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HRM and Business Wednesday/Friday 08/23-25/06 “Life-Long Learning Gem” Investopedia’s Term for 8/23/06: True Cost Economics
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Your Challenge Understand Chapters 1 & 2 of the text. Understand Historical Development of HRM Know the HRM Functions Understand Strategic HRM Develop the perspective that a “Strategic Value- Added Framework” should influence all HRM pursuits.
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Textbook Resource Website: http://college.hmco.com/business/fishe r/hr_manage/6e/students/index.html http://college.hmco.com/business/fishe r/hr_manage/6e/students/index.html
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100 Best Places to Work How has J.M. Smucker Company managed to be on the list each year? A Simple Code: –Listen with your full attention –Look for the good in others –Have a sense of humor –Say “Thank You” for a job well-done
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The Human Equation- Making Firms Profitable : Employment security to build commitment Selective hiring to get right people Self-managed teams/decentralization Higher compensation contingent on firm performance Extensive training so employees identify and resolve problems Reduced distinctions based on status Extensive sharing of information
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Managing People The major goal of managing people: –Attract, retain, and develop a group of effective people We do this as part of a business management system that includes managing: –physical resources (capital), –financial resources (capital), –marketing capabilities / other information, –and people. The ultimate goal is to enhance shareholder value now and in the future
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Goods and Services Goods and Services Physical Financial Marketing People More Productive organizations Less Productive organizations PRODUCTIVITY Physical Financial Marketing People
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A Brief History of HRM Industrial Revolution Scientific Management Emergence of Free Collective Bargaining Early Industrial Psychology Public and Private Sector Merit Human Relations Movement Behavioral Sciences Employment Legislation/Court Decisions HR as Strategic Partners in Successful Firms
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Strategic HRM View
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J.M. Smuckers Managing People –Taking care of the HR functions –Communicating effectively –Motivating effectively –Strategic HRM
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HR Functions HR Planning Job Analysis/Job Descriptions EEO/AA Recruiting Selection Training and Development Performance Management Compensation Benefits Safety and Health Labor Relations Organizational Exit
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Communicating Effectively Formal/Informal Communications Verbal/Non Verbal Basic Communication Models Improving Communication Listen Effectively/Actively Know Communication Barriers
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WHY IS MOTIVATION IMPORTANT? EFFECTIVE PERFORMANCE results from the interplay of a person’s Skills & Abilities, Motivation, Organizational Support Motivating Employees
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Individual Differences Influence Motivation: +Attitudes and Values * Personality / Needs
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Motivation Explanations ã REINFORCEMENT ã NEEDS ã GOAL-SETTING ã EQUITY ã EXPECTANCY
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Reinforcement Theory Behavior is a function of its consequences. Law of Effect Behavior Modification
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“Needs” Theories A need is a strong feeling of deficiency that creates an uncomfortable tension. A person will attempt to meet his/her need to reduce the tension. Maslow’s Need Hierarchy (Physiological, safety, belongingness, esteem, SA) Learned Needs Theory (nAchievement, nAffiliation, nPower)
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Goal-Setting Theory ä Specific, written goals increase performance ä Difficult (accepted) goals increase performance ä Goal feedback increases performance äMost Powerful Motivational Application
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Equity Theory Based on perceived fairness. O own / I own = O other / I other PERCEIVED INEQUITY MOTIVATES: Change inputs Change outcomes Change perceptions Change referent other Change the environment
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Expectancy Theory EffortPerformance Outcomes EP Expectancy P O
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Strategic HRM View
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