C202 Managing Human Capital

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WGU C202: Know to Pass

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C201 B

202 term a_c Human resource managementis the organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent.total rewardsrefers to the sum of all of the rewards employees receive in exchange for their time, efforts, and performance Direct financial compensation: compensation received in the form of salary, wages, commissions, stock options, or bonuses Indirect financial compensation(benefits): any and all financial rewards not considered direct financial compensation, including health insurance, wellness benefits, paid vacations, and free meals Nonfinancial compensationrewards and incentives given to employees that are not financial in nature, including intrinsic rewards received from the job itself or from the physical or psychological work environment (e.g., feeling successful or appreciated) business strategydefines how the firm will compete in its marketplace talent philosophyis a system of beliefs about how its employees should be treated human resource strategylinks the entire human resource function with the firm's business strategy.Organizational cultureis made up of the norms, values, and assumptions of organizational members performance culturefocuses on hiring, retaining, developing, motivating, and making work assignments based on performance data and results

high performance work systems (HPWS)use a fundamentally different approach to managing than do more traditional hierarchical and bureaucratic organizations Ethicsare the standards of moral behavior that define socially accepted behaviors that are right as opposed to wrong utilitarian standard: the ethical action best balances good over harm by doing the most good or doing the least harm rights standard: the ethical action that best respects and protects the moral rights of everyone affected by the action, including the right to privacy, to be told the truth, or to be safe fairness standard: the ethical action treats all people equally, or at least fairly, based on some defensible standard common good standard: the ethical action shows respect and compassion for everyone, especially the most vulnerable virtue standard: the ethical action is consistent with certain ideal virtues including civility, compassion, benevolence, etc Omission errorsa lack of written rules Remission errorspressure to make unethical choices Commission errorsa failure to follow sound, established operational and ethical practices Codes of conductspecify expected and prohibited actions in the workplace and give examples of appropriate behavior code of ethicsis a decision making guide that describes the highest values to which an organization aspires Corporate social responsibilityhappens when businesses show concern for the common good and value human dignity stakeholder perspectiveconsiders the interests and opinions of all people, groups, organizations, or systems that affect or could be affected by the organization's actions supports social responsibility Unfair discriminationoccurs when employment related decisions and actions are not job-related, objective, or merit-based Fair discriminationis when only objective, merit-based, and job-related characteristics are used to determine employment-related decisions.Unlawful employment practicesare those that violate a federal, state, or local employment law, for example by unfairly discriminating against people with legally protected characteristics including pregnancy, religion, or age

Equal employment opportunity (EEO)means that employment practices must be designed and used in a manner that treats employees and applicants consistently regardless of their protected characteristics Inclusionmeans that everyone feels respected and listened to, and everyone contributes to his or her fullest potential Common lawis the body of case-by-case court decisions that determines what is legal and what remedies are appropriate workplace torta civil wrong in which an employer violates a duty owed to its customers or employees National Labor Relations Act (NLRA)to protect employee and employer rights and to encourage collective bargaining between labor unions and employers Fair Labor Standards Actestablishes a national minimum wage, overtime rules, recordkeeping requirements, and youth employment standards Equal Pay Act of 1963prohibits discrimination in pay, benefits, and pensions on the basis of an employee's gender Title VII of the Civil Rights Actprohibits employment discrimination based on race, color, religion, sex, or national origin and provides monetary damages in cases of intentional employment discrimination bona fide occupational qualification (BFOQ)is a characteristic that is essential to the successful performance of a relevant job function, and that the essence of the business operation would be undermined by including or excluding members with a protected characteristic Age Discrimination in Employment Act (ADEA) prohibits employers from discriminating against any worker with respect to compensation or the terms, conditions, or privileges of employment because he or she is age 40 or older The Rehabilitation Act of 1973requires employers to engage in affirmative action to promote the hiring of individuals with a disability Reasonable accommodationmeans an employer is required to take reasonable steps to accommodate a disability unless it would cause the employer undue hardship The Vietnam Era Veterans' Readjustment Assistance Act

(VEVRAA)

prohibits discrimination against protected veterans and requires federal government contractors and subcontractors with a contract of $25,000 or more with the federal government to take affirmative action to employ and promote protected veterans.Strategic planningis a process for making decisions about an organization's long-term goals and how they are to be achieved missionis its basic purpose and the scope of its operations

visionidentifies the company's long-term goals regarding what the organization wants to become and accomplish, and describes its image of an ideal future core valuesare the enduring beliefs and principles that guide its decisions and goals, including corporate social responsibility and environmental sustainability business strategyoutlining how it will compete in a particular market human resource planningaligns the organization's human resources to accomplish the organization's strategic goals The Conference Board's Leading Economic Index , a monthly composite economic index published by the Conference Board, is designed to signal peaks and troughs in the business cycle and forecast future economic activity.The monthly Conference Board Consumer Confidence Index measures consumer sentiment by asking randomly selected people questions about their perceptions of their job security and willingness to spend money.Trend analysisinvolves using relevant past employment patterns, including the employer's, the industry's, or even the nation's, to predict a company's future talent needs staffing ratiosare a mathematical method of calculating the number of employees needed by "indexing" headcount with a relevant business metric Judgmental forecastingrelies on managers' expertise to predict a firm's future talent needs Top-down judgmental forecastingrelies on the organization's leaders and their experience and knowledge of their industry and company to make predictions about the firm's future talent needs Bottom-up judgmental forecastingstarts with lower-level managers' estimates of the firm's future talent needs Talent inventoriesare databases that summarize each employee's competencies, qualifications, languages spoken, and anything else that can help the company understand how the employee can contribute replacement chartsto track the potential replacements for particular positions succession planningor identifying, developing, and tracking employees to enable them to eventually assume higher level positions.gap analysis, comparing labor and supply and demand forecasts identifies the firm's future t alent needs action plansto proactively address either a talent shortage or surplus scientific managementbreaks work down into its simplest elements and then systematically improves the worker's performance of each element job characteristics modelproposes that objective characteristics of the job lead to job satisfaction