chapter 19, 20, 21, 22, 23 Flashcards
(39 cards)
What are 2 objectives of HR management?
4 ethical principles
- Company performance (competitive advantage achieved through people)
- Concern for people (attracting, developing, and retaining the right people and developing culture)
- 4 ethical principles:
- Respect for the individual
- Mutual respect
- Procedural fairness
- Transparency
What are 3 components of success?
(sketch)
Technical component; Economic component; Human component
What are 3 process categories of HRM?
sketch
Meta Functions:
* Corporate Identity
* Human Resource Policy
* Strategic HRM
Core Functions:
* HR Planning
* Recruitment and Selection
* HR Development
* Operational Use of Personnel and Motivation
* Personnel Administration and Maintenance
* Release from Organization
Support Functions:
* Labor Law
* Personnel and Organizational Development
* Leadership
* Personnel Marketing and Controlling
* Communication Program
* Knowledge Management
What is corporate identity and which 4 subcategories exist?
- Explicit management of company’s presentation to the audience
- Philosophy and history of the organization
- Multidisciplinary field
- Based on corporate personality of the organization
subcategories
* Communication and Visual Identity
* Behavior
* Corporate culture
* Market Conditions
What is human resource policy?
expressed through
HR policy defines the way things are done around here
It is expressed through:
- Equity (treating employees fairly and justly)
- Consideration (taking into account individual circumstances when making decisions concerning people)
- Quality of working life
- Working conditions
What are areas of HR policy and what influences need to be considered.
- Employment policy
- Reward policy
- New technology policy
- Harassment policy
- Health and Safety policy
Influences to consider:
* Legal norms
* Owners
* Trade unions
* Customers/Suppliers
What is strategic HRM?
- Strategic HRM encompasses decisions and actions
- It concerns the management of employees at all levels in the business
- Its focus is on creating and sustaining competitive advantage.
Which types of competences do you know (HR Development)?
- Professional competences (knowledge, capabilities, and skills acquired through education, training, or experience)
- Methods competences (ability to apply professional competences in an aim-oriented manner, problem-solving skills, information gathering and understanding, training through seminars, practical experience)
- Social competences (capacity to coordinate adaptive responses to interpersonal demands, effective organization of social behavior, conflict resolution skills, effective communication and collaboration)
- Action competence (intersection of professional, methods, and social competence, aims to enhance action competences at all levels of the company)
Why is HR development of high importance for company.
- Technological change (new skills are required, new methods and tech developed)
- Speeding up response time – more decisions in shorter time
- Flexibility – concerning environmental factors
- Innovation in higher frequency – need as product life cycles are getting shorter
- Conflict management – key competence for managers
Name 4 activities of HR development.
- Learning: Permanent change in behavior
- Education: Development of knowledge and values
- Development: Personal growth and advancement
- Training: Modification of behavior through instruction and practice
What is relationship between Motivators and Hygiene factors?
Motivators:
* Recognition
* Achievement
* Personal growth
Hygiene factors:
* Job security
* Salary
* Insurance
* Vacation
Relationship between motivators and hygiene factors:
* If motivators are low and hygiene factors are high, the job is viewed as a paycheck.
* If motivators are high but hygiene factors are low, the job is challenging and exciting, but work conditions are not satisfactory.
* If both motivators and hygiene factors are high, employees are highly motivated and satisfied.
What is HR administration and maintenance?
Administration – tracking existing employee data which traditionally includes personal histories, skills, capabilities and salary.
Maintenance – related to employee benefits (services, vacations…), health and safety and worker-manager relation.
What are reasons for releasing from the organization?
Internal (Reduction of overtime, transition to flexible work hours, short-time work, retraining, transfer of employees)
External (cancellations, reduction of staff, early retirement, voluntarily resignation, pension, golden shake hands)
Which 2 approaches of organizational development are there?
Personnel approach – change of inner situation, goal to work better in team and provide more autonomy
Structural approach – change of external situation (decentralization, communication) – goal is more autonomy and more flexibility of organization
Difference between Corporate Governance, Leadership and Executives (Managers/Leaders)
Corporate governance is a system by which companies are directed and controlled. Determine company objectives and underlying strategies.
Leadership is the ability to persuade other to voluntarily act in accordance with predetermined company’s objectives.
Executives/Managers are persons whose job is to plan and direct work of others and to take corrective actions when needed.
Executive/Leaders need to satisfy task needs, group maintenance needs and individual needs.
What is personnel marketing?
- Personnel marketing applies marketing principles to attract candidates for company positions.
- The goal of personnel marketing is to enhance the company’s appeal to both internal and external candidates.
- Internal personnel marketing focuses on communication with employees, incentive systems, and workplace design.
- External personnel marketing involves strategies such as job advertisements, recruiting events, internet presence, and customer service.
What motivates employees and what does internal communication analyze?
- Employees are motivated by both extrinsic rewards (external incentives) and intrinsic rewards (satisfaction from the work itself).
- Managers want to effectively communicate proposals to ensure understanding and acceptance, and to gain employee commitment to the objectives.
- Employees want to hear about working methods and any changes in their employment, ability to mention concerns
- Communication channels with personnel include oral, print media, **electronic ** media, and external media.
What is public limited company?
- PLC (deutsch: AG) is a legal entity with its own legal personality
- Shareholders participate in the share capital through contributions
- Shareholders not personally liable for company liabilities
What goes in memorandum of association and what is minimal capital?
- Company name and registered office
- Purpose of the company
- Amount of share capital (minimum of 70k euros, 1€ or multiple/share)
- Composition of the board of directors
- Form of publication of the company
Which 4 bodies does PLC need to have?
- Board of Directors
- Supervisory Board
- General Meeting
- Auditor
What are most important resolutions of general meeting?
- Annual meeting held once a year
- Chaired by the chairman of the supervisory board
- Agenda items include:
- Distribution of profit
- Discharge of the board of directors, supervisory board, and auditor
- Adoption of resolutions presented by the board of directors or supervisory board
- Appointment of special auditors
- Changes in the memorandum of association
- Assertion of compensation claims
What is the purpose of supervisory board, board of directors and auditor?
Board of Directors:
* Represents the monopoly of the PLC
* Appointed for a maximum of 5 years
* Must have at least 1 member
* Responsible for the management of the business
Supervisory Board:
* Consists of at least 3 members
* Appointed by the general meeting
* Meets quarterly
* Work council entitled to representation
* Tasked with controlling management and other duties outlined in the memorandum of association
Auditor:
* Elected by the general meeting
* Audits annual accounts and management reports
* Ensures compliance with statutory accounting regulations
difference between merger and acquisition?
- Merger: Legal consolidation of two entities into one entity.
- Acquisition: Occurs when one entity takes ownership of another entity’s stock, interest, or assets.
Explain different types of mergers.
Loose merger:
* Each company retains its independence after the merger.
Tight merger:
* Companies merge but maintain independent factories.
* Under a single management structure.
Fusion:
* Merger where companies abandon their independence.
* Fully integrated under a single entity.
Horizontal integration:
* Acquisition of additional businesses operating at the same level of the value chain.
* Expands market share or eliminates competition.
Vertical integration:
* Expansion of a company’s business into different steps of the same production path.
* Involves owning distributors, suppliers, or other related entities.
