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Managing Human Resources Notes

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Managing Human Resources
Course Code: 4200

Chapter One: The World of Human Resource Management pages 1-28
Human resource management (HRM) The process of managing human talent to achieve an organization’s objectives

Human capital: The knowledge, skills, and capabilities of individual that have economic value to an organization. Skills that people bring with them

Six Sigma: A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time and striving for continuous improvement

Reengineering: rethinking and radical redesign of business processes to achieve dramatic improvement in cost , quality, services and speed

Outsourcing: contracting outside work that was formerly done by employees inside the company

Change management: bring about and managing change at both the organizational and individual level

Proactive Change: Change initiated to take advantage of targeted opportunities

Globalization: Opening up foreign markets to international trade and investment

Reactive Change: Change that occurs after external forces have already affected performance

Corporate Social: The responsibility of the firm to act in the best interests of the people and communities affected by its activities

Collaborative Software: Software that allows workers to interface and share information with one another electronically

Human Resource Information System: A computerized system that provides current and accurate data for purposes of control and decision making

Furloughing: A situation in which an organization asks or requires employees to take time off for either no pay or reduced pay

Employee Leasing: The process of dismissing employees who are then hired by a learning company and contracting with that company to lease back employees

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