C202 - Managing Human Capital Final Exam

C202 - Managing Human Capital Final Exam 12 studiers today 5.0 (1 review) Students also studied Terms in this set (87) Western Governors UniversityC 207 Save

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69 terms hay Practice questions for this set Learn1 / 7Study using Learn A form of insurance paid by the employer providing cash benefits to workers injured or disabled in the course of employment Pays medical cost job related illness or accident HRMthe organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent Choose an answer 1Non Financial Compensation2Professional Liability 3Workers Compensation4Retirement Don't know?

• HRM functional areasstaffing, health/safety, performance management, employee

management relations, rewards/benefits, training/development HRM systems influence performanceimproves efficiency, contributes to revenue growth, increase employee understanding, develop enhance employee capabilities (helps employees focus on things HRM Systems influence performance of an organization -by improving organizational efficiency -contributing to revenue growth -enhancing employee capabilities and talents(goal attainment) -increase employee engagement -ability to manage change HRMs role in executing an organization's business strategy HRM policies and strategies must match with competitive environment and immediate business conditions Business Strategydefines how the firm will compete in the market Talent Philosophysystem of beliefs about how its employees should be treated -diversity -ethics -time of careers -viewment of employees Employee Handbookdocument of the organization's HRM policies and procedures that help employees learn the company's HRM (helps employees easily research topics) HRM is performed byprofessionals, managers, individual employees, service centers, outside vendors, employer organizations HRM Systemstechnology based platforms that help human resource management professionals securely house sensitive employee records

• specific ways HR can support organizations should it

choose to shift its culture- Sourcingis the process of identifying qualified individuals and labor markets from which to recruit Recruitingrefers to activities that affect either the numbers or the type of people willing to apply The Relationship between sourcing and recruiting sourcing uses analytical skills to generate recruiting leads. Sourcing and recruiting influences what employees can do.Internal recruitingare fast and inexpensive internal job recruiting- employers can directly apply being overlooked is reduced

External recruitinghas job fairs, job boards, offshoring to rehire candidates Realistic Job Preview-presents an honest and accurate picture -minimizes losses -Sharing only appropriate info -maintaining confidentiality -providing timely info -Talent from competitors -misleading recruits about the nature of the job Direct compensationthe pay an employee receives in the form of wages, salary, bonuses, commissions Indirect compensationbenefits consist of all the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time, health insurance Base Payreflects the size and scope of employees responsibilities Non Financial Compensationemployees rewards and incentives that are not financial in nature Fixed Paypay employees a set amount regardless of performance Variable Paybase some or all of an employee's compensation on employees, teams, or organization Variable Pay 22. will pay based on what is done or how it is performed (reinforces the competitive advantage) Drawbacks of Variable Payperformances must meet needs and or exceed standard Fair Labor Standards Act FMLApassed in 1938 to stimulate economic recovery from the Great Depression Federal Law sets standards for minimum wage, overtime pay, equal pay Equal Pay Actprohibits against gender based way discrimination Workers Comp is administered on a state-by-state basis and overseen by a state governing board Pay-For-Performance(also called merit pay)- reward employees based on some specific measures of their individual performance

• Reasons Organizations give trying to performance -recognize and reward high performers

-increase the likelihood of achieving corporate goods -improve productivity -move away from an entitlement culture Pay For Performance is a powerful motivatorit determines the degree to which people will be able to satisfy many of their needs and wants.

Intrinsic motivationcomes from interest in or enjoyment from doing a task Extrinsic motivation- comes from outside the individual including performance bonuses

• I am usually never intrinsic motivated with a job because I have yet to enjoy a

job fully

• I am usually always extrinsically motivated because I am always trying to work

towards something Different types of incentives target differentemployee behaviors and outcomes Employees are indirectly compensated through benefits meaning Benefits to attract employees so the better benefits the better worth in being an employee Purpose of benefitsto attract and retain talent and enable employees to perform better, promote health, provide financial protection, improve employees work life and balance

• Conditions to provide better benefits than competitors economic and productivity reasons

Focus is on attraction & recruitmenthousing, relocation, transportation allowances, health, dental, life insurance, flextime, telecommuting Decreasing Employees StressBenefits such as flextime, fitness center, financial and retirement planning, onsite daycare, elders, personal days Types of Benefitsmandatory, customary, optional Mandatory BenefitsBenefits that each employer is required to provide: family medical leave act (FMLA), cobra health coverage, unemployment compensation, workers' compensation, and Social Security.Customary Benefitslife insurance, disability insurance, health insurance, retirement plan, vacations/sick leave Optional Benefitswork life benefits, free food, workout facility, domestic partner benefits, flexible spending account, non-financial benefits, creative benefits, Social Security providesRetirement benefits Unemployment Insurance (UI)Temporary income during periods of involuntary unemployments Workers CompensationA form of insurance paid by the employer providing cash benefits to workers injured or disabled in the course of employment Pays medical cost job related illness or accident FMLA (Family and Medical Leave Act)Federal law requiring organizations with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption; to care for a seriously ill family member or for an employee's own serious illness; or to take care of urgent needs that arise when a spouse, child, or parent in the National Guard or Reserve is called to active duty