Managing Human Capital C202 WGU Exam Study Guide 2024

Describe the primary Functions of HR - 1. Staffing 2. Health and Safety 3. Performance Management 4. Rewards and Benefits 5. Training and Development 6. Employee and Management Relations Staffing - Acquiring, Allocating and retaining the right employees to give the company a strategic advantage. Health and Safety - Keep your employees safe at work for ethical and compliance reasons. Including physical and mental health. Employee Management relations - Making sure both the employee and manager are represented fairly and bothy have rights. Works with unions if necessary Training Development - Keeping employees trained on how to best do their jobs and up to date on skills needed Rewards and Benefits - Making sure to keep employees rewarded and compensated fairly for their work and providing benefits to retain talent Performance Management - Align employees goals with companies goals and appraising and evaluating past and current work Why is HRM important? - - improves efficiency - contributes to revenue growth - manages risk - Convert potential performance to actual performance - influences what people should, can and will do How does HRM Support business strategy - - Aligns company's values and goals with employees values and goals - influences strategies of each function - Creates integrated HRM execute business strategy How does HRM support organizational leadership? - Human resource compliance, balancing policy an legal requirements, and keeping employees engaged , motivated and productive. Ethical Standards - 1. Utilitarian Standard 2. Rights Standard 3. Fairness Standard 4. Common Goods Standard 5. Virtue Standard Utilitarian Standard - Balances good over harm. Doing most good or least harm Rights Standard - Best respects and protects everyone's moral rights including right to privacy, to be told the truth or safe. E.g. A manager tells and employee to handle toxic substance without protective gear, the employee can refuse Fairness standard - Everyone is treated equally or at least fairly. Common Good Standard - Shows respect and compassion for everyone, especially the most vulnerable. E.g. No child labor, unsafe working conditions Virtue Standard - Contains ideal virtues like civility, compassion, benevolence. E.g. REcalling products that are dangers our defect How HRM can create the foundation for success of a merger or acquisition - 1. Participating in conducting due diligence 2. Developing practices that support knowledge transfer and rapid learning 3. Developing strategies to retain top talent and release poor performers 4. Monitoring the new culture to identify ways to strengthen it 5. Planning for continuous adjustment and learning through the process Describe how Human Resource Managers may serve as internal consultants for managment - -Promotes employee participation, commitment and identification with the organization -Helps hire the right talent and helps decide who to let go during layoffs Explain how HRM practices reinforce organizational culture - - Formalized Expectations and guides employees when policies don't exist - Determines who is hired and fired - Determines trainings, goals accountability and who is rewarded - Plays a large role in HPWS Explain how Diversity and inclusion benefit organizational performance - - Good PR avoiding negative publicity - Avoid legal expenses and staying compliant - New ideas come from diverse ways of seeing things - Better you are able to work with all types of people, the better you will be at your job - Diversity fosters creativity and innovation Define affirmative action - - proactive efforts to eliminate discrimination and its past effects