Human Resources Management Chapter 1 Quiz

Module 1: Why Study Human Resources Management?

• Human Resources Management (HRM) is the process of managing human talent to achieve an organization's objectives.
• Great business plans, products, and services can easily be copied by competitors, but human resources managers can create a competitive advantage.

Issue 1: Responding Strategically to Changes and Disruptions in the Local and Global Marketplace

• Human resources managers need to understand business operations and strategies to respond to changes and disruptions.
• They need to understand concepts like Six Sigma, reengineering, and change management.
• Six Sigma is a set of principles and practices that focus on understanding customer needs, doing things right the first time, and striving for continuous improvement.
• Reengineering is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed.
• Change management is a systematic way of bringing about and managing organizational changes and changes on the individual level.

Issue 1: Responding Strategically to Changes and Disruptions in the Local and Global Marketplace (Cont'd)

• Reactive changes occur after external forces have already affected performance, while proactive change is initiated to take advantage of targeted opportunities.
• Globalization is the trend of opening up foreign markets to international trade and investment, leading to "anything, anytime, anywhere" markets.

Issue 2: Setting and Achieving Corporate Social Responsibility and Sustainability Goals

• Corporate Social Responsibility (CSR) is the responsibility of the firm to act in the best interests of the people and communities affected by its activities.
• Sustainability is closely related to CSR, focusing on doing business in a way that does as little harm to the environment and depletes as few natural resources as possible.

Issue 3: Advancing HRM with Technology

• Technology can improve how people perform their work and how they are managed.
• Collaborative software allows workers to interface and share information with one another.
• Human Resources Information System (HRIS) is a computerized system that provides current and accurate data for purposes of control and decision making.
• Workforce analytics is the process of gathering and analyzing data to improve a firm's human resources management.

Issue 3: Advancing HRM with Technology (Cont'd)

• Operational, relational, and transformational automation can improve HRM, including online recruiting, screening, and pretesting of applicants.
• Technology can also lead to self-service access to information and training for managers and employees.

Issue 4: Containing Costs While Retaining Top Talent and Maximizing Productivity

• Carefully managing employees' benefits can help contain costs.
• Employee furloughing, leasing, offshoring, nearshoring, and homeshoring can reduce labor costs.
• Downsizing, outsourcing, and layoffs can also be used to reduce costs, but they have hidden costs, such as severance and rehiring costs, accrued vacation and sick-day payouts, and loss of institutional memory.

Issue 4: Containing Costs While Retaining Top Talent and Maximizing Productivity (Cont'd)

• A no-layoff policy can lead to a fiercely loyal, more productive workforce, higher customer satisfaction, and a recruiting edge.
• Furloughing, outsourcing, and employee leasing can be used to reduce costs, but they have their own set of challenges and consequences.

Issue 5: Responding to the Demographic and Diversity Challenges of the Workforce

• The demographic changes in the workforce, such as an aging workforce and more diverse workforce, require HR managers to adapt and manage diversity.
• Managing diversity means being aware of characteristics common to employees, while also managing employees as individuals.

Issue 6: Adapting to Educational and Cultural Shifts Affecting the Workforce

• Educational and cultural changes in the workforce, such as changing attitudes towards work and balancing work and family, require HR managers to adapt and respond.
• Employee rights, privacy concerns, and the changing nature of work are important considerations for HR managers.

Module 6: The Partnership of Line Managers and Human Resources Departments

• Successful organizations combine the experience of line managers with the expertise of HR managers to develop and utilize the talents of employees to their greatest potential.
• Human resources managers play a crucial role in helping organizations achieve their objectives.

Human Capital and HRM

• Human capital refers to the valuable knowledge, skills, and capabilities of individuals that have economic value to an organization.
• Human resources, intellectual assets, and talent management are all terms used to describe the importance of people in organizations.
• Human capital is gained through long-term experience and can be expanded through development.

Test your knowledge on human resources management topics such as career opportunities, globalization, corporate social responsibility, sustainability, and the impact of technology on work performance. This quiz covers learning outcomes from Chapter 1 'The World of Human Resources Management'.