refers to shareholders the community customers and all other parties that have

Refers to shareholders the community customers and

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refers to shareholders, the community, customers, and all other parties that have an interest in seeing that the company succeeds Sustainability includes the ability to: provide a return to shareholders provide high-quality products, services, and work experiences for employees increase value placed on intangible assets and human capital social responsibility Adapting to changing characteristics and expectations of the labor force Legal and ethical issues Effectively use new work arrangements The changing structure of the economy Skill demands for jobs are changing
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Knowledge is becoming more valuable Intangible assets -- human capital, customer capital, social capital, and intellectual capital Knowledge workers – employees who contribute to the company through a specialized body of knowledge Empowerment – giving employees responsibility and authority to make decisions regarding all aspects of product development or customer service Learning organization Changes in Employment Expectations: The need for companies to make rapid changes are reshaping the employment contracts. The psychological contract describes what an employee expects to contribute and what the company will provide to the employee for these contributions Alternative work arrangements include independent contractors, on-call workers, temporary workers, and contract company workers The Balanced Scorecard The balanced scorecard gives managers the opportunity to look at the company from the perspective of internal and external customers, employees and shareholders. The balanced scorecard should be used to: Link human resource management activities to the company’s business strategy. Evaluate the extent to which the human resource function is helping the company’s meet it’s strategic objectives. The Balanced Scorecard How do customers see us? What must we excel at? Can we continue to improve and create value? How do we look to shareholders? Customer Service and Quality Emphasis Total Quality Management (TQM) Core values of TQM include: designing methods and processes to meet the needs of internal and external customers all employees receive training in quality promotion of cooperation with vendors, suppliers, and customers management gives feedback on progress ISO 9000:2000 Six Sigma process
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Changing Demographics Diversity of the Workforce Internal labor force is the labor force of current employees External labor market includes persons actively seeking employment The workforce is aging rapidly Managing a Diverse Workforce To successfully manage a diverse workforce, managers must develop a new set of skills, including: Communicating effectively with employees from a wide variety of cultural backgrounds Coaching and developing employees of different ages, educational backgrounds, ethnicity, physical ability, and race
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