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Impacts: partnerships with foreign firms, lower trade and tariffs. Impact on HRM includes different geographies, cultures, laws, and business practices. Issues include finding capable managers, developing foreign culture programs, and adjusting compensation plans for overseas work.
o Globalization: the trend toward opening up foreign markets to international trade and investment.
o Corporate Social Responsibility: the responsibility of the firm to act in the best interests of the people and com
o Computer networks and e-commerce
o Types of jobs change
o Knowledge workers: workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem solving.
o How are you going to get people to embrace new technology
exit interviews, administration functions, and separation pay.
leavers and replacements.
-The old person is going to be better than the new person for a while.
Because some turnover can be good. If someone is functioning poorly, they should leave. But some turnover can be bad, when great employees leave and you lose talent.
- Principal- Agent Theory: the agent will remain with the organization when his or her utility for staying is greater than the opportunity cost.
o Principal: employer
o Agent: employee
§ Stay in a job as long as they can get something more, and leave if they can get something better.
-Internal equity: comparing yourself to other people in the company.
-External equity: comparing yourself to people in other companies.
-Relationships with co-workers
Socialization, orientation, and training
-How people think about quitting
o training programs
o change how we recruit and select people
o Training programs
o Change how we recruit and select people
o Redesign the job
o Give people a greater voice or the formal opportunity to complain without anything happening
o Give internal advancement and opportunities
o Pay above market wages
-Turnover is lower, but more costly when using High-Commitment HR strategy.
-You spend a lot of money to train someone so losing them is very expensive.
-You want to do everything you can to keep a unique person in the firm.
# of people who leave (leave for any reason)/
average # of positions (always given)
-Ex: an employee is a human capital that you cannot own, but an oil field is just a type of capital that you can own.
-People are recorded as a payroll liability.
-People are recorded as a salary expense
-Consumers do not demand labor to make goods and services, but rather they demand the goods and services created by that labor.
-If people really want a product, then high demand is going to create a higher demand for labor.
*labor demand is a derived demand
Describe the ways in which both government and culture can affect both the supply and demand for labor, and analyze the impact on wages and employment.
Government policies affect labor supply, such as:
o Welfare reform laws
o Child care subsidies
o Income tax in general
o Health care
o Student loans
o Immigration policies
o Social security
The effects of society and culture on the labor market:
o Women in the workforce: increased
o Attitudes toward education: more people are going to college
o Population growth: increasing
o Globalization: supply comes from all over
o Discrimination: decreasing
o Overall opportunities and expectations: people are thinking they are going to do better than their parents.
-Build/buy: Train workers and build workforce, or buy it.
-Invest in capital or labor
-Employee assistance programs, benefits, compensating differentials all will be affected by the needs of the population from which you draw.
How might firms try to manipulate the labor supply.
-Partnering with universities
Calculate the following: MP(Labor), MRP, and optimal labor demand.
-Keep hiring as long as there is a profit.
-The difference between in production between you and the person before you.
Generate a graph of labor demand using several wage/quantity combinations and discuss the law of diminishing returns.
-Producing more burgers, but they are increasing by decreasing amounts.
Illustrate how changes in price, technology and decisions about how to organize a firm’s human resources will influence these calculations and shift the demand for labor curve.
-What happens to MPL?
-It should increase
What happens to worker cost?
-It will increase because training is not free.
-What people say, you have to do
-Not able to tell people exactly what you want to.
o Higher productivity
o Lower turnover
o Lower profits
(because of higher wages)
Describe trends in unions organizing in the US
Identify economic conditions that facilitate success of unions
- High demand for product
- Low elasticity of demand for labor (few substitutes for labor)
- Low elasticity of demand for output product (few substitutes for product)
National Labor Relations Act of 1935
Taft-Hartley Act of 1947
Landrum-Griffin Act of 1959
o Increased unemployment
o Import labor
o Workers might become more skilled
o Off shore work
o Concerned with profits
o Trying to figure out if we have enough money to support programs.
# of unemployed looking for work/
# in labor force (employed and unemployed looking for work)
Who is considered unemployed?
o He or she is without a job
o He or she would be able to take a job if it were offered
o Her or she has looked for work in the preceding four weeks.
Why is the unemployment rate so important?
-The number of jobs is directly related to production and spending.
-A decrease in employment means a decrease in production.
-Loss of income
-Psychological damage-Increased crime and drug addiction
- Labor force: all non-institutionalized people over the age of 16 who are either working for pay or are actively seeking paid employment.
- Labor force participation rate
# in labor force/ adult population not institutionalized
due to normal turnover in the economy as when individuals change from one job to another.
o Results from people being temporarily between jobs
the result of a decrease in the demand for labor due to the changing of the season,
o Many agricultural and construction jobs.
o Resort and holiday jobs.
is the result of insufficient aggregate demand in the economy to generate enough jobs for those who seek one.
o Also called demand-deficient unemployment
o Main type in US right now.
Define the term psychological contract and it relevance to the management of human capital.
- Can come from past experiences
- The employer and employee do not want the same things
- Can have a broad (expect a lot of things) or narrow (expect a few things) psychological contract.
- Contracts: must keep for full term, or pay off.
- Federal and state laws: cannot fire based on age, gender, race
- State court rulings: have to fire for a cause.
Unwelcome advances, requests for sexual favors, and other verbal or physical contact of a sexual nature.
Calculate the adverse/disparate impact using the four-fifths rule.
Step 1: calculate the rate of selection for each group. Divide the number of people selected from a group by the total number of applicants from that group.
Step 2: divide the lower selection rate by the higher selection rate.
Step 3: decide if higher or lower than 80%.
-higher= hasn't occurred
-lower= has occured
Discuss legal defenses to adverse impact and disparate treatment.
-Exceptions usually allowed for morality and authenticity reasons.
-Simply whenever you can use race, gender, or age as a defense.
-ex. pilots have to stop flying at a certain age
-To do things differently would cause undue hardship
-Ex. Hooters, if guy cannot work there as a server. If did allow guys would cause a big mess.
Discuss affirmative action and strategies
Have to develop a plan and correct some area of past discrimination.
- Good faith effort strategy: identify and eliminate the obstacles in hiring and promoting women and minorities.
- Quota strategy: have to hire a certain number of a certain races.
- Set a minimum wage. It requires overtime pay (1 and ½ times) for hours worked over 40 in a week. It also established child labor provisions. Jobs covered in the act are called “non-exempt” and include most hourly non-supervisory workers.
- Knowledge: whatever info, facts, or wisdom we have acquired. Ex: you know what the unemployment rate is.
- Skills: what an individual is able to do. Ex: calculating the unemployment rate.
- Abilities: what you are capable of. Ex: gathering data about the unemployment rate.
the collection of characteristics that determines a person’s preferences and individual style of behavior.
- Heredity: there is a genetic component to personality.
- Environment: influenced by life experiences.
- The situation: in different situations we exhibit different personalities.
Big 5 personality traits:
Core self evaluations: a broad set of personality traits that refers to self concept.
an individual’s generalized belief about internal versus external.
o Internal: believe that they control what happens to them.
o External: believe circumstances or other people control your fate.
a person’s overall view of himself/ herself as being able to perform effectively in a wide variety of situations.
o “I think I can”
o “I thought I could”
an individual’s feeling of self worth.
o High: positive look at yourself.
o Low: negative look at yourself.
Explain the concept of validity and its importance to the measurement of individual difference variables.
Validity: the degree to which something accurately reflects or assesses the specific concept it was meant to measure.
- If you give a test you want it to be high in validity.
- Not a good idea to hire based on a personality test because it is easy to lie.
Step 1: sensation- selective attention/ comprehension
- sorting through multiple things and focusing on one thing
Step 2:selection- encoding and simplification
-coming up with a way to remember things
Step 3: organization- storage and retention
-putting things in order in your mind so you will remember
Step 4: translation-retrieval and response
-pulling things out of your mind
Identify the barriers to social perception.
The tendency for our overall impressions of others to affect objective evaluations of their specific traits; perceiving high correlations between characteristics that may be unrelated.
- when you know the people already and then you make a judgment about their future performance
*Horn Effect: you know a few bad things about a person, so you assume that everything about them is bad*
Explanations of how people assign responsibility and the cognitive processes by which they interpret the causes of their own behavior and the behavior of other people.
Internal Causality: people initiate actions within themselves.
External Causality: people just react to their environment.
Fundamental Attribution Error: we attribute the behavior of others to internal factors. We ignore any external factors.
Self-Serving Bias: Take credit for success and blame failure on external environmental causes.
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