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HRM - Challenge of Human Resources Management

Key terms in Module One

Core CompetenciesIntegrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers.
DownsizingThe planned elimination of jobs.
Employee LeasingProcess of dismissing employees who are then hired by a leasing company and contracting with that company to lease back the employees.
GlobalizationTrend toward opening up foreign markets to international trade and investment
Human CapitalThe knowledge, skills, and capabilities of individuals that have economic value to an organization.
Human Resources Information SystemComputerized system that provides current and accurate data for purposes of control and decision making.
Knowledge WorkersWorkers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem solving.
Managing DiversityBeing aware of characteristics common to employees, while also managing employees as individuals.
OutsourcingContracting outside the organization to have work done that formerly was done by internal employees.
Proactive ChangeChange initiated to take advantage of targeted opportunities
Reactive ChangeChange that occurs after external forces have already affected performance.
ReengineeringFundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed.
Total Quality Management (TQM)A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement.
Information TechnologyThis has enabled organizations to change the way they do business
Change ManagementThe effective handling of changes so as to positively impact the organization

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