WGU C202 (Managing Human Capital - Chapter 1)

WGU C202 (Managing Human Capital - Chapter 1) 5.0 (1 review) Students also studied Terms in this set (18) Western Governors UniversityC 202 Save

WGU C202: Know to Pass

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C202: Pre-Assessment - Managing ...

69 terms hayleybayley89 Preview WGU c 129 term Joh Practice questions for this set Learn1 / 7Study using Learn Staffing is the process of planning, acquiring, deploying, and retaining employees that enables the organization to meet its talent needs and to execute its business strategy competitive advantagedoing something differently from the competition that leads to outperformance and success Employee handbooksprint or online materials that document the organization's HRM policies and procedures Choose an answer 1competitive advantage2HRM Functions 3Staffing4professional employer organization Don't know?

shared service centercentralizes routine, transaction-based HRM activities Outsourcinghiring an external vendor to do work rather than doing it internally professional employer organizationa company that leases employees to companies that need them Human resource managementthe organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent total rewardsthe sum of all of the rewards employees receive in exchange for their time, efforts, and performance Direct financial compensationcompensation received in the form of salary, wages, commissions, stock options, or bonuses Indirect financial compensationall the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time, and health insurance Nonfinancial compensationrewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or from the work environment How HRM Influences Organizational Performance HRM influences organizational performance through its

influence on three key areas:

Influencing what employees should do Influencing what employees can do Influencing what employees will do HRM FunctionsHRM creates the system that acquires, motivates, develops, and retains talent and is a key source of competitive advantage StaffingStaffing is the process of planning, acquiring, deploying, and retaining employees that enables the organization to meet its talent needs and to execute its business strategy

What Effective HRM Systems Do1. Improve organizational efficiency

• Contribute to revenue growth
• Increase employees' understanding of their responsibilities and how they relate

to the organization's mission, business strategy, and goals

• Develop and enhance employee capabilities and talents to enable strategic

execution and goal attainment

• Equitably link rewards to responsibility level and performance
• Promote the efficient and effective utilization of employees' skills and

knowledge

• Increase employee engagement, effort, and performance
• Increase the organization's ability to manage change
• Decrease an organization's legal liability for compliance with employment laws

business strategydefines how the firm will compete in its marketplace talent philosophya system of beliefs about how an organization's employees should be treated.

includes:

• The value placed on diversity
• Ethics
• Whether the firm would like employees to stay for a limited time or for their

entire careers

• Whether employees are viewed as assets to be managed or as investors

choosing where to allocate their time and effort.What is the human resource strategy linked to?the entire human resource function with the firm's business strategy