what is a mission statement
defines the core purpose of the organization
what is the vision statement
what the organization aspires to become in the future
what are values
core principles and standards that guide the behavior, decisions, and actions of the organization and its employees
what is efficient vs effective?
Efficient: how well resources (time, money, personnel) are utilized to achieve HR goals
Effective: achieving desired outcomes and goals
What is human resources management? (HRM)
An integrated set of systems, practices, and policies in an organization that focuses on the effective deployment and development of its employees
Why should you study HRM
In-demand career opportunities, understanding people, influencing success, personal growth
What does CARES stand for and what does each letter mean
Coach: equipping managers with best practices to lead effectively
Align: aligning HR strategies with business objectives to achieve organizational goals
Recruit: delivering essential services like recruiting, onboarding, and training
Engage: strengthening employee contributions and fostering engagement
Safeguard: formulating and implementing policies for a safe, inclusive, and healthy work environment
What topics impact HRM
Global economy, changes in business sectors and firms, technology, quality management, human capital, demographics
How does global economy affect HRM?
The Canadian economy is primarily built on exports, international companies operate in Canada, Candian companies operate in global locations
Example: the war in Ukraine and how we couldn’t get goods from them
How does Demographics affect HRM?
Theres multiple generations in the workforce (gen X, baby boomers), Gender distributions, rising levels of education, diversity of backgrounds
What is Human Capital and what are the core competencies
The value that employees provide to an organization through their knowledge, skills, and abilities
Core competencies: a combination of knowledge, skills and characteristics needed to effectively perform a role in an organization
what is quality management and what are the three approaches
Meeting customer expectations and providing excellent customer service
Lean: Organization system of improvement that maximizes customer value and minimize waste Best for organizations that need to remove inefficiencies and waste
Six sigma: a process used to translate customer needs into a set of optimal tasks performed in concert with one another (removing waste in a larger way)
Ideal for organizations focused on reducing defects and improving quality control
Benchmarking: Finding the best practices in other organizations that can be brought into a company to enhance performance
Works for organizations looking to learn from others and measure their performance against the best in the industry
How does technology affect HRM?
HRM is less administrative, tech has enabled companies to improve processes, conducting work activities away from the office
How does changes in business sectors and firms affect HRM?
changes to company ownership, downsizing and outsourcing (external party does something for business), need to increase exports while addressing environmental concerns
example: COVID (massive change)
what does Gig Economy mean
environment in which employees have many part-time jobs instead of one permanent full-time role
what are some innovation skills
creativity, problem solving, continuous improvement skills, risk assessment and risk taking, relationship building and communication skills
what is the HRM strategy
Development and implementation of HRM systems, practices, and policies that enable the human capital (employees) to achieve the business objectives
