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All the information for topic 2 IB Business Management HL
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All the information for topic 2 IB Business Management HL
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Businessmanage
ment
, unit 2:
Human
Resource
s
2.1 Introduction to human resource
management
Human resources is one of the departments (functions) of the business, that
consists on the selection of the best candidate for a specific job (with specific
characteristics).
,Human resource management (HRM) is the management function of deploying
and developing people within an organization to meet its business objectives.
HRM is a crucial part of every business. Effective HRM ensures the recruitment,
training, motivation and retention of the best employees. It promotes a healthy,
positive, inclusive culture in the workplace for the good of the employees and the
business as a whole.
Labor turnover (HL)
Exam tip:
𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑡𝑎𝑓𝑓 𝑙𝑒𝑎𝑣𝑖𝑛𝑔 𝑡ℎ𝑒 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 Very useful and
· 100 usually appears in P1
𝑎𝑣𝑒𝑟𝑎𝑔𝑒 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑠𝑡𝑎𝑓𝑓 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑑 𝑖𝑛 𝑎 𝑦𝑒𝑎𝑟 exams.
High turnover ratio (many people leaving the company) is
usually connected to businesses with poor human resourcing (bad motivation,
bad identification, bad salaries, bad employee conditions, etc.)
The role of human resource management
(HRM) is the function of the management to recruit, train, compensate and
develop people employed within the business to meet the aims and objectives of
the organization. The human resource department plays different roles within an
organization.
Employees, or the workforce of a business, are one of the most valuable assets of
any organization. HRM ensures that the business has the people it needs to meet
its objectives. There are a number of key roles for HRM in a business:
• Recruitment and selection: hiring the right number of appropriately
qualified and suitable workers at the right times (to fill job vacancies).
• Retention: keeping workers by meeting the needs of the employees
• Induction: training of new employees (norms and operations of the
organization)
• Training and development: improving the competencies, skills and
productivity of the workers.
• Performance management (appraisals): assessing the performance and
effectiveness of employees in relation to their job description holding
them accountable for their performance.
• Absenteeism: dealing with issues that arise when workers are unable to go
to work.
, • Dismissal: letting go of workers no longer needed, maybe due to
underperformance or misconduct in the workplace (discipline and
grievances)
• Payment and remuneration
• Employees welfare
• Redundancies: letting go of workers, often when jobs are no longer
needed
• Workforce (HR) planning: Estimation of future HR needs (type and number
of employees) so the business doesn’t have too many (too much cost) or
too little employees (less productivity)
Human resources planning
Workforce planning involves forecasting how many and what type Every person
of employees are needed now and in the future. Two major within a team
has a specific
activities are involved in the workforce planning process.
goal.
• Gathering and analysing data about the needs of the
organisation. This includes data about the roles
and numbers of employees, labour turnover Exam tip:
within the organisation and the business
objectives. The human resources department Workforce planning should
always be considered when
also needs to understand the impact of changes there is an exam question on
in the external environment on the business and strategic planning. A strategy
can only be successful if a
its labour needs.
business has the right people
• Developing responses to the HR needs that have to execute it.
been identified.
Managers will draw up a Human Resources plan to detail the number, type and
location where employees need to be hired. HR planning is designed to help
managers deal with and prepare for changes by having the right people. HR has
to be resistant to change.
Due to the evolving working
planning needs of a company, HR
must constantly make HR plans. HR planning involves anticipating and addressing
the organization’s current and future HR needs:
• Short-term workforce planning is used to address the immediate needs of
an organization (maternity leaves, retirements…)
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