HRM Test 1 Revision
HRM Test 1 Revision
HR Strategy
- Talent and Human Capital
- HRM department needs to identify the various competencies required for each job, such as
the skills, abilities, and knowledge required to perform various tasks effectively.
- This will allow them to draw detailed job descriptions that will ultimately guide them to find
the best people for the job.
- Leadership of an Organization
- An HRM department that can boast past success in choosing the right executives will
generally find it easier to convince the board of its recruits the next time an executive is
required.
- In order to do this job effectively, HR managers need to be active in an advisory capacity
when engaging with other organizational leaders so as to give their input on what is best for
the company’s future.
- Human Resources Planning
- The HRM department plays an important role in helping the business to plan for the future.
- For example: by conducting regular surveys of the employees to determine employee
satisfaction, the HRM department can give important insights to business leaders on what
needs to be done in the future to contribute to a happier workplace.
- Performance Metrics and Corporate Culture
- Through developing well-defined performance metrics, regular performance evaluations,
and schemes to reward employees for high performance and creativity in accomplishing
their tasks, the HRM department will create a high-performance culture where the
interests of the employees are aligned with those of the business, and they are genuinely
motivated to do their best.
- Employees who feel appreciated by their companies and receive recognition for their
achievements in the workplace are likely to want to do more.
1. Trend Analysis – Is a study of a firm’s past employment needs over a period of years to
predict future needs.
2. Ratio Analysis – is a forecasting technique for determining future staff needs by using
ratios between, for example, sales volume and number of employees
needed.
3. Scatter Plot – is a graphical method used to help identify the relationship between two
variables.
4. Managerial Judgment – Few historical trends, ratios, or relationships will continue unchanged
into the future so managerial judgment is needed to adjust the
forecast.