IB Business - Topic 2 (Human Resource Management) Full Notes
41 views 3 purchases
Course
Business Management
Institution
Book
IB Business Management Course Book
I achieved 7 in HL Business Management. I spend a lot of time making my notes as detailed and coherent as possible, so they can be used as study guides to help you ace the challenging course. Thanks for checking this out!
Complete notes for the 2022 IB Business Management course
IB BUSINESS MANAGEMENT unidad 1
IB BUSINESS MANAGEMENT Unidad 3 y 4 (finanzas y marketing)
All for this textbook (16)
Written for
Secondary school
Business Management
1
All documents for this subject (37)
Seller
Follow
tlthaochi
Reviews received
Content preview
2.1 The Functions and Evolution of Human
Resource Management
Objectives
Define human resource planning (workforce planning).
Explain the concept of labour turnover.
Identify internal and external factors that influence human resource planning (such as demographic
change, change in labour mobility, new communication technologies).
Outline common steps in the process of recruitment.
Define the following types of training:
on the job (including induction and mentoring)
off the job
cognitive
behavioural
Define the following types of appraisal:
formative
summative
360-degree feedback
self-appraisal
Outline common steps in the processes of dismissal and redundancy.
Describe how work patterns, practices and preferences change and how they affect the employer and
employees (such as teleworking, flexitime, migration for work).
Explain outsourcing, offshoring and re-shoring as human resource strategies.
Evaluate how innovation, ethical considerations and cultural differences may influence human resource
practices and strategies in an organisation.
HR PLANNING
Define human resource planning (workforce planning).
Ensure that a business has the right types of employee and that those employees are working effectively.
also called workforce planning; a continuous process.
especially important for businesses in the tertiary and quaternary sectors.
make sure employees are in jobs for which they are properly trained and properly suited.
estimates future HR needs (type and number of employees), so that it will rarely have:
, too many employees, which increases costs;
too few employees, which can hurt productivity.
in large businesses, this plan is a written document for reference.
Elements of HR plan
recruitment – how the business recruits the right person for the right job.
training – how the business ensures that employees receive proper professional development.
appraisal – how the employee’s job performance is evaluated.
termination/dismissal – how the business manages the situation when the employee leaves, whether:
voluntarily: the employee leaves of his or her own free will;
involuntarily: the employee is fired for cause or is retrenched.
LABOUR TURNOVER
Explain the concept of labour turnover.
Labour turnover refers to the movement of employees into and out of a business in a given time period.
proportion of workforce that leaves, usually over a year.
indicator of how stable a business is.
can depend on economic growth and employees' demographics.
HR plan should ensure the labour turnover rate is kept at an acceptable level.
vary according to the industry and the skill and experience requirements for the position.
A high labour turnover rate:
suggests that the business has labour problems.
workers are dissatisfied by some aspect of their employment situation.
this source may also affect remaining workers, lead to lower productivity.
cause the business to frequently hire new labour; expensive recruitment and training.
new workers are often less productive than established ones.
can affect employees’ motivation due to interruption in work practices.
may lead employees to believe that they should be dissatisfied.
However:
some labour turnover can be good.
a low turnover rate indicates stability, which can lead to complacency and lack of progress.
new employees tend to bring energy and new ideas.
managers may want incompetent employees (who can't legally be fired) to leave.
FACTORS OF HR PLANNING
,Identify internal and external factors that influence human resource planning (such as demographic change, change in
labour mobility, new communication technologies).
Some external factors can have an effect on the pool of labour available for potential employment.
The business itself may change and internal factors influence the HR plan that is already in place.
External factors
Technological change
improvements in ICT can lead to more teleworking and working from home.
infrastructural improvements can make employing someone from further away easier.
Government regulations
changes in laws regarding health and safety issues can influence a potential workforce.
can affect maximum weekly working hours or contractual issues, such as equality in the workplace.
determine obligations such as pension provisions or age of retirement.
Demographic change
e.g. ageing population, reduced fertility rates, or changes in migration patterns.
impact the potential employees available and their specific requirements to work.
Social trends
, e.g. the role of women, single parent families, or the importance of leisure in the "work–life balance".
State of the economy
economic boom lead to a strain on the pool of labour available and consequently increased wages.
recession has opposite effect: more unemployed workers are available so may accept lower wages.
Changes in education
sometimes considered a factor of demography.
rising or falling education levels can directly impact the suitability of labour for employment.
also relevant is the range and type of courses available to students.
Labour mobility
factors that influence labour mobility can refer either to:
occupational mobility (changing occupations)
geographical mobility (changing locations)
Internal factors
Changes in business organisation
to better meet their strategic objectives.
any reorganisation can affect the current HR plan.
can also occur when a business acquires another business or is acquired.
Changes in labour relations
e.g. if the labour force chooses to unionise, the firm has to abide by the union's work requirements.
if the power of a union decreases, it may have more flexibility with workers.
Changes in business strategy
in response to changes in circumstances in the market or to the business re-orientating itself.
Changes in business finance
limited resources may not be able to pay high wages & salaries; affect recruitment and retention.
unfunded pension liabilities can influence available resources for the current workforce.
significant increase in profitability may allow for a greater number of staff.
RECRUITMENT PROCESSES
Outline common steps in the process of recruitment.
STAGE 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tlthaochi. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R133,93. You're not tied to anything after your purchase.
