What are the HR processes?
1) Acquisition
2) Development
3) Maintenance
4) Separation
What is acquisition?
Attracting and selecting new staff
How do you conduct acquisition in HR?
1) Determine how many staff you need and what skills they need to have
2) Conduct recruitment
3) Select the best candidates using resumes, interviews and referees
Why is acquisition important?
- Better skills
- Better corporate culture
- Won’t have to dismiss and replace them
What is development in HR?
Improving the skills and capabilities of employees
How do you conduct development in HR?
- Induction
- Training
- Mentoring
- Job design (gain experience)
- Performance management
Why is it important to conduct development in HR?
- Better skills
- Improve staff loyalty
- Prepare staff for promotions (future skills)
What is maintenance?
Meeting employees’ needs in order to retain and motivate them
How do you conduct maintenance in HR?
- Ensure you meet legal obligations (WHS, anti-discrimination, common law obligations)
- Provide rewards
- Use a democratic leadership style
- Resolve disputes effectively
Why is it important to conduct maintenance in HR?
- Improve worker satisfaction and productivity
- Reduce staff turnover and absenteeism
What is separation in HR?
Employees leaving the business
What is voluntary separation, and what are examples?
When the employee chooses to leave (e.g. resignation, retirement)
What is involuntary separation, and what are examples?
When the business lets the employee go (e.g. dismissal)
What are they types of dismissal?
- Dismissal on notice (underperforming staff are given multiple warnings before being dismissed)
- Summary dismissal (immediate dismissal for serious misconduct)
- Unfair dismissal (illegal dismissal due to discrimination or where the employee had not been underperforming)
What is redundancy?
An employee having to leave because the job no longer exists (e.g. if business’ sales fell, they don’t need as many staff)
Is redundancy voluntary or involuntary separation?
It depends:
- A business can offer voluntary redundancy to anyone who wants to take the compensation to leave
OR - A business can pick employees to for involuntary redundancy (but they still get paid the compensation)
Why is it important to conduct separation in HR well?
- Avoid legal cases (e.g. claims of unfair dismissal)
- Do it in a respectful way so that remaining staff still trust the business
What are the indicators of effective HR?
- Corporate culture
- Staff turnover
- Absenteeism
- Accidents
- Disputation
- Worker satisfaction
- Benchmarking key variables
What is corporate culture?
The values and behaviours of employees
Why is corporate culture important in HR?
A positive corporate culture can be productive and enjoyable to work in.
A negative corporate culture may lead to disputes, low effort and staff turnover
What is staff turnover?
Staff leaving the business
What is absenteeism?
Staff missing work because they are sick (or claiming to be sick)
What is benchmarking key variables?
Comparing the performance of the indicators of effective HR
How do you benchmark key variables?
1) Try to measure the indicators, either using statistics (quantitative benchmarking) or by getting a general idea of what it is like by talking to managers and staff (qualitative benchmarking)
2) Then compare the indicators to previous years, to the industry average or to recommended levels
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Role of Operations3
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Operations Influences27
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Operations Processes33
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Operations Strategies76
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Role of Finance7
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Finance Influences (excl. sources & institutions)18
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Sources of Debt26
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Sources of Equity17
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Institutions14
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Finance Processes (other than ratios)31
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Finance Strategies45
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Role of HR8
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HR Processes & Indicators28
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HR Influences26
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HR Influences: Legal Framework42
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HR Strategies65
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Role of Marketing16
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Marketing Influences39
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Marketing Processes45
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Marketing Strategies: 4Ps86
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Marketing Strategies (non-4Ps)27
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Interdependence18
