HRM and Business Wednesday/Friday 08/23-25/06 “Life-Long Learning Gem”

1. HRM and Business Wednesday/Friday 08/23-25/06 “Life-Long Learning Gem” Investopedia’s Term for 8/23/06: True Cost Economics

2. Your Challenge • Understand Chapters 1 & 2 of the text. • Understand Historical Development of HRM • Know the HRM Functions • Understand Strategic HRM • Develop the perspective that a “Strategic Value-Added Framework” should influence all HRM pursuits.

3. Textbook Resource • Website: • http://college.hmco.com/business/fisher/hr_manage/6e/students/index.html

4. 100 Best Places to Work • How has J.M. Smucker Company managed to be on the list each year? A Simple Code: • Listen with your full attention • Look for the good in others • Have a sense of humor • Say “Thank You” for a job well-done

5. The Human Equation-Making Firms Profitable: • Employment security to build commitment • Selective hiring to get right people • Self-managed teams/decentralization • Higher compensation contingent on firm performance • Extensive training so employees identify and resolve problems • Reduced distinctions based on status • Extensive sharing of information

6. Managing People • The major goal of managing people: • Attract, retain, and develop a group of effective people • We do this as part of a business management system that includes managing: • physical resources (capital), • financial resources (capital), • marketing capabilities / other information, • and people. • The ultimate goal is to enhance shareholder value now and in the future

7. PRODUCTIVITY Goods and Services More Productive organizations Physical Financial Marketing People Less Productive organizations Goods and Services Physical Financial Marketing People

8. A Brief History of HRM Industrial Revolution Scientific Management Emergence of Free Collective Bargaining Early Industrial Psychology Public and Private Sector Merit Human Relations Movement Behavioral Sciences Employment Legislation/Court Decisions HR as Strategic Partners in Successful Firms

9. Strategic HRM View

10. J.M. Smuckers • Managing People • Taking care of the HR functions • Communicating effectively • Motivating effectively • Strategic HRM

11. HR Functions • HR Planning • Job Analysis/Job Descriptions • EEO/AA • Recruiting • Selection • Training and Development • Performance Management • Compensation • Benefits • Safety and Health • Labor Relations • Organizational Exit

12. Communicating Effectively  Formal/Informal Communications  Verbal/Non Verbal  Basic Communication Models  Improving Communication  Listen Effectively/Actively  Know Communication Barriers

13. Motivating Employees WHY IS MOTIVATION IMPORTANT? EFFECTIVE PERFORMANCE results from the interplay of a person’s Skills & Abilities, Motivation, Organizational Support

14. Individual Differences Influence Motivation: • Attitudes and Values • Personality • Needs

15. Motivation Explanations • REINFORCEMENT • NEEDS • GOAL-SETTING • EQUITY • EXPECTANCY

16. Reinforcement Theory Behavior is a function of its consequences. Law of Effect Behavior Modification

17. “Needs” Theories A need is a strong feeling of deficiency that creates an uncomfortable tension. A person will attempt to meet his/her need to reduce the tension. • Maslow’s Need Hierarchy • (Physiological, safety, belongingness, esteem, SA) • Learned Needs Theory • (nAchievement, nAffiliation, nPower)

18. Goal-Setting Theory • Specific, written goals increase performance • Difficult (accepted) goals increase performance • Goal feedback increases performance • Most Powerful Motivational Application

19. Equity Theory Based on perceived fairness. Oown / Iown = Oother / Iother PERCEIVED INEQUITY MOTIVATES: Change inputs Change outcomes Change perceptions Change referent other Change the environment

20. E P Expectancy Effort Performance Outcomes O P Expectancy Expectancy Theory

21. Strategic HRM View