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Week 1 Notes - Strategic Human Resource Management

by: Jamie Notetaker

Week 1 Notes - Strategic Human Resource Management MGMT 2103

Marketplace > University of Arkansas > Business Management > MGMT 2103 > Week 1 Notes Strategic Human Resource Management
Jamie Notetaker
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These notes contain information from the first day of class and covers important information about the course. These also cover material about Strategic Human Resource Management from Module I. (8/...
Class Notes
Strategic, Human, resource, Management





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This 4 page Class Notes was uploaded by Jamie Notetaker on Monday August 29, 2016. The Class Notes belongs to MGMT 2103 at University of Arkansas taught by TBD in Fall 2016. Since its upload, it has received 9 views. For similar materials see MANAGING PEOPLE/ORG in Business Management at University of Arkansas.

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Date Created: 08/29/16
Tuesday, August 23 MGMT2103, Week 1 Notes Highlight = Important Concept Highlight = Key Term ____________________________________________________________________________ Syllabus and ImportantClass Info Contact Info  Email at (not Blackboard)  Officehours: T 3:30 to 4:30 pm & by appointment in WCOB 410 Main TopicsWe Discuss 1. Relationships in the workplace 2. Onboarding Course Overview  Bad coworkers are "Human ResourceManagement mistakes" o Should they have been hired? (Selection) o Do they have the skills? (Training) o Do they know they are bad? (PerformanceManagement) o Are they motivated? (Compensation) o Should they be fired? (Separation) Managing People inOrganizations  Human Capital o The knowledge, skills, and capabilities of individuals that have economic value to an organization  Human ResourceManagement o Process ofmanaging human capital to achieve the organization's objects o HRM involves many different processes/functions  Organizational Behavior o Human behavior in organizations Syllabus 1. Hiring the right people 2. Developing and retaining those people 3. Managing employee interpersonal dynamics RequiredMaterials  Custom Textbook with Connect Access Code o Register for LearnSmart by accessingthe link in "Module 2" on Blackboard  Articles  Lecture Notes o Bring to class  Learning Objectives Homework  Module 1 - due Thursday Grades  3 In-Class Exams - 400 points total (about 133 pts each) o Lowest scorecanbe replaced with CommonFinal grade  CommonFinal - 300 points  Connect (LearnSmart) Assignments - 190 points o 15 Assignments, 15 points each o Lowest LearnSmartdropped o Can get a total of 215/190 (extra credit)  Extra Credit Opportunities - Max of 20 points o LearnSmart o 1.5-2 page (double-spaced) written assignments  Find article or video clip relevant to courseand apply it to concepts learned in class  Attendance and Participation - 100 points o Begin with 80/100 o If you regularly attend class,completeassignments,and voluntarily, your scorewill increase o You are expected to be at every class.Attendance is taken each day. You canmiss up to 3 days.  Biography Assignment (due 8/29) - 10 points o Name (& nickname), Major, hobbies, plans after graduation, something interesting about yourself, if you are employed and where. Grammar is not graded. Include a recent photo (embedphoto - don't attach). o Save file as "Lastname, Firstname.doc" Next Time  A moreextensive description of what this class will be about  Question: "Does HRM - and do people - really matter to profitability" ____________________________________________________________ Thursday, August 25 ____________________________________________________________________________ Strategic Human ResourceManagement StrategicHuman Resource Management  The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals  Major objective: Getting the right people in the right place in the business to maximize business success. DoesHRM Matter?  Does is help lead to a competitive advantage? Does it help foster it? o Conceptual Arguments o CaseStudies o Quantitative Analysis Porter's Strategy Typology o Competitive advantage results from creating value in one of two ways:  Low-coststrategy: reducing costs andcharging less than competitors  Differentiation strategy: convincing the market that your product/service is different or superior from competitors,may chargea premium First Tactic: A ConceptualAnalysis:  Resource-basedview (RBV) o Firms gain competitive advantage when they possess and strategically deploy valuable resources o The value of resources depends on several factors (RIO)  Resources: o Financial, Physical, & Intangible  It is accepted that core capabilities/competencies/strategic capabilities serve as the dominant sources of competitive advantages People  Good people are rare depending on the economyand the job  Good people are inimitable because they create socially complex resources (ex. Culture, history, trust), and they make numerous smalldecisions. Human Capital Customer Capital  Tacit Knowledge  Customer relationships  Educations  Brands  Work-related know-how  Customer loyalty  Work-related competence  Distribution channels Social Capital IntellectualCapital   Corporate culture Patents  Management philosophy  Copyrights  Management practices  Trade secrets  Informal networking systems  Intellectual property  Coaching/mentoring relationships The more a job affects a core competencyin your organization, the morethose people have the ability to help you maintain competitive advantage Greater sources of competitive advantage  Firm-specific skills vs. general skills  Teams vs individuals  Entire system of HRM practices vs.individual practices How to gain Competitive Advantage  Firm-controlled resources o Not all resources area Competitive Advantage o Not all resources serveas a sourceof competitive advantage o Human resources and the organizational practices that develop and support those resources are possibly one of the mostdifficult sources of competitive advantage to replicate SecondTactic: Case Studies  Hawthorne Study o People are motivated by unmet needs ThirdTactic: Quantitative Studies  Wecan look at companied that are recognized for their HRM quality o Fortune's 100 Best in 2016  A qualitative study found a "matched firm"for each of the 100 Bestof 1998 o Matched firms were similar in sizeand industry but had never made the list o The 100 Bestfirms outperformed their matches over a five-year period  Metrics in employee satisfaction,ROA, market to book ratios, long-term stock returns  A study of HRM practices o Executives in 968 firms responded to questions about their HR/OB practices (see handout "HRM Overview Handouts") o Data on turnover, sales, and stock price were collected for all 968 forms o Results:  A one-standard deviation improvement in their responses,7% decrease in turnover, $27,000 more in sales per employee, and $18,000 improvement in stockprice per employee Conceptual arguments, casestudies, and quantitative studies all support its impact on ad firm's competitive advantage In Class Examples: The Container Store  Corporations mustcommunicateeffectively**  Turnover is 10-15% (comparedto 90-100% industry standard)  Most people in higher positions started as a salesperson  Areas they excel in: Communication(share what is going on in the company - financially, etc.), Patience in Hiring, Better Pay for Employees, The Office:Healthcare Plan (In-class video)  Issues: Bad Communication,Unhappy Employees ____________________________________________________________________________


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