

1. Development of staffing plan
2. Development of policies to encourage diversity at work.
3. Recruitment
4. Selection

Compensation
includes anything the employee receives for his or her work.

Retention
involves keeping and motivating employees to stay with the organization.

External Factors
things the company has no direct control over; however, they may be things that
could positively or negatively impact human resources.

Flexible Work Schedules

allowing employees to set their own schedules

Telecommuting
allowing employees to work from home or a remote location for a specified period of
time, such as one day per week.

Code of Ethics
an outline that explains the expected ethical behavior of employees.

Professional in Human Resources (PHR)

must have at least two years' experience.

four hours long: 225 multiple choice questions

Senior Professional in Human Resources (SPHR)

for HR professionals who focus on designing and planning, rather than the actual
implementation.

Global Professional in Human Resources (GPHR)

for HR professionals who perform many of their tasks on a global level and whose
companies often work across borders.

General Job Titles in HR

1. Recruiter
2. Compensation Analyst
3. HR Assistant
4. Employee Relations Manager
5. Benefits Manager
6. Work-Life Coordinator
7. Training and Development Manager
8. HR Manager
9. VP for HR

Skills crucial to HR Management

1. Organizational
2. Communication
3. Specific Job (Computer Skills, Knowledge of Employment Law, Writing & Developing
Strategic Plans, Critical- Thinking)

3 ways to cut costs associated with Health Care:

1. Shift more of the cost of health care to employees
2. Reduce the benefits offered to cut costs
3. Change or better negotiate the plan to reduce health-care costs

Turnover
Replacement of employees who are fired or quit. (Percentage) refers to the number
of employees who leave a company in a particular period of time.

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Offshoring
refers to the movement of jobs overseas to contain costs.

Cyberloafing
using a work computer for personal reasons, resulting in lost productivity.

HRM Responsibilities
1. Staffing
2. Policies
3. Compensation/Benefits
4. Retention
5. Training/Development
6. Laws
7. Worker Protection

External Factors
1. Globalization and offshoring
2. Changes to employment law
3. Health-care costs
4. Employee expectations
5. Diversity of the Workforce
6. Changing demographics
7. More highly educated
8. Layoffs and Downsizing
9. Technology
10. Social Networking

8 Employee Compensations
1. Pay
2. Health Benefits
3. Retirement Plans
4. Stock Purchasing
5. Vacation Time
6. Sick Leave
7. Bonuses
8. Tuition Reimbursement