RSM100Y1 Chapter Notes - Chapter 8: Human Resource Management, Cafeteria Plan, Job Satisfaction
Document Summary
Human resources management: attracting, developing, retaining employees who perform activities needed to meet objectives. Hiring based on cultural fit leads to groupthink. Strategic plan, driven by corporate strategy, drives hr. Work with managers to predict number of employees needed, what skills need to be brought. Advertise, interview, employment testing (cognitive tests), medical exams, training, equipment. Bad hiring can cost 2 times applicants annual pay. Large number of candidates, quality may still be lacking. Costly if you mess up on the job. Single manager"s subjective view, employees afraid to speak honestly. Must occur several times a year, link to organizational goals, be based on objective measures, have two-way conversation. A lot of work, but employees has more involvement in process, learns more about own strengths, weaknesses, and role. Wage: pay based on hourly rate/amount of work accomplished. Employee separation: loss of employee for any reason. Exit interview to know why employee is leaving.
