1. Business in Action 6e Bovée/Thill Human Resources Management Chapter 11

2. Keeping Pace with Today’s Workforce  Human Resources (HR) Management  The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-2

3. Contemporary Staffing Challenges  Aligning the workforce  Fostering employee loyalty  Monitoring workloads and avoiding employee burnout  Managing work–life balance Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-3

4. 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 job— including the skills, education, and previous experience that the job requires Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-4

5. Forecasting Supply and Demand  Turnover Rate  The percentage of the workforce that leaves every year  Employee Retention  Efforts to keep current employees Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-5

6. Forecasting Supply and Demand  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-6

7. Alternative Work ArrangementsFlextimeTelecommuting Job sharing Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-7

8. Managing a Diverse Workforce  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-8

9. Managing a Diverse Workforce  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-9

10. Managing a Diverse Workforce  Sexual Harassment  Unwelcome sexual advances, request for sexual favors, or other verbal or physical conduct of a sexual nature within the workplace Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-10

11. Managing a Diverse Workforce (cont.)  Diversity Initiatives  Programs and policies that help companies support diverse workforces and markets Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-11

12. Managing the Employment Life Cycle  Recruiting  The process of attracting appropriate applicants for an organization’s jobs Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-12

13. Terminating Employees  Termination  The process of getting rid of an employee by firing him  Layoffs  Termination of employees for economic or business reasons Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-13

14. Developing and Evaluating Employees  Performance Appraisals  Periodic evaluations of employees’ work according to specific criteria  Electronic Performance Monitoring (EPM)  Real-time, computer-based evaluation of employee performance Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-14

15. Developing and Evaluating Employees  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-15

16. 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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-16

17. Administering Employee Compensation  Compensation  Money, benefits, and services paid to employees for their work  Salary  Fixed cash compensation for work, usually by an yearly amount; independent of the number of hours worked Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-17

18. Administering Employee Compensation  Wages  Cash payment based on the number of hours an employee has worked or the number of units an employee has produced Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-18

19. Incentive Programs  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-19

20. Incentive Programs  Pay for Performance  An incentive program that rewards employees for meeting specific, individual goals  Knowledge-Based Pay  Pay tied to an employee’s acquisition of knowledge or skills; also called competency- based pay or skill-based pay Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-20

21. Retirement Benefits  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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-21

22. Retirement Benefits (cont.)  Employee Stock-Ownership Plan (ESOP)  A program that enables employees to become partial owners of a company Copyright © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-22

23. 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 © 2013 Pearson Education, Inc. publishing as Prentice Hall 11-23