Business in Action, Eighth Edition

Business in Action Eighth Edition Chapter 11 Human Resources Management Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 11.1 Identify four contemporary staffing challenges, and explain the process of planning for a companys staffing needs. 11.2 Discuss the challenges and advantages of a diverse

workforce, and identify five major dimensions of workforce diversity. 11.3 Describe the three phases involved in managing the employment life cycle. Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (2 of 2) 11.4 Explain the steps used to develop and evaluate employees. 11.5 Describe the major elements of employee compensation. 11.6 Identify the most significant categories of employee benefits and services.

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Keeping Pace with Todays Workforce Human resources (HR) management The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Contemporary Staffing Challenges (1 of 2) Aligning the workforce Fostering employee loyalty

Monitoring workloads and avoiding employee burnout Managing worklife balance Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Contemporary Staffing Challenges (2 of 2) Worklife balance Efforts to help employees balance the competing demands of their personal and professional lives Quality of work life (QWL) An overall environment that results from job and work conditions Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Exhibit 11-1: Steps in Human Resources Planning Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Evaluating Job Requirements Job description A statement of the tasks involved in a given job and the conditions under which the holder of a job will work Job specification A statement describing the kind of person who would be best for a given jobincluding the skills, education, and previous experience that the job requires

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Forecasting Supply and Demand (1 of 2) Turnover rate The percentage of the workforce that leaves every year Employee retention Efforts to keep current employees Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Forecasting Supply and Demand (2 of 2) Succession planning

Workforce planning efforts that identify possible replacements for specific employees, usually senior executives Contingent employees Non-permanent employees, including temporary workers, independent contractors, and full-time employees hired on a probationary basis Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Alternative Work Arrangements Flextime Telecommuting Job sharing

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Managing a Diverse Workforce (1 of 4) Diversity All the characteristics and experiences that define each of us as individuals Includes race, age, military experience, parental status, marital status, and thinking style Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Managing a Diverse Workforce (2 of 4) Sexism

Discrimination on the basis of gender Glass ceiling An invisible barrier that can be attributed to subtle discrimination keeping women and minorities out of the top positions in business Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Managing a Diverse Workforce (3 of 4) Sexual harassment Unwelcome sexual advances, request for sexual favors, or other verbal or physical conduct of a sexual nature within the workplace

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Managing a Diverse Workforce (4 of 4) Diversity initiatives Programs and policies that help companies support diverse workforces and markets Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Exhibit 11-3 Generations in the Workplace (1 of 2) Common Label

Range of Birth Years Some Workforce Implications Radio Generation 19251945 People in this group are beyond what was once considered the traditional retirement age of 65, but many want or need to continue working.

Baby Boomers 19461964 This large segment of the workforce, which now occupies many mid- and upper-level managerial positions, got its name from the population boom in the years following World War II. The older members of this generation are now past traditional retirement age, but many will continue to workmeaning that younger workers waiting for some of these management spots to open up might have to wait a while longer. Generation X

19651980 This relatively smaller MTV generation is responsible for many of the innovations that have shaped todays communication and business habits but sometimes feels caught between the large mass of Baby Boomers ahead of them and the younger Generation Y employees behind them in the workforce. As Generation X takes the reins of corporate leadership, it is overseeing in a vastly different business landscape, one in which virtual and networked organizations replace much of the hierarchy inherited from the Baby Boomers. Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Exhibit 11-3 Generations in the

Workplace (2 of 2) Generation Y 19811995 Often known as millennials, this generation has been noted for its technology-centric approach to communication, impatience with corporate hierarchy, and the desire for a meaningful and personalized work experience. Many in this generation are now managers with power to reshape organizational cultures. New research suggests, however, that millennials arent dramatically different from their predecessors and generally value the same rewards and express the same career concerns.

Generation Z 1996 Generation Z, also known as Generation I (for Internet) or the Net Generation, is the first full generation to be born after the World Wide Web was invented. With a global, socially aware outlook shaped by lifelong networking and media usage, this diverse group appears to be highly entrepreneurial and interested in new ways of approaching business. Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Managing the Employment Life Cycle

Recruiting The process of attracting appropriate applicants for an organizations jobs Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Exhibit 11-4 The Recruiting Process Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Terminating Employees Termination The process of getting rid of an employee by firing him Layoffs

Termination of employees for economic or business reasons Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Exhibit 11-5 Major Employment Legislation (1 of 2) Category Legislation Highlights Labor and

unionization National Labor Relations Act, also known as the Wagner Act Establishes the right of employees to form, join, and assist unions and the right to strike; prohibits employers from interfering in union activities blank Labor-Management Relations Act, also known as the Taft- Hartley

Act Expands union member rights; gives employers free speech rights to oppose unions; restricts unions strike options; gives the president the authority to impose injunctions against strikes Blank Labor-Management Reporting and Disclosure Act, also known as the Landrum-Griffin Act Gives union members the right to nominate and

vote for union leadership candidates; Combats financial fraud within unions Blank State right-to-work laws Give individual employees the right to choose not to join a union Blank Fair Labor Standards Act

Establishes minimum wage and overtime pay for nonexempt workers; sets strict guidelines for child labor blank Immigration Reform and Control Act Prohibits employers from hiring illegal immigrants Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Exhibit 11-5 Major Employment

Legislation (2 of 2) Workplace safety State workers compensation Acts Require employers (in most states) to carry either private or government sponsored insurance that provides income to injured workers blank Occupational Health and Safety Act

Empowers the Occupational Safety and Health Administration (OSHA) to establish, monitor, and enforce standards for workplace safety Compensation and benefits Employee Retirement Income Security Act Governs the establishment and operation of private pension programs Blank

Consolidated Omnibus Budget Reconciliation Act (usually known by the Acronym COBRA) Requires employers to let employees or their beneficiaries buy continued health insurance coverage after employment ends Blank Federal Unemployment Tax Act and similar state laws

Requires employers to fund programs that provide income for qualified unemployed persons Blank Social Security Act Provides a level of retirement, disability, and medical coverage for employees and their dependents; jointly funded by employers and employees Blank Lilly Ledbetter Fair Pay

Act Amends and modifies several pieces of earlier legislation to make it easier for employees to file lawsuits over pay and benefit discrimination blank Patient Protection and Affordable Care Act Requires companies with more than 50 full-time employees to offer health insurance coverage for employees Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Replacing Retiring Employees Worker buyouts Distributions of financial incentives to employees who voluntarily depart; usually undertaken in order to reduce the payroll Mandatory retirement Required dismissal of an employee who reaches a certain age Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Evaluating Employees (1 of 2) Performance appraisals

Periodic evaluations of employees work according to specific criteria Electronic performance monitoring (EPM) Real-time, computer-based evaluation of employee performance Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Evaluating Employees (2 of 2) 360-degree review A multidimensional review in which a person is given feedback from subordinates, peers, superiors, and possibly outside stakeholders such as customers and business partners

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Training and Developing Employees Orientation programs Sessions or procedures for acclimating new employees to the organization Skills inventory A list of the skills a company needs from its workforce, along with the specific skills that the individual employees currently possess Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Administering Employee Compensation Compensation Money, benefits, and services paid to employees for their work Salary Fixed cash compensation for work, usually by a yearly amount; independent of the number of hours worked Wages Cash payment based on the number of hours an employee has worked or the number of units an employee has produced Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Incentive Programs (1 of 3) Bonus A cash payment, in addition to regular wage or salary, that serves as a reward for achievement Commissions Employee compensation based on a percentage of sales made Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Incentive Programs (2 of 3) Profit sharing The distribution of a portion of the companys profits to employees

Gain sharing Tying rewards to profits or cost savings achieved by meeting specific goals Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Incentive Programs (3 of 3) Pay for performance An incentive program that rewards employees for meeting specific, individual goals Knowledge-based pay Pay tied to an employees acquisition of knowledge or skills

Also called competency-based pay or skill-based pay Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Employee Benefits and Services Employee benefits Compensation other than wages, salaries, and incentive programs Cafeteria plans Flexible benefit programs that let employees personalize their benefits packages Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Retirement Benefits (1 of 2) Retirement plans Company-sponsored programs for providing retirees with income 401(k) plan A defined-contribution retirement plan in which employers often match the amount employees invest Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Retirement Benefits (2 of 2) Employee stock-ownership plan (ESOP) A program that enables employees to become partial owners of a company

Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Stock Options Stock options A contract that allows the holder to purchase or sell a certain number of shares of a particular stock at a given price by a certain date Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Other Employee Benefits Paid vacations and sick leave Family and medical leave

Child-care assistance Elder-care assistance Tuition loans and reimbursements Employee assistance programs Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Applying What Youve Learned (1 of 2) 1. Identify four contemporary staffing challenges, and explain the process of planning for a companys staffing needs. 2. Discuss the challenges and advantages of a diverse workforce, and identify five major dimensions of workforce diversity.

3. Describe the three phases involved in managing the employment life cycle. Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Applying What Youve Learned (2 of 2) 4. Explain the steps used to develop and evaluate employees. 5. Describe the major elements of employee compensation. 6. Identify the most significant categories of employee benefits and services. Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

Copyright Copyright 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved

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