BUSI 342 Exam 1 Liberty University

DEFINITION OF HRM: - Answer- • Designing formal systems in an organization to manage the human capital in accordance with the organization's goals DEFINITION OF HUMAN CAPITAL: - Answer- • The collective value of the KSA (knowledge, skills & abilities) and life experiences of the workforce EVOLUTION OF HR: - Answer- • 1900'sPersonnel • 1960's - 1970's Social Legislation • 1990's implementing vision and strategy • Today's focus- tighter labor markets, economic uncertainty and globalization 4 TYPES OF ASSETS IN A COMPANY: - Answer- • Physical assets- building • Financial assets- cash/A/R • Intellectual property- designs, TM & patents • Human Capital- The talents, capabilities and experiences of the workforce 7 HR MANAGEMENT FUNCTIONS: - Answer- • 1. Strategy & Planning • 2. Equal Employment Opportunity • 3. Staffing • 4. Talent Management • 5. Rewards • 6. Risk Management and Worker Protection • 7. Employee & Labor Relations Strategy & Planning- - Answer- HR Effectiveness, HR Metrics, HR Technology, HR Planning & HR Retention Equal Employment Opportunity- - Answer- Compliance, Diversity, Affirmative action Staffing- - Answer- Job Analysis, Recruiting, Selection Talent Management- - Answer- Orientation, Training, HR Development, Career Planning, Performance Management Rewards- - Answer- Compensation, Incentives, Benefits Risk Management and Worker Protection- - Answer- Health & wellness, Safety, Security Disaster and recovery planning Employee & Labor Relations- - Answer- Employee Rights and privacy, HR policies, Union/Management Relations