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Human Capital - Test 1

Human Capital - Test 1 - Human Capital Test 1 Chapter 1 1...

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Human Capital – Test 1 Chapter 1 1. Labor is needed to produce goods and services that consumers want and need. Too many people in the labor force can result in unemployment, and too few people can result in the inability to produce enough goods and services. 2. Stakeholders: individuals or groups that have interests, rights, or ownership in an organization (Five categories: owner’s and investors, customers, society, other organizations, and organizational members) a. Society: the organization can have a positive impact (i.e. providing essential goods or services) or a negative impact (i.e. pollution) on society; society wants to ensure that the organization is legally compliant and maintains good community relations b. Employers: employers want to make sure they obtain quality workers that can help the organization sustain competitive advantage; employers are looking for employees that add value to the organization for the owners and investors c. Employees: the employees want to ensure that they are being compensated for their work (pay and benefits) as well as being provided a quality work life and steady job 3. Challenges and Trends faced by Human Resource Managers: a. Globalization: Human resource managers are now able to recruit and hire employees from all over the world. They must develop methods for gauging the knowledge and skill base of foreign workforces and figure out how to hire and train them. Globalization provides new and broader opportunities for organization, but represents a quantum leap in the complexity of human resources management. b. Embracing New Technology: The introduction of advanced technology tends to reduce the number of jobs (touch workers) that require little skill and to increase the number of jobs that require considerable skill (knowledge workers). Technology has had a huge impact on human resource management by allowing very effective human resources information systems to be developed. These information systems help human resource managers cut costs, increase productivity, speed up response times, improve decision making and customer service, forecast personnel needs, plan for career and employee promotions, and evaluate the impact of the firm’s policies. c. Managing Change: In highly competitive environments, where competition is global and innovation is continuous, change has become a core competency of organizations. Organizations must respond to reactive change, which occurs when external forces have already affected an
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organization’s performance; and, organizations must initiate proactive change to take advantage of targeted opportunities d. Managing Talent, or Human Capital: Human capital describes the economic value of employees’ knowledge, skills, and capabilities. Human resource managers each play an important role in creating an organization that understands the value of knowledge, documents the skills and capabilities available to the organization, and identifies ways of utilizing that knowledge to benefit the firm. e.
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Human Capital - Test 1 - Human Capital Test 1 Chapter 1 1...

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