Attracting and Retaining the Best Employees (Chapter 9)

In business, human resources refers to the,

• management and administration of people who work within an organization

• management of the business plan to ensure all departments stay on track

• process of using machines and technology to complete tasks and other business processes

• strategies used to create the highest level of efficiency possible within an organization

In general, HRM is a shared responsibility of line managers and the staff HRM specialists. However, in very small organizations,

• employees are asked to manage their own data/information with new technological platforms and databases

• the owner handles all or most HRM activities

• there is no need for HRM activities

• there is state and/or federal assistance offered which covers these HRM responsibilities

In very large firms, such as Disney, HRM activities,

• are considered impossible to effectively manage and thus little time or money is spent on this management

• are managed by employees through new online databases

• is a monumental undertaking and accounts for nearly 80% of the company’s budget

• tend to be highly specialized, with separate groups for compensation, benefits, training and development, and other staff activities

In Human Resource Management (HRM), “forecasting” refers to the process of determining,

• the number of employees an organization will require in the future [a]

• how global macroeconomic trends will affect the overall health of an organization [b]

• determining the qualifications needed of future employees in an organization [c]

• both a and c

• all of those items listed

This document lists the key personnel and their possible replacements within a firm.

• attrition list

• line of succession chart

• organizational breakdown chart

• replacement chart

A skills inventory is a,

• a diagram that shows the educational background and skills of every employee in an organization

• an assessment used to provide an unbiased evaluation of a candidate’s ability to perform the duties listed in the job description

• comprehensive lists that list the basic information on all employees in an organization such as their education, experience, skills, age, gender, salary related data, job preference and special achievements

• searchable database of information on the skills and experience of all employees that management can use to quickly identify employees for open/new positions

When the supply of employees is predicted to be greater than the demand, a firm may need to take steps to reduce the size of its workforce. This is the term for a workforce reduction strategy that occurs when employees leave due to retirement, or a new job, and that position is not filled with a new hire.

• attrition

• buyout

• early retirement

• firing/termination

When the supply of employees is predicted to be greater than the demand, a firm may need to take steps to reduce the size of its workforce. This is the term for a workforce reduction strategy that occurs when people within a few years of retirement are permitted to retire ahead of schedule, usually with some financial incentive.

• attrition

• buyout

• early retirement

• firing/termination

When the supply of employees is predicted to be greater than the demand, a firm may need to take steps to reduce the size of its workforce. This is the term for a workforce reduction strategy that occurs when employees are offered a severance package to leave their jobs.

• attrition

• buyout

• early retirement

• firing/termination

When the supply of employees is predicted to be greater than the demand, a firm may need to take steps to reduce the size of its workforce. This is the term for a workforce reduction strategy that occurs when an employee is dismissed from their position due to poor performance.

• attrition

• buyout

• early retirement

• firing/termination