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Human Resource Management: gaining a competitive advantage - Meeting the needs of stakeholders, shareholders, customers, employees and community

5 important questions on Human Resource Management: gaining a competitive advantage - Meeting the needs of stakeholders, shareholders, customers, employees and community

What is the Balanced Scorecard, and when should it be used?

A means of performance measurement that gives managers a chance to look at their company from the perspectives of internal and external customers, employees, and shareholders. It brings together most of the features that a company needs to focus on to be competitive.

It should be used to:
1. Link human resource management activities to the company’s business strategy
2. Evaluate the extent to which the HRM function is helping the company meet its strategic objectives

Why are social responisiblities of companies getting more important?

It's a way of gaining a competitive advantage in attracting and retaining talented employees. This because it can help to boost a companies image.

What are the labor force characteristics?

Internal labor force: labor force of current employees

The skills and motivation of a company’s internal labor force determine the need for training and development practices and the effectiveness of the company’s compensation and reward systems

External labor force: persons outside the firm who are actively seeking employment

What are 3 challenges to the workforce demographics and diversity:

1. The average age of the workforce will increase

This means that companies are likely to employ a growing share of older workers
Employers will increasingly face HRM issues such as retirement planning, and avoid skill obsolescence

2. The workforce will become more diverse in terms of gender, race and generations

Digital Natives, Millennials, Generation X, Baby Boomers, Traditionalists. Be cautious in attributing differences in employee behaviors and attitudes to generational differences.

3. Immigration will continue to affect the size and diversity of the workforce

What are the 5 skills HR managers must develop to manage a diverse workforce?

1. Communicating effectively with employees from a wide variety of cultural backgrounds.
2. Coaching and developing employees of different ages, educational backgrounds, ethnicity, physical ability, and race.
3. Providing performance feedback that is based on objective outcomes rather than values and stereotypes that work against women, minorities, and handicapped persons by prejudging these persons’ abilities and talents.
4. Creating a work environment that makes it comfortable for employees of all backgrounds to be creative and innovative.
5. Recognizing and responding to generational issues.

The question on the page originate from the summary of the following study material:

Human Resource Management UvA

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