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Chapter Ten

Chapter Ten. Human Resource Management. 10- 2. Learning Outcomes. 10.1 Explain the elements of Human Resources 10.2 Discuss the process of hiring employees 10.3 Analyze the means for retaining employees 10.4 Determine the pertinent aspects of employee probation and firing

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Chapter Ten

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  1. Chapter Ten Human Resource Management

  2. 10-2 Learning Outcomes 10.1 Explain the elements of Human Resources 10.2 Discuss the process of hiring employees 10.3 Analyze the means for retaining employees 10.4 Determine the pertinent aspects of employee probation and firing 10.5 Distinguish the unique aspects of human resources within a family business and other issues

  3. 10-3 What is Human Resources? • Human Resources has been defined in economics as the quantity and quality of human effort directed toward producing goods and services

  4. 10-4 Hiring Employees • Job Description-a document that describes the job that is to be filled. A brief example would list: • Job Title • Salary • Benefits • Vacation • Sick Days • Description • Skills

  5. 10-5 Hiring Employees • Job Advertising-there are a number of ways to advertise your job opening with little or no cost including: • College Placement Offices • Trade Associations • Employment Agencies

  6. 10-6 Hiring Employees • Interview-at a minimum, the following should be obtained during the interview provide: • Name, Address, Phone #’s, and Email • Other addresses for past three years • Social Security Number • Drivers License number and Issuing State • Work History • Date Available for work

  7. 10-7 Hiring Employees • Interview information continued: • Position for which candidate is applying • How the candidate heard about job • Education and training • Professional organization memberships • Conviction information • References

  8. 10-8 Hiring Employees • Testing can be part of the hiring process for a small business owner. Such tests can include: • Drug Testing • Competency-Based Training The Offer-the author suggests that all of the details of the offer should be developed prior to any conversation with the candidate

  9. 10-9 Compensation • Equity Theory-the theory that we all judge how we are treated relative to how we see others being treated • Hourly Wage-the amount paid per hour for work performed • Salary-a set of compensation for a given time period • Commission-payment based on a percentage of sales

  10. 10-10 Compensation • Hybrid Compensation-includes salary and a commission • Profit Sharing-the firm offers to share a percentage of the profits with the employee • Bonus-a reward offered to employees based upon performance • Fair Labor Standards Act (FSLA)-the act that established a minimum wage

  11. 10-11 Benefits • Benefits can include the following: • Paid Vacations • 401(k) Plan • Paid Holidays • Medical Care • Retirement Plans • Sick Leave • Life Insurance

  12. 10-12 Performance Reviews • A Performance Review is a review by the small business owner of the employees’ goals and outcomes on those goals over some period

  13. 10-13 Probation and Firing Employees • While struggling employees are not a highlight of business ownership, they can impact your bottom line • Develop a paper trail and be particularly diligent in your efforts to assist a poorly performing employee • Specify over time what is expected and how the employee is not meeting expectations

  14. 10-14 Other Issues • Workers’ Compensation • Occupational Safety and Health Administration (OSHA) • Unemployment Compensation • American with Disabilities Act

  15. 10-15 Family Business • A special category of human resource management applies in family businesses • Be cautions of issues of discrimination • Managing family members can be difficult

  16. 10-16 Summary • This chapter examined the wide range of issues involved in the human resources aspects of hiring • We also examined the means by which companies retain employees • We learned that human resources is intimately tied to keeping businesses within the legal structures that affect all companies

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