MGT 2301 Human Resources in Canada - 12th edition - textbook notes

MGT 2301 - Human Resources Study Notes Chapter 1 Key terms Human Resources Management (HRM)– The management of people within organizations to drive successful organizational performance and achievement of the organization’s strategic goals. Human Capital – The knowledge, education, training, skills and expertise of an organization’s workforce. Scientific Management – The process of “scientifically “analysing manufacturing processes, reducing production costs and compensation based on their performance levels. The Human Resources Movement – A management philosophy focusing on concern for people and productivity. Outsourcing – The practice of contracting with outside vendors to handle specified business functions on a permanent basis. Employee Engagement – The emotional and intellectual involvement of employees in their work, such as intensity, focus, and involvement in his or her job and organization. Strategy – the company’s plan for how it will balance its internal strengths and weaknesses with external opportunities and threats to maintain a competitive advantage. Change agents – Specialists who lead the organization and its employees through organizational change. Environmental scanning – Identifying and analysing external opportunities and threats that may be crucial to the organization’s success. Metrics – Statistics used to measure activities and results. Balanced Scorecard – A measurement system that translates an organization’s strategy into a comprehensive set of performance measures. Productivity – The ration of an organizations outputs (good and services) to its inputs(people, capital, energy, and materials) Primary sector – Jobs in agriculture, fishing and trapping, forestry and mining. Secondary sector – Jobs in manufacturing and construction Tertiary or service sector – Jobs in public administration, personal and business services, finance, trade, public utilities, and transportation/communications. Traditionalists – Individuals born before 1946 Baby boomers – individuals born between 1946 and 1964