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dessler_ch1

Course Number: MBA 522, Spring 2011

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PARTONEINTRODUCTION CHAPTER TOne Introductionto HumanResource Management 1 LectureOutline StrategicOverview HumanResourceManagementatWork WhatisHRManagement? WhyisHRManagementImportanttoall Managers? LineandStaffAspectsofHRM CooperativeLine&StaffHRM:AnExample FromLineManagertoHRManager TheChangingEnvironmentofHRManagement GlobalizationTrends TechnologicalTrends TrendsintheNatureofWork...

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PARTONEINTRODUCTION CHAPTER TOne Introductionto HumanResource Management 1 LectureOutline StrategicOverview HumanResourceManagementatWork WhatisHRManagement? WhyisHRManagementImportanttoall Managers? LineandStaffAspectsofHRM CooperativeLine&StaffHRM:AnExample FromLineManagertoHRManager TheChangingEnvironmentofHRManagement GlobalizationTrends TechnologicalTrends TrendsintheNatureofWork WorkforceDemographicTrends TheChangingRoleofHRManagement StrategicHRM CreatingHighPerformanceWorkSystems MeasuringtheHRManagementTeams Performance ManagingwiththeHRScorecard TheHRManagersProficiencies FourProficiencies HRCertification ManagingWithintheLaw ManagingEthics ThePlanofThisBook TheBasicThemesandFeatures Overview PartI:Introduction PartII:RecruitmentandPlacement PartIII:TrainingandDevelopment PartIV:Compensation PartV:EmployeeRelations In Brief: This chapter explains what Human Resource Management is, how it relates to the management process, and how it is changing in response to trends in the workplace. It illustrates how all managers can use HR concepts and techniques, HRs role in strategic planning and improved organizational performance, the competencies required of HR managers and the plan of the book. Interesting Issues: Human Resources play a key role in helping companies meet the challenges of global competition. Strategic objectives to lower costs, improve productivity and increase organizational effectiveness are changing the way every part of the organization, including the HR department, does business. 6 7 ANNOTATEDOUTLINE I. Human Resource Management at Work The Management process involves the following functions: planning, organizing, staffing, leading, and controlling. The people or personnel aspects of management jobs involve conducting job analyses; planning labor needs and recruiting job candidates; selecting job candidates; orienting and training new employees; managing wages and salaries; providing incentives and benefits; appraising performance; communicating; training and developing managers; building employee commitment; being knowledgeable about equal opportunity, affirmative action, and employee health and safety; and handling grievances and labor relations. A. Why Is HR Management Important to All Managers? Managers dont want to make mistakes while managing, such as hiring the wrong person, having their company taken to court because of discriminatory actions, or committing unfair labor practices. B. Line and Staff Aspects of HRM Although most firms have a human resource department with its own manager, all managers tend to get involved in activities like recruiting, interviewing, selecting, and training. 1. Line Versus Staff Authority Authority is the right to make decisions, to direct the work of others, and to give orders. Line managers are authorized to direct the work of subordinates. Their subordinates are generally involved in work that directly produces or sells the companys product or service, like Sales or Manufacturing. Staff managers are authorized to assist and advise line managers in accomplishing their basic goals. The subordinates of staff managers are generally involved in work that supports the products or services, in departments like Purchasing, or Quality Control. HR managers are generally staff managers. 2. Line Managers HR Duties Most line managers are responsible for line functions, coordinative functions, and some staff functions. 3. Human Resource Managers Duties Human Resource Managers also have line, coordinative and staff functions. However, they exert line authority only within the HR department. They have implied authority with line managers due to the fact that they have the ear of top management on many important issues contributing to organizational health. C. Cooperative Line and Staff HR Management: An Example In recruiting and hiring, its generally the line managers responsibility to specify the qualifications employees need to fill specific positions. Then the HR staff takes over. They develop sources of qualified applicants and conduct initial screening interviews. They administer appropriate tests, then refer the best applicants to the supervisor (line manager), who interviews and selects the ones he/she wants. D. From Line Manager to HR Manager: Line managers may make career stopovers in staff HR manager positions. 8 II. NOTES Educational Materials to Use The Changing Environment of HR Management - Human Resource responsibilities have become broader and more strategic over time in response to a number of trends. The role of HR has evolved from primarily being responsible for hiring, firing, payroll, and benefits administration to a more strategic role in employee selection, training and promotion, as well as playing an advisory role to the organization in areas of labor relations and legal compliance. A. Globalization Trends Globalization refers to the tendency of firms to extend their sales, ownership, and/or manufacturing to new markets abroad. Globalization of the world economy and other trends has triggered changes in how companies organize, manage and use their HR departments. The rate of globalization continues to be high, and has several strategic implications for firms. More globalization means more competition, and more competition means more pressure to lower costs, make employees more productive, and do things better and less expensively. B. Technological Trends Virtual online communities, virtual design environments and Internet-based distribution systems have enabled firms to become more competitive. HR faces the challenge of quickly applying technology to the task of improving its own operations. C. Trends in the Nature of Work Jobs are changing due to new technological demands. Dramatic increases in productivity have allowed manufacturers to produce more with fewer employees Nontraditional workers, such as those who hold multiple jobs, contingent or part-time workers, or people working in alternative work arrangements, enable employers to keep costs down. 1. High-Tech Jobs More jobs have gone high tech, requiring workers to have more education and skills. Even traditional blue collar jobs require more math, reading, writing and computer skills than ever before. 2. Service Jobs Most newly created jobs are and will continue to be in the service sector. 3. Human Capital - refers to the knowledge, education, training, skills, and expertise of a firms workers The HR function must employ more sophisticated and creative means to identify, attract, select, train and motivate the required work force. D. Workforce Demographic Trends The labor force is getting older and more multi-ethnic. The aging labor force presents significant changes in terms of potential labor shortages, and many firms are instituting new policies aimed at encouraging aging employees to stay, or at attracting previously retired employees. Growing numbers of workers with 9 eldercare responsibilities, and high rates of immigration also present challenges and opportunities for HR managers. III. NOTES Educational Materials to Use The Changing Role of HR Management HRs central task is always to provide a set of services that make sense in terms of company strategy. Trends of globalization, technology, nature of work and workforce demographics have implications for how companies now organize, manage, and rely on their HR operations. HR managers must partner with top managers to design and implement company strategies. The focus on operational improvements means that all managers must be more adept at expressing their departmental plans and accomplishments in measurable terms. A. Strategic HRM Management expects HR to provide measurable, benchmark-based evidence for its current efficiency and effectiveness, and for the expected efficiency and effectiveness of new or proposed HR programs. Management expects solid, quantified evidence that HR is contributing in a meaningful and positive way to achieving the firms strategic aims. B. Creating High Performance Work Systems (HPWS) HR can impact organizational performance in 3 ways: through the use of technology, through effective HR practices and by instituting HPWS to maximize the competencies and abilities of employees throughout the organization. 1. Managing with Technology Internet and computer based systems are improving productivity. Additionally, many HR tasks (payroll, reference checks, wellness programs, etc.) are being outsourced to specialist service providers. 2, Effective HR Practices Pre-employment personality testing and increased training are just two HR practices that can produce employees who perform better. 3. High Performance Work Systems Employment security, selective hiring, extensive training, self managed team and decentralized decision making, fewer status distinctions, information sharing, contingent rewards, transformational leadership, measurement of management practices and emphasis on high-quality work are all vital to HPWS. Implementation of such practices often results in surprising benefits. C. Measuring the HR Management Teams Performance - HR managers need a set of quantitative performance measures (metrics) they can use to assess their operations. These metrics allow managers to measure their HR units efficiency. D. Managing With the HR Scorecard The HR Scorecard is a concise measurement system, showing quantitative standards or metrics used 10 to measure HR activities, employee behaviors resulting from these activities, and to measure the strategically relevant organizational outcomes of those employee behaviors. The scorecard highlights the causal link between HR activities, emergent employee behaviors, and the resulting firm-wide strategic outcomes and performance. IV. NOTES Educational Materials to Use The HR Managers Proficiencies A. Four proficiencies are required of the HR Manager today in: human resources, business, leadership, and learning. B. HR Certification through the Society of Human Resource Management has become increasingly important as human resource management is becoming more professionalized. Certifications of PHR (Professional in HR) and SPHR (Senior Professional in HR) are earned by those who successfully complete all the requirements of the certification program. C. Managing Within the Law is increasingly important as a growing web of HR related laws effects virtually every HR decision. Equal employment laws, occupational safety and health laws, and labor laws are among the areas in which HR professionals need to be knowledgeable. D. Managing Ethics has gained increasing exposure as a result of ethical lapses in corporate behavior. Ethics needs to play a bigger role in managers decisions. The Sarbanes-Oxley (SOX) Act was passed in 2003 to ensure that management takes these responsibilities seriously. HR has an important role in promoting ethical behavior at work which will be explored more fully later in the text. IV. NOTES Educational Materials to Use The Plan of This Book Each topic interacts with and affects the others, and all should fit with the employers strategic plan. A. The Basic Themes and Features - HR is the responsibility of every manager - HR managers must defend plans and contributions in measurable terms - HR systems must be designed to achieve the companys strategic aims - HR increasingly relies on technology to achieve the strategic aims - Virtually every HR decision has legal implications - Globalization and diversity are important HR issues today 11 V. Chapter Contents Overview A. Part 1: Introduction 1. 2. 3. Chapter 1: Introduction to Human Resource Management Chapter 2: Equal Opportunity and the Law Chapter 3: Strategic HR Management and the HR Scorecard B. Part 2: Recruitment and Placement 1. 2. 3. 4. Chapter 4: Job Analysis Chapter 5: Personnel Planning and Recruiting Chapter 6: Employee Testing and Selection Chapter 7: Interviewing Candidates C. Part 3: Training and Development 1. 2. 3. Chapter 8: Training and Developing Employees Chapter 9: Performance Management and Appraisal Chapter 10: Managing Careers D. Part 4: Compensation 1. 2. 3. Chapter 11: Establishing Strategic Pay Plans Chapter 12: Pay for Performance and Financial Incentives Chapter 13: Benefits and Services E. Part 5: Employee Relations 1. 2. 3. 4. NOTES Chapter 14: Ethics, Justice, and Fair Treatment in HR Management Chapter 15: Labor Relations and Collective Bargaining Chapter 16: Employee Safety and Health Chapter 17: Managing Global Human Resources Educational Materials to Use DISCUSSIONQUESTIONS 1. Explain what HR management is and how it relates to the management process. There are five basic functions that all managers perform: planning, organizing, staffing, leading, and controlling. HR management involves the policies and practices needed to carry out the staffing (or people) function of management. HR management helps the management process avoid mistakes and to get results. 2. Give examples of how HR management concepts and techniques can be of use to all managers. HR management concepts and techniques can help all managers to ensure that they get results--through others. These concepts and techniques also help you to avoid common personnel mistakes such as: hiring the wrong person; experiencing high turnover; finding your people not doing their best; wasting time with useless interviews; having your company taken to court because of discriminatory actions; having your company cited under 12 federal occupational safety laws for unsafe practices; have some employees think their salaries are unfair and inequitable relative to others in the organization; allow a lack of training to undermine your departments effectiveness, and commit any unfair labor practices. 3. Illustrate the HR responsibilities of line and staff managers. Line managers are someone's boss; they direct the work of subordinates in pursuit of accomplishing the organization's basic goals. Some examples of the HR responsibilities of line managers are: placing the right person on the job; starting new employees in the organization (orientation); training employees for jobs that are new to them; improving the job performance of each person; gaining creative cooperation and developing smooth working relationships; interpreting the companys policies and procedures; controlling labor costs; developing the abilities of each person; creating and maintaining department morale; and protecting employees health and physical conditions. Staff managers assist and advise line managers in accomplishing these basic goals. They do, however, need to work in partnership with each other to be successful. Some examples of the HR responsibilities of staff managers include assistance in hiring, training, evaluating, rewarding, counseling, promoting, and firing of employees, and the administering of various benefits programs. 4. Why is it important for a company to make its human resources into a competitive advantage? How can HR contribute to doing so? Building and maintaining a competitive advantage is what allows a company to be successful, and to remain profitable and in business. HR can make a critical contribution to the competitive advantage of a company by building the organizational climate and structure that allows the company to tap its special skills or core competencies and rapidly respond to customers' needs and competitors' moves. DESSLERCOMPANIONWEBSITE We invite you to visit the Dessler homepage (http://www.prenhall.com/dessler) on the Prentice Hall Web site for the best online business support available. This site provides professors with a customized course Web site, including new communication tools, one-click navigation of chapter content, and great resources, such as Internet Resources, an HRCI Exam Prep Guide, assessment exercises, and more. INDIVIDUALANDGROUPACTIVITIES 1. Working individually or in groups, develop several lists showing how trends like work force diversity, technological trends, globalization, and changes in the nature of work have affected the college or university you are now attending. Present in class. The list might include items such as the growth of adult (non-traditional aged) students, the use of computer and communications technology, diversity issues, and others. 2. Working individually or in groups, contact the HR manager of a local bank. Ask the HR manager how he or she is working as a strategic partner to manage human resources, given the banks strategic goals and objectives. Back in class, discuss the responses of the different HR managers. The students should the HR manager to discuss how his/her role as a strategic partner is improving the banks performance, and if the banks culture is more innovative flexible and as a result of the strategic partnership. 3. Working individually or in groups, interview an HR manager; based on that interview write a short presentation regarding HR's role today in building a more competitive organization. The response here will, of course, depend upon the organization and HR manager interviewed. Hopefully items such as work force diversity, technological trends, globalization, high performance work systems, HR metrics or ethics will be mentioned. 13 4. Working individually or in groups, bring several business publications such as Business Week and the Wall Street Journal to class. Based on their content, compile a list entitled, What HR managers and departments do today. The students should look for articles and advertisements that deal with any of the following topics: conducting job analyses, planning labor needs and recruiting job candidates; selecting job candidates; orienting, training, and developing employees; managing wages and salaries; providing incentives and benefits; appraising performance; communicating; training and developing managers; building employee commitment; equal opportunity; affirmative action; employee health and safety; and labor relations. 5. Based on your personal experiences, list ten examples showing how you did use (or could have used) human resource management techniques at work or school. Depending on the degree of their work experience, students will cite a wide range of examples possibly including some of the following: 1) situations where they have improved the efficiency of their work through the use of technology made available to them through human resource systems; 2) employed the services of non-traditional workers (or been employed as a non-traditional worker); 3) developed metrics to measure how they have added value in terms of human resource contributions; 4) kept themselves abreast of employment law in order to minimize risk to their company; 5) Utilized self-service HR technology; 6) employed High Performance Work Systems concepts in their job/department. 6. Laurie Siegel, senior vice president of human resources for Tyco International took over her job in 2003, just after numerous charges forced the companys previous Board of Directors and top executives to leave the firm. Hired by new CEO Edward Breen, Siegel had to tackle numerous difficult problems starting the moment she assumed office. For example, she had to help hire a new management team. She had to do something about what the outside world viewed as a culture of questionable ethics at her company. And she had to do something about the companys top management compensation plan, which many felt contributed to the allegations by some that the companys former CEO had used the company as a sort of private ATM. Siegel came to Tyco after a very impressive career. For example, she had been head of executive compensation at Allied Signal, and was a graduate of the Harvard business School. But, as strong as her background was, she obviously had her work cut out for her when she took at the senior vice president of HR position Tyco. Working individually or in groups, conduct an Internet search and library research to answer the following questions: What human resource management- related steps did Siegel take to help get Tyco back on the right track? Do you think she took the appropriate steps? Why or why not? What, if anything do you suggest she do now? Tycos top executives, (the Chairman/Chief Executive as well as the CFO) had been accused of playing fast and loose with corporate accounting and of using the companys coffers as personal piggy banks. Upon taking office, Breen, fired the entire board of directors, and then dismissed the entire headquarters staff of 125 people. He recruited a new, completely independent board of directors and hired a CFO, an ombudsman and a vice president of corporate governance who reports directly to the board. Breens directive to Siegel was that her first priority was to set up corporate-governance and compensation systems and controls, then to transition "to really driving the talent machine." Siegel first step was to draft a strict company code of ethics. She then arranged to have it taught simultaneously at a special ethics training day to every Tyco employee. She advised the compensation committee on how to replace Tycos old salary and bonus policy, which rewarded acquisition-based company growth. The new system is based on measurable company performance. Bonuses and restricted-stock grants are linked to objective measurements, including each business units earnings before interest and taxes, and Tyco 14 Internationals overall performance. Top officers are required to hold company stock worth 3 to 10 times their yearly base salary. They must hold 75 percent of their restricted stock and stock options until a minimum level has been reached. Above that level, they must hold 25 percent for at least three years. Severance pay is limited to two times an individuals yearly salary plus bonus. Post-handshake perks like consulting contracts and free transportation in company aircraft have been abolished. As a result of the above steps, Tyco is now aiming for higher marks in ethics. It has written and circulated a multi-page ethics policy, and hired more than 100 internal auditors to enforce it. It has a new corporate ombudsman, to address employee concerns about ethics or policies. All of Tycos employees attended mandatory one day ethics seminars, and more detailed programs are in the works for its 25,000 managers. In the past, the practice was to award huge bonuses to anyone who somehow drove the numbers up. The new system assesses how well managers set and meet goals. As a result, Tycos bonus budget for the fiscal year 2003 was reduced by $90 million. Students will probably agree that in general Siegel took the appropriate steps, and the turnaround and recovery of Tycos finances, profits and stock prices are testimony to the effectiveness of her approach. Suggestions for what Siegel should do moving forward may include continued ethics training, HR strategies and scorecards that drive the appropriate employee behaviors are in support of the business strategy. EXPERIENTIALEXERCISES&CASES Experiential Exercise: Helping The Donald 1. Divide the class into teams of three to four students. 2. Read this: As you may know by watching the Donald as he organizes his business teams for The Apprentice, human resource management plays an important role in what Donald Trump, and the participants on his separate teams, need to do to be successful. For example, Donald Trump needs to be able to appraise each of the participants. And, for their part, the leaders of each of his teams needs to be able to staff his or her teams with the right participants, and then provide the sorts of training, incentives, and evaluations that help their companies succeed and that therefore make the participants themselves (and especially the team leaders) look like a winner to Mr. Trump. 3. Watch several of these shows (or reruns of the shows), and then meet with your team and answer the following questions: a. What specific HR functions (recruiting, interviewing, and so on) can you identify Donald Trump using on this show? Make sure to give specific examples based on the show. Recruiting, interviewing, candidate evaluation, selection, and termination are the obvious functions that Donald Trump uses throughout the series. Students will give specific examples related to the episode they selection. Challenge students to evaluate whether Donald Trump effectively utilized these practices in the examples they cite, and why or why not. b. What specific HR functions can you identify one or more of the team leaders use to help manage his or teams on the show? Again, please make sure to give specific answers. 15 Examples may include team leaders employing human resource strategies, planning labor needs, selecting job candidates, training and development of team members, developing compensation models, appraising performance, building commitment, implementation of high performance work system concepts, identifying and reporting metrics and/or scorecards. c. Provide a specific example of how HR functions (such as recruiting, selection, interviewing, compensating, appraising, and so on) contributed to one of the participants coming across as particularly successful to Mr. Trump? Can you provide examples of how one or more of these functions contributed to a participant being told by Mr. Trump, youre fired? Encourage students to identify specifically what was done effectively in the example they cite from an HR perspective, and how that would be viewed in a true organizational setting. There are mixed views of the effectiveness of both Trumps and team leaders approach and implementation of human resource functions in terms of best practice. Many critics have suggested that if what was portrayed on the show were carried out in the real world, the consequences would be lawsuits and significant dollars laid out both in direct and indirect costs. Have students reflect on this idea and facilitate discussion on what both The Donald and team leaders could have done more effectively from a human resource perspective in the examples cited. d. Present your teams conclusions to the class. Solicit feedback from the class on each teams conclusion and facilitate a discussion on reactions to each groups presentation. Ask the following questions: i. Do you agree with the teams conclusions? Why or Why Not? ii. Do you agree with Donalds decision to fire/not fire? iii. If you were the team leader in this example, what would you have done differently? Application Case: Jack Nelson's Problem 1. What do you think was causing some of the problems in the bank home office and branches? There is clearly a problem with communication, and the effects are felt in the area of employee commitment. Additional contributing factors include the lack of consistency in the policies and procedures of various locations. There is no cohesiveness to the staffing activities of this organization. 2. Do you think setting up a HR unit in the main office would help? Of course we think it would! Since there are HR-related problems both in the home office and in the branches, it is clear that if a personnel office were set up, it would need to help to coordinate the HR activities in the branches. 3. What specific functions should it carry out? What HR functions would then be carried out by supervisors and other line managers? What role should the Internet play in the new HR organization? There is room for quite a bit of variation in the answers to this question. Our suggested organization would include: HR Unit: job analyses, planning labor needs and recruiting, providing advising and training in the selection process, orientation of new employees, managing wage and salary administration, managing incentives and benefits, providing and managing the performance appraisal process, organization-wide communications, and providing training & developing services. Supervisors and Other Line Managers: interviewing and selection of job candidates, training new employees, appraising 16 performance, departmental & personal communications, and training & development. Internet and HR: shift some activities to specialized online service portals and/or providers. Continuing Case: Carter Cleaning Company 1. Make a list of 5 specific HR problems you think Carter Cleaning will have to grapple with? Potential answers could include the following: 1) Staffing the company with the right human capital by identifying the skills and competencies that are required to perform the jobs and the type of people that should be hired. Sourcing candidates and establishing an efficient and effective recruiting and selection process will be an important first step. 2) Planning and establishing operational goals and standards and developing rules and procedures to support business goals and strategies. Failure to do so will result in a lack of clarity around performance expectations down the line as each store becomes operational. 3) Implementing effective Performance Management through setting performance standards, high quality appraisal of performance, and providing ongoing performance coaching and feedback to develop the abilities of each person and support positive employee relations. 4) Designing an effective compensation system that will give the company the ability to attract, retain and motivate a high quality workforce, providing appropriate wages, salaries, incentives and benefits. A poorly designed system will result in difficulty in attracting candidates, turnover and low employee morale. 5) Training and developing employees both at the management and employee level to be able to perform the job to meet the performance expectations. This should include a new hire orientation program as well as a program for ongoing training and development. Lack of attention to this component may result in errors, increase in operational costs, turnover, and morale problems. 2. What would you do first if you were Jennifer? Answers will vary; however, probably the most important first step is to ensure that the staffing process is well designed and targeting the right mix of skills and abilities needed among candidates. A thorough job should be done in analyzing the requirements of each job, developing a complete job description for each role, and sourcing candidates that meet those requirements. Significant time should be invested in the hiring process to ensure that the candidates hired meet the requirements and possess the skills and abilities to do the job. Teaching Tips: It is important for students to understand at this point in the course that Human Resource Management is a topic that applies to each of them, regardless of whether they plan a career in the HR department, i.e., every manager must be cognizant of methods for improving employee performance, and the need to think strategically. Also, managers act as agents of the company, and as such, must be fluent in the law of the workplace to avoid embarrassment and/or liability. Students who do not plan careers in management will be exposed to decisions made by their managers and the HR function. A firm grounding in HR practice can make them better consumers. 17 KEYTERMS management process The five basic functions of management are: planning, organizing, staffing, leading, and controlling. human resource management (HRM) The staffing functions of the management process. Or, the policies and practices needed to carry out the "people" or human resource aspects of a management position, including recruiting, screening, training, rewarding, and appraising. authority The right to make decisions, to direct the work of others, and give orders. line manager Authorized to direct the work of subordinates-they're always someone's boss. In addition, line managers are in charge of accomplishing the organization's basic goals. staff manager Assist and advise line managers in accomplishing the basic goals. HR managers are generally staff managers. line authority Authority to direct the activities of people in his or her own department. implied authority The authority exerted by virtue of others' knowledge that he or she has access to top management. functional control The authority exerted by a personnel manager as a coordinator of personnel activities. employee advocacy HR must take responsibility for clearly defining how management should be treating employees, make sure employees have the mechanisms required to contest unfair practices, and represent the interests of employees within the framework of its primary obligation to senior management. globalization The tendency of firms to extend their sales or manufacturing to new markets abroad. nontraditional workers Those who hold multiple jobs, or who are contingent or parttime workers, or people working in alternative work arrangements. human capital Knowledge, education, training, skills, and expertise of a firms workers. strategy The companys long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage. metrics Quantitative performance measures that are used to assess operations HR Scorecard A concise measurement system which shows the quantitative standards or metrics a firm uses to measure HR activities, to 18 measure the employee behaviors resulting from these activities, and to measure the strategically relevant organizational outcomes of those employee behaviors. outsourcing Letting outside vendors provide services. 19

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1Chapter 2 The CPA ProfessionReview Questions The four major services that CPAs provide are: 1. Audit and assurance services Assurance services are independent professional services that improve the quality of information for decision makers. Assurance s
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Chapter 3 Audit ReportsReview Questions3-1 Auditor's reports are important to users of financial statements because they inform users of the auditor's opinion as to whether or not the statements are fairly stated or whether no conclusion can be made wit
Binghamton - ACCT - 460
1Chapter 4 Legal LiabilityReview Questions4-1 Several factors that have affected the increased number of lawsuits against CPAs are: 1. The growing awareness of the responsibilities of public accountants on the part of users of financial statements. 2. A
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1Chapter5Professional EthicsReview Questions The six core ethical values described by the Josephson Institute are: 1. Trustworthiness 2. Respect 3. Responsibility 4. Fairness 5. Caring 6. Citizenship5-1There are many other potential sources of ethica
Binghamton - ACCT - 460
1Chapter 9 Materiality and RiskReview Questions9-1 The parts of planning are: accept client and perform initial planning, understand the clients business and industry, assess client business risk, perform preliminary analytical procedures, set materiali
Binghamton - ACCT - 460
1Chapter 10 Section 404 Audits of Internal Control and Control RiskReview Questions10-1 Management typically has three broad objectives in designing an effective internal control system. 1. Reliability of Financial Reporting Management is responsible fo
Binghamton - ACCT - 460
Chapter 14 Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of TransactionsReview Questions a. The bill of lading is a document prepared at the time of shipment of goods to a customer indicating the description of the merc
Binghamton - ACCT - 460
Chapter 18 Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts PayableReview Questions a. Asset accounts: 18-1Office supplies Delivery equipment Machinery and equipment Land Cash in bank Prepa
Binghamton - ACCT - 460
1Chapter 22 Audit of the Capital Acquisition and Repayment Cycle Review Questions 22-1 Four examples of interest bearing liability accounts commonly found on balance sheets are: 1. 2. 3. 4. Notes payable Contracts payable Mortgages payable Bonds payable
Binghamton - ACCT - 460
Chapter 23 Audit of Cash BalancesReview Questions23-1 The appropriate tests for the ending balance in the cash accounts depend heavily on the initial assessment of control risk, tests of controls, and substantive tests of transactions for cash receipts.
Binghamton - ACCT - 460
Chapter 24 Completing the AuditReview Questions There are four presentation and disclosure-related audit objectives:24-1PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES Occurrence and rights and obligations Completeness Accuracy and valuation Class
Binghamton - ACCT - 460
1Chapter25Other Assurance Services and Nonassurance ServicesReview Questions25-1 Levels of assurance represent the degree of certainty the practitioner has attained, and wishes to convey, that the conclusions stated in his or her report are correct. A
Binghamton - ACCT - 460
1Chapter26Internal and Governmental Financial Auditing and Operational AuditingReview Questions26-1 Internal auditors who perform financial auditing are responsible for evaluating whether their company's internal controls are designed and operating ef
Binghamton - ACCT - 460
Chapter 21 Audit of the Inventory and Warehousing CycleReview Questions21-1 Inventory is often the most difficult and time consuming part of many audit engagements because: 1. 2. 3. 4. 5. Inventory is generally a major item on the balance sheet and ofte
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1Chapter 20 Audit of the Payroll and Personnel CycleReview Questions20-1 General ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits include the following: Cash Inventory Construction in progress Wages payabl
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Chapter 19 Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected AccountsReview Questions19-1 Because the source of the debits in the asset account is the acquisitions journal (or similar record), the current period acquisi
Binghamton - ACCT - 460
1Chapter 17 Audit Sampling for Tests of Details of BalancesReview Questions17-1 The most important difference between (a) tests of controls and substantive tests of transactions and (b) tests of details of balances is in what the auditor wants to measur
Binghamton - ACCT - 460
1Chapter 16 Completing the Tests in the Sales and Collection Cycle: Accounts ReceivableReview Questions16-1 Tests of details of balances are designed to determine the reasonableness of the balances in sales, accounts receivable, and other account balanc
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1Chapter 15 Audit Sampling for Tests of Controls and Substantive Tests of TransactionsReview Questions15-1 A representative sample is one in which the characteristics of interest for the sample are approximately the same as for the population (that is,
Binghamton - ACCT - 460
1Chapter 13 Overall Audit Plan and Audit ProgramReview Questions13-1 The five types of tests auditors use to determine whether financial statements are fairly stated include the following: Risk assessment procedures Tests of controls Substantive tests
Binghamton - ACCT - 460
1Chapter 12 The Impact of Information Technology on the Audit ProcessReview Questions12-1 The proper installation of IT can lead to internal control enhancements by replacing manually-performed controls with computer-performed controls. ITbased accounti
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1Chapter 11 Fraud AuditingReview Questions11-1 Fraudulent financial reporting is an intentional misstatement or omission of amounts or disclosures with the intent to deceive users. Two examples of fraudulent financial reporting are accelerating the timi
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Chapter 8 Audit Planning and Analytical ProceduresReview Questions8-1 There are three primary benefits from planning audits: it helps the auditor obtain sufficient appropriate evidence for the circumstances, helps keep audit costs reasonable, and helps
Binghamton - ACCT - 460
1Chapter 7 Audit EvidenceReview Questions7-1 In both a legal case and in an audit of financial statements, evidence is used by an unbiased person to draw conclusions. In addition, the consequences of an incorrect decision in both situations can be equal
Binghamton - ACCT - 460
1Chapter 6 Audit Responsibilities and ObjectivesReview Questions6-1 The objective of the audit of financial statements by the independent auditor is the expression of an opinion on the fairness with which the financial statements present financial posit
University of Phoenix - BUS - 210
Running head: DEVELOPING GOOD BUSINESS SENSEDeveloping Good Business SenseJulie M RabidaBUS/210May 26, 2011Colette Franklin1DEVELOPING GOOD BUSINESS SENSE2Developing Good Business SenseDeveloping a good business sense does not take a rocket scie
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P22-31.2.Retained earningsSales Commissions PayableSales Commissions Expense2,5001,500Cost of goods sold (6,700+21,000)Retained EarningsInventory27,70021,0006,7002006Beginning inventoryEnding inventory3.4,000-16,000-16,000Over/Underst
Strayer - BUS - 600
The cultural setting in BMW Corporation is one of the key to their success. One of themain elements of cultural setting in BMW is the high communication level between allthe associates within the corporation. Breaking communication barrier between assoc
University of Phoenix - IT - 205
Axia College MaterialAppendix DPsychotherapy MatrixDirections: Review Module 36 of Psychology and Your Life. Select three approaches to summarize. Include examples of the types of psychologicaldisorders appropriate for each therapy.PSY/201Summary o
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CERTIFICATEOFORIGINALITYIcertifythattheattachedpaperismyoriginalwork.Iamfamiliarwithandacknowledgemyresponsibilities,whicharepartoftheUniversityofPhoenixStudentCodeofAcademicIntegrity.Iaffirmthatanysectionofthepaperwhichhasbeensubmittedpreviouslyisattr
University of Phoenix - IT - 205
Oftentimes, Arabs and Muslims are being misconceived as being the samepeople when in truth this is not the case at all. Muslims are individuals that embrace thereligion of Islam, which makes them part of a religious sect (Julita, para.2). Whereasthe Ar
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1) What was the result of your IAT, and do you feel that the test produced valid results in your case?2) In your opinion, is it difficult to accurately measure prejudice? Why or why not?3) Describe other measurements sociologists use to calculate prejud
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Checkpoint: Information System Business Problem DimensionsIT/205June 11, 2010What are the three dimensions to business problems? Provide examples of each.The three dimensions to business problems are organization, people, and technology. Organization
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Axia College MaterialAppendix CLeaders and Legislation of the Civil Rights and Black PowerMovementsIdentify leaders of the Civil Rights and Black Power movements and their contributions to theirrespective causes. How did these social pioneers forge t
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The way people nowadays refer to race as the color of ones complexion but that means racecategorizes people within the world to a certain creed or descent so to believe that the term race is tosimply put as a word to place people amongst those like them
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Axia College MaterialAppendix CLeaders and Legislation of the Civil Rights and Black PowerMovementsIdentify leaders of the Civil Rights and Black Power movements and their contributions to theirrespective causes. How did these social pioneers forge t
University of Phoenix - IT - 205
Axia College MaterialAppendix DUnited States-Centric Views ComparisonConsider this question: What are an average Americans perceptions about Muslim/ArabAmerican and Christian American groups?Copy each descriptor from the paragraph below and paste it
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Ethnic Groups and DiscriminationAfrican AmericanJulian Rouse6/25/2011ETH/125 Patricia DuneganIn the mid-fifteenth century, the Transatlantic Slave Trade had come into existence.Over the next 300 years, between 15 and 20 million Africans were transpo
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Julian RouseIt/205Professor. Elisa RowellBASICHARDWAREADVANCED* Wireless Network AdaptersHARDWARE* Monitor* Central Processing Unit* Mouse* Keyboard* Laptops* Networking Equipment* Optical Disks & DVDs* Touch Screens* Handheld DevicesBASIC
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Axia College MaterialAppendix BFinal ExamAccess the Electronic Reserve Readings link on your student Web site for Week Nine.Select one of the topics below and read both articles that present opposing sides of theargument surrounding that topic.ooo
University of Phoenix - IT - 205
Internet Tools at Dirt BikesIt/205Professor Elisa RowellJulian Rouse7/3/2011With any business, it is very important to have a good flow of communication inorder to become successful. The most useful tool that any company could have is theintranet.
University of Phoenix - IT - 205
TitleIT205SmartScenarioEthicsOfMonitoringNetworkUsageZeroTolerancePolicy.ZeroTolerancePolicy.AdvantagesDisadvantagesApplicationAccesstosupportproblems websitesVirus incidentvolume AccesstocollaborationHelp softwaredesksupportvolumeBandwidth