11–17
Compensation Packages
•
Total monetary compensation and benefits offered to employees – Salary – Stock options – Commissions – Bonuses – Profit sharing – Employee benefits – Perquisites (perks)
11
Part IV Managing Employees Part IV: Managing Employees
Hiring, Training & Evaluating Employees
11
Introduction to Business 3e Introduction to Business
Jeff Madura
11–7
Recruiting
Goal of recruiting is to ensure an adequate supply of qualified candidates for employment. • Internal/external • Screening applicants • Make the hiring decision
•
11–2
Key Terms
bonus • boycott • commissions • compensation package • employee benefits • employment test • external recruiting • human resource manager • human resource planning • internal recruiting
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Increase employees’ innovation. Enable employees to understand and interact with a diverse set of customers. A larger proportion of eligible employees will be from minority groups.
•
11–8
Internal versus External Recruiting
Internal Recruiting
filling open positions with existing employees whose personalities are known, capabilities and limitations can be assessed. An opportunity for a promotion or more desirable tasks.
11–12
Decision Making P353
How to Recruit 1. What problem might Web Czar Company encounter if it hired an application whose resume listed proper credentials without interviewing the application? 2. If Web Czar has many qualified applicants for its job position and they all appear to be enthusiastic about working for the company, what criterion should Web Czar use to make its hiring decision?
•
11–11
Hiring Example
•
Job CFO
– Responsibility –ensure the company meets it’s financial goals – Task – Develop and manage a budgeting system – Skill – Analyze a budget to uncover the risks to the company – Behavioral question – Tell me about a time when you able to identify and communicate a financial risk during budget time?
11–9
Screening Applicants
Screening out Unqualified Applicants - Recruiting software programs eliminate the need for individuals to read and categorize resumes received. • Interview Process - Applicants’ punctuality, communication skills, attitude and other more detailed information. • Contacting References - Offering limited benefits, because only the references who are likely to provide strong recommendations are listed. • Employment Tests (Optional) Exhibit 11.2 • Physical Examination (Optional) • Hiring Decision Exhibit 11.3&11.4
Planning to satisfy a firm’s needs for employees 1. Forecasting Staffing Needs 2. Job analysis 3. Recruiting
•
11–5
Forecasting Staffing Needs
Needs
occur as workers retire or take jobs with other firms. Needs may be determined by assessing the firm’s growth trends. During a temporary increase, the firm can offer overtime to existing workers, hire temporary workers for part-time or seasonal work.
•
11–3
Key Terms
job analysis • job description • job specification • perquisites • profit sharing • promotion • salary • stock options
•
11–4
Human Resource Planning
Copyright © 2004 South-Western. All rights reserved.
Learning Goals
Explain human resource planning by firms. • Explain how a firm can ensure equal opportunity and the benefits of doing so. • Differentiate among the types of compensation that firms offer to employees. • Describe the skills of employees that firms develop. • Explain how the performance of employees can be evaluated.
•
Age Discrimination in Employment Act of 1967 (amended 1978)
– 40 years old or older.
• •
Americans with Disabilities Act (ADA) of 1990 KNOW THESE…….
11–16
Recruiting
External Recruiting
Filling positions with applicants from outside the firm. May recruit more qualified candidates. Firms don’t have as much information as they do for internal applicants.
Decision Making P356
Ensuring Equal Opportunity in New Job Position
1. Explain
how Web Czar’s strategy for allowing for equal opportunity is related to its human resource planning process. 2. Under what conditions might a policy to promote existing employees to open job positions not allow for equal opportunity?
11–6
Job Analysis
•
Job analysis
– Determining the tasks and the necessary credentials for a particular position