Description Learning Goal: I'm working on a management multi-part question and need support to help me learn. Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page. Students must mention question number clearly in their answer. Late submission will NOT be accepted. Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions. All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism). Submissions without this cover page will NOT be accepted. Copying, plagiarism or theft is prohibited And it will be from his own book Citation is very important in every paragraph. "Note: If you need any other information to solve the assignment, send it to me." I attached also the Book UNFORMATTED ATTACHMENT PREVIEW Because learning changes everything. ® Chapter 1 Human Resource Management: Gaining a Competitive Advantage Human Resource Management Gaining A Competitive Advantage TWELFTH EDITION Raymond Noe, John Hollenbeck, Barry Gerhart, Patrick Wright © 2021 McGraw Hill. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw Hill. Learning Objectives 1 LO 1-1 Discuss the roles and activities of a company’s human resource management function. LO 1-2 Discuss the implications of the economy, the makeup of the labor force, and ethics for company sustainability. LO 1-3 Discuss how human resource management affects a company’s balanced scorecard. LO 1-4 Discuss what companies should do to compete in the global marketplace. © McGraw Hill 2 Learning Objectives 2 LO 1-5 Identify how social networking, artificial intelligence, and robotics are influencing human resource management. LO 1-6 Describe how automation using artificial intelligence and robotics has the potential to change jobs. LO 1-7 Discuss human resource management practices that support high-performance work systems. LO 1-8 Provide a brief description of human resource management practices. © McGraw Hill 3 Introduction Human Resource Management (HRM) • Plays a role in company’s survival, effectiveness, and competitiveness. • Refers to the policies, practices, and systems that influence employees’ behavior, attitudes, and performance. © McGraw Hill 4 Figure 1.1 Human Resource Management Practices © McGraw Hill 5 What Responsibilities and Roles Do HR Departments Perform? 1 High-Impact HR Functions • More integrated with the business • Skilled at attracting and retaining employees • Can adapt quickly • Identify and promote talent from within • Identify what motivates employees • Continuously building talent and skills LO 1-1 © McGraw Hill 6 What Responsibilities and Roles Do HR Departments Perform? 2 HR Department Responsibilities • Outplacement • Labor law compliance • Record keeping • Testing • Unemployment compensation • Some aspects of benefits administration © McGraw Hill 7 Table 1.1 Responsibilities of HR Departments 1 FUNCTION RESPONSIBILITIES Analysis and design of Job analysis, work analysis, job descriptions work Recruitment and selection Recruiting, posting job descriptions, interviewing, testing, coordinating use of temporary employees Training and development Orientation, skills training, development programs, career development Performance management Performance measures, preparation and administration of performance appraisals, feedback and coaching, discipline Compensation and benefits Wage and salary administration, incentive pay, insurance, vacation, retirement plans, profit sharing, health and wellness, stock plans SOURCES: Bureau of Labor Statistics. 2019. U.S. Department of Labor, Occupational Outlook Handbook, Human Resources Specialists; SHRM-BNA Survey No. 66. 2001. “Policy and Practice Forum: Human Resource Activities, Budgets, and Staffs, 2000–2001.” Bulletin to Management, Bureau of National Affairs Policy and Practice Series. Washington: Bureau of National Affairs. © McGraw Hill 8 Table 1.1 Responsibilities of HR Departments 2 FUNCTION RESPONSIBILITIES Employee relations/labor relations Attitude surveys, employee handbooks, labor law compliance, relocation and outplacement services Personnel policies Policy creation, policy communications Employee data and information systems Record keeping, HR information systems, workforce analytics, social media, intranet and Internet access Legal compliance Policies to ensure lawful behavior; safety inspections, accessibility accommodations, privacy policies, ethics Support for business strategy Human resource planning and forecasting, talent management, change management, organization development © McGraw Hill 9 Figure 1.2 HR as a Business with Three Product Lines SOURCE: Adapted from Figure 1, “HR Product Lines” in E. E. Lawler, “From Human Resource Management to Organizational Effectiveness,” Human Resource Management 44 (2005), pp. 165–69. Access the text alternative for slide images. © McGraw Hill 10 Strategic Role of the HRM Function 1 HRM Role • Time spent on administrative tasks is decreasing. • Roles as a strategic business partner, change agent, and employee advocate are increasing. • Shared service model • Central place for administrative and transactional tasks. • Includes centers of expertise or excellence, service centers, and business partners. © McGraw Hill 11 Strategic Role of the HRM Function 2 Role of Technology • Reducing HRM role in administrative tasks, maintaining records, and providing self-service to employees. • Shift to self-service gives employees access to many HR functions. • HR managers have more time to work with managers on employee issues. © McGraw Hill 12 Strategic Role of the HRM Function 3 Outsourcing • Most commonly outsourced activities: • Benefits administration • Relocation • Payroll • Most common reasons for outsourcing: • Cost savings • Increased ability to recruit and manage talent • Improved HR service quality • Protection of the company from potential lawsuits by standardizing processes such as selection and recruitment © McGraw Hill 13 Strategic Role of the HRM Function 4 Strategic Role • Lead efforts focused on talent management and performance management • Use and analyze data to make a business case for ideas and problem solutions • Use people management skills across the business • Structure and responsibilities changing to ensure strategic role © McGraw Hill 14 Table 1.2 Questions to Ask: Is HRM Playing a Strategic Role in the Business? 1. What is HRM doing to provide value-added services to internal clients? 2. Do the actions of HRM support and align with business priorities? 3. How are you measuring the effectiveness of HRM? 4. How can we reinvest in employees? 5. What HRM strategy will we use to get business from point A to B? 6. From an HRM perspective, what should we be doing to improve our marketplace position? 7. What’s the best change we can make to prepare for the future? 8. Do we react to business problems or anticipate them in advance? SOURCES: Ulrich, D., D. Kryscynski, M. Ulrich, W. Brockbank. Victory Through Organization. New York: McGraw-Hill Education, 2017; and Wright, P. Human Resource Strategy: Adapting to the Age of Globalization. Alexandria: Society for Human Resource Management Foundation, 2008. © McGraw Hill 15 Strategic Role of the HRM Function 5 Demonstrating the Strategic Value of HRM: HR Analytics and Evidenced-Based HR • HR can engage in evidence-based HR • Requires use of HR or workforce analytics • Big data • Information merged from HR databases, corporate financial statements, employee surveys, and other data sources • Results in evidence-based HR decisions • Show that HR practices influence the organization’s bottom line, including profits and costs © McGraw Hill 16 Strategic Role of the HRM Function 6 The HRM Profession: Positions and Jobs • Primary activities involve performing the HR generalist role • Fewer HR professionals involved in HR functions at the executive level, training and development, HR consulting, and administrative activities • Overall employment in HR-related positions expected to grow by 9 percent between 2014 and 2024 © McGraw Hill 17 Table 1.3 Median Salaries for HRM Positions © McGraw Hill POSITION SALARY Chief human resource officer (CHRO) $238,710 Global HR manager 127,800 Management development manager 123,543 Health and safety manager 102,162 Employee benefits manager 100,901 HR manager 102,162 Mid-level labor relations specialist 89,030 Campus recruiter 68,590 Entry-level HRIS specialist 56,590 HR generalist 55,283 Entry-level compensation analyst 59,855 Entry-level employee training specialist 40,590 SOURCE: Based on data from Salary Wizard, http://swz.salary.com. 18 Strategic Role of the HRM Function 7 Education and Experience • Four-year college or graduate HR degree • Senior HR role • Developing and supporting the company culture • Employee recruitment, retention, and engagement • Succession planning • Designing company’s overall HR strategy © McGraw Hill 19 Strategic Role of the HRM Function 8 Education and Experience continued • Junior HR role • Handle transactions related to paperwork, benefits, and payroll administration • Answering employee questions • Data management • Professional certification © McGraw Hill 20 Strategic Role of the HRM Function 9 Competencies and Behaviors • Most HRM professionals are generalists • Lack business acumen • Need nine competencies developed by SHRM • Primary professional organization for HRM with more than 300,000 members © McGraw Hill 21 Strategic Role of the HRM Function 10 Nine Competencies 1. HR Technical Expertise and Practice • Apply principles of HRM to contribute to success of the business 2. Business Acumen • Understand business functions and metrics within the organization and industry 3. Critical Evaluation • Interpret information to determine return on investment and organizational impact in making recommendations and business decisions © McGraw Hill 22 Strategic Role of the HRM Function 11 Nine Competencies continued 4. Ethical Practice • Integrate core values, integrity, and accountability throughout all organizational and business practices 5. Global and Cultural Effectiveness • Manage HR both within and across boundaries 6. Communications • Effectively exchange and create free flow of information with and among various stakeholders at all levels of the organization to produce meaningful outcomes © McGraw Hill 23 Strategic Role of the HRM Function 12 Nine Competencies continued 7. Organizational Leadership and Navigation • Direct initiatives and processes within the organization and gain buy-in from stakeholders 8. Consultation • Provide guidance to stakeholders such as employees and leaders seeking expert advice on a variety of circumstances and situations 9. Relationship Management • Manage interactions with and between others with specific goal of providing service and organizational success © McGraw Hill 24 Competitive Challenges Influencing Human Resource Management 1 Competing Through Environment, Social, and Governance (ESG) Practices • Sustainability • Company’s ability to meet its needs without sacrificing the ability of future generations to meet their needs • Company must meet stakeholders’ needs • ESG practices must be part of company’s business model to gain competitive advantage and reduce legal risks LO 1-2 © McGraw Hill 25 Figure 1.4 Competitive Challenges Influencing U.S. Companies Access the text alternative for slide images. © McGraw Hill 26 Competitive Challenges Influencing Human Resource Management 2 Deal with the Workforce and Employment Implications of the Economy • Skill demands for jobs have changed • Remaining competitive in global economy requires demanding work hours and changes in traditional employment patterns • Companies give more attention to HR practices that influence their ability to attract and retain employees • Currently economy is thriving and unemployment low © McGraw Hill 27 Table 1.4 Highlights of Employment Projections to 2026 • The labor force is projected to increase by 11.5 million, reaching approximately 168 million. • Today, 93% of U.S. jobs are nonagriculture wage and salary jobs: 12% are in goods-producing industries (mining, construction, manufacturing); 81% are in service-providing industries; and 1.3% in agriculture, forestry, fishing, and hunting. The distribution of jobs across industries is projected to be similar in 2026. • 46.5 million job openings are expected, with more than three-fourths resulting from the need to replace workers who retire or leave an occupation. • The median age of the workforce will increase to 42.3 years, the highest ever recorded. • Health care support and practitioner occupations are projected to be the fastest-growing occupational groups and contribute the most new jobs (one out of four new jobs). © McGraw Hill 28 Competitive Challenges Influencing Human Resource Management 3 Labor Force and Employment Characteristics • Population is most important factor in determining size and composition of labor force • Growth is slow as labor force is aging • Diversity is increasing, especially Hispanics • Importance of service sector, especially health care • Education is important to meet job requirements • Shortage of qualified workers, especially with STEM skills © McGraw Hill 29 Competitive Challenges Influencing Human Resource Management 4 Understand and Enhance the Value Placed on Intangible Assets and Human Capital • Three types of assets: • Financial assets (cash and securities) • Physical assets (property, plant, equipment) • Intangible assets (human capital, customer capital, social capital, intellectual capital) © McGraw Hill 30 Table 1.6 Examples of Intangible Assets Human capital • Tacit knowledge • Education • Work-related know-how • Work-related competence Social capital • Corporate culture • Management philosophy • Management practices • Informal networking systems • Coaching/mentoring relationships Customer capital • Customer relationships • Brands • Customer loyalty • Distribution channels Intellectual capital • Patents • Copyrights • Trade secrets • Intellectual property SOURCES: Weatherly, L. Human Capital: The Elusive Asset. Alexandria: SHRM Research Quarterly, 2003; Holton, E., and S. Naquin. “New Metrics for Employee Development.” Performance Improvement Quarterly 17, no. 1(2004): 56–80; Huselid, M., B. Becker, and R. Beatty. The Workforce Scorecard. Boston: Harvard University Press, 2005. © McGraw Hill 31 Competitive Challenges Influencing Human Resource Management 5 Understand and Enhance the Value Placed on Intangible Assets and Human Capital continued • Knowledge workers • Contribute specialized knowledge • Share knowledge and collaborate on solutions • In demand because companies need their skills and jobs requiring them are growing © McGraw Hill 32 Competitive Challenges Influencing Human Resource Management 6 Emphasize Empowerment and Continuous Learning • Give employees responsibility and authority • Hold them accountable • Employees share in the rewards and losses • Learning organization © McGraw Hill 33 Competitive Challenges Influencing Human Resource Management 7 Adapt to Change • Inevitable • Employees expected to take more responsibility for own careers • Challenge is how to build a committed, productive workforce • Employees manage change through agility • Changes in the employment relationship © McGraw Hill 34 Competitive Challenges Influencing Human Resource Management 8 Maximize Employee Engagement • Passionate about their work • Committed to the company and its mission • Work hard to contribute • Measured with attitude or opinion surveys • Focus on employee experience • Employee value proposition (EVP) © McGraw Hill 35 Table 1.7 Common Themes of Employee Engagement 1. Pride in employer 2. Satisfaction with employer 3. Satisfaction with the job 4. Opportunity to perform challenging work 5. Recognition and positive feedback 6. Personal support from manager 7. Effort above and beyond the minimum 8. Understand link between one’s job and company’s mission 9. Prospects for future growth with the company 10. Intention to stay with the company SOURCES: Vance, R. Employee Engagement and Commitment. Alexandria: Society for Human Resource Management, 2006; Lytle, T. The Engagement Challenge. HR Magazine, 2016. © McGraw Hill 36 Competitive Challenges Influencing Human Resource Management 9 Manage Talent • Acquiring and assessing employees • Learning and development • Performance management • Compensation © McGraw Hill 37 Competitive Challenges Influencing Human Resource Management 10 Consider Nontraditional Employment and the Gig Economy • Between 20 and 35% of total U.S. workforce • Workers set own schedule and do not work for a company • Offers flexibility © McGraw Hill 38 Competitive Challenges Influencing Human Resource Management 11 Provide Flexibility to Help Employees Meet Work and Life Demands • 46% of employees work more than 45 hours per week • Only half of employees in U.S. believe they have the flexibility they need for work/life balance • Solution: flexible work schedules, work-at-home arrangements, protecting employees’ free time, and more productively using employees’ work time • Co-working sites or shared offices © McGraw Hill 39 Competitive Challenges Influencing Human Resource Management 12 Meet the Needs of Stakeholders, Shareholders, Customers, Employees, and Community • Demonstrate performance to stakeholders: the balanced scorecard • Being customer-focused • Improving quality • Emphasizing teamwork • Reducing new product and service development times • Managing for the long term LO 1-3 © McGraw Hill 40 Table 1.8 The Balanced Scorecard PERSPECTIVE QUESTIONS ANSWERED EXAMPLES OF CRITICAL BUSINESS INDICATORS CRITICAL HR INDICATORS Customer How do customers see us? Time, quality, performance, service, cost Employee satisfaction with HR department services; Employee perceptions of the company as an employer Internal What must we excel at? Processes that influence customer satisfaction, availability of information on service, and/or manufacturing processes Training costs per employee, turnover rates, time to fill open positions Innovation and learning Can we continue to improve and create value? Improve operating efficiency, launch new products, continuous improvement, empowering of workforce, employee satisfaction Employee/skills competency levels, engagement survey results, change management capability Financial How do we look to shareholders? Profitability, growth, shareholder value Compensation and benefits per employee, turnover costs, profit per employee, revenue per employee © McGraw Hill 41 Competitive Challenges Influencing Human Resource Management 13 Demonstrate Social Responsibility • Helps boost company’s image with customers. • Helps gain access to new markets. • Helps attract and retain talented employees. © McGraw Hill 42 Competitive Challenges Influencing Human Resource Management 14 Emphasize Customer Service and Quality • Total quality management (TQM) five core values: 1. Methods and processes are designed to meet internal and external customers’ needs. 2. Every employee receives training in quality. 3. Promote cooperation with vendors, suppliers and customers. 4. Managers measure progress with feedback based on data. 5. Quality is designed into a product or service so that errors are prevented rather than being detected and corrected. © McGraw Hill 43 Competitive Challenges Influencing Human Resource Management 15 Malcolm Baldrige National Quality Award • Competition that promotes quality ISO (International Organization for Standardization) 9000 Standards • International standards of quality © McGraw Hill 44 Competitive Challenges Influencing Human Resource Management 16 Six Sigma • Process of measuring, analyzing, improving, and controlling processes Lean Thinking and Process Improvement • Do more with less effort, equipment space, and time • Improve quality of employees’ work experiences © McGraw Hill 45 Competitive Challenges Influencing Human Resource Management 17 Recognize and Capitalize on the Demographics and Diversity of the Workforce • Internal labor force • External labor market • Average age of workforce will increase • Increased workforce diversity • Immigration will affect size and diversity © McGraw Hill 46 Competitive Challenges Influencing Human Resource Management 18 Aging of the Workforce • Labor force participation of those 55 years and older expected to grow • HRM issues such as career plateauing, retirement planning, and retraining older workers The Multigenerational Workforce • Five generations © McGraw Hill 47 Figure 1.5 Comparison of the Age Distribution of the 2016 and 2026 Labor Forces SOURCE: Bureau of Labor Statistics, U.S. Department of Labor, “Employment projections: 2016–2026,” News Release, October 24, 2017, from www.bls.gov/emp, accessed January 5, 2019. Access the text alternative for slide images. © McGraw Hill 48 Table 1.11 Generations in the Workforce © McGraw Hill YEAR BORN GENERATION AGES 1925 to 45 Traditionalists Silent Generation >74 1946 to 64 Baby Boomers 55 to 74 1965 to 80 Generation X 39 to 54 1981 to 95 Millennials Generation Y Echo Boomers 24 to 38 1996 Generation Z Purchase answer to see full attachment User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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