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C202: chapt 1 (hi)

Strategic Human Resource Management

QuestionAnswer
competitive advantage doing something differently from the competition that leads to out performance and success
employee handbooks print or online materials that document the organizations HRM policies & procedures
shared service center centralizes routine transaction based HRM activities
outsourcing hiring an external vendor to do work rather than doing it internally
professional employer org. a company that leases employees to companies that need them
HRM (human resource management) the organizational function responsible for attracting, hiring, developing, rewarding, & retaining talent
total rewards the sum of all of the rewards employee receive in the exchange for their time efforts and performance
direct financial compensation compensation received in the form of salary, wage, commission, stock options, or bonuses
indirect financial compensation all the tangible financially valued rewards that are not included in direct compensation, including free meals, vacation time, and health insurance
nonfinancial compensation rewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or form the work environment
business strategy defines how the firm will compete in its marketplace
talent philosophy a system of beliefs about how an organizations employees should be treated
human resource strategy links the entire human resource function w/ the firms business strategy
HRM function staffing, health, and safety, employee management relations, rewards and benefits, training and development, performance management
staffing process of planning, acquiring deploying & retaining employees that enables the org. to meet its talent needs & to execute its business strategy
training and development responsible for career planning, organizational development & often legal compliance as well
performance management aligning individual employees goals& behaviors w/ organizational goals & strategies, appraising & evaluating past & current behaviors & performance & providing suggestions for imporvement
rewards& benefits perceived as both adequate & equitable that reward employees for their contributions to organizational goal attainment are important to employee motivation, performance, & retention
total rewards definition the sum of all rewards employees receive in exchange for their time, effort and performance
total rewards examples direct financial comp, indirect financial comp, nonfinancial comp
health and safety wellness, fixed food safety, ergonomics, injury management
Created by: nashanta
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