Chapter 1 Human Resource Management: Gaining a competitive advantage

Competitiveness
Company’s ability to maintain and gain market share
Human Resource Management (HRM)
The policies, practices, and systems that influence behavior attitudes and performance
Administrative services and transactions
compensation, hiring and staffing
Business partner services
developing effective HR systems and helping implement business plans, talent management
Strategic partner
contributing to business strategy based on considerations of human capital, business capabilities
Shared service model
Organize HR, includes centers of expertise or excellence, help control costs and improve business- relevance and timeliness of HR pract
Self Service
gives employees online access to info about HR issues
Outsourcing
practice of having another company provide services to save money… protect company from potential lawsuits
Evidence based HR
Demonstrate that HR practices have a positive influence on the company’s bottom line key stockholders
HR or Workforce analytics
practice of using big data from HR database and other data source to make evidence-based HR decisions
Challenge of sustainability
providing a return to shareholders, providing high quality products and services
global challenge
in order to survive, U.S companies must improve HRM practices, develop global markets and better prepare employees for global assignment
technology challenge
companies change employees and managers work roles, create high performance work systems and develop e-commerce to compete through tech.
Sustainability
ability to meet its needs without sacrificing the ability of future generations to meet their needs. Deal with economic and social changed
Stakeholders
the various interest groups who have relationships with, and consequently, whose interests are tied to the organization and interest in seeing company succeed
Intangible assets
type of company asset including human capital, customer capital, social capital ad intellectual capital
Knowledge Workers
employees who own the intellectual means of producing a product or service
Talent Management
systemic planned strategic effort to use bundles of HRM practices acquiring and assessing employees
Alternative work arrangements
include independent contractors, on call workers, temporary workers, and contract company workers
Balanced scorecard
provides a view of the company from the perspective of internal and external customers, employees and shareholders
Total Quality Management (TQM)
5 Core Values 1. methods and processes to meet needs 2. every employees receives training 3. promote cooperation with vendors etc 4. managers measure progress w/ feedback on date 5. quality is designed into a product
Ethical HR practices must
1. Result in greatest good for largest # of people 2. respect basic human rights of privacy 3. managers must treat employees and customers equitably and fairly
Sarbanes-Oxley act of 2002
sets strict rule for corporate behavior and sets heavy fines for noncompliance , imposes criminal penalties for corporate governing and accounting lapses
HR Information System (HRIS)
used to acquire, store, manipulate, analyze, retrieve and distribute HR info
Cloud Computing
computing system that provides info tech infrastructure over a network in a self service and on demand model
HR Dashboard ,etrics
Accessible by employees and managers through the company internet or HRIS