Video Transcript: Human Resource Management

hello, welcome. We're going to discuss human resources management. What is  human resource management? Capital, cash, valuables or goods used to  generate income. People are one of the most important types of capital in  business, right? So we need to understand that the human resource  management process is the process of employing people, training them,  compensating, developing policies relating to people, and developing strategies  to retain employees. So our employees are our greatest asset, right? We need  to make sure that we are investing into them, developing strategies to retain  high quality talent, so that we can continue to push forward and grow as an  organization with good people. The role of human resources. Human Resources focuses on internal factors, including staffing, development of workplace  policies, compensation and benefits, management, retention, training and  development, laws affecting employment and worker protection. So we need to  make sure that we are really paying particular attention to our employees,  developing them, cultivating them in our culture and retaining them and training  and developing them to continue to help them grow and a positive trajectory  inside of our organization. So let's take a look at the graph. So this comprises of  human resources management, kind of the overall scope. So social, legal,  economic and technological. Let's start with social. So it's the attitudes or beliefs about what is acceptable or what is right. For example, the trend toward work  life balance that's big for retaining top quality employees, right? We need top  talent. They want a balance between their work life and their home life, right?  They need some social interaction. Legal how the legal aspects of business  affect human resource management, such as discrimination laws or  requirements for healthcare or employer paid taxes. Right? We need to  understand the legal obligations and implications of human resources  management, the economic factor in HRM, the economic environment affects all parts of business and affects HRM in terms of how many employees might be  needed. So whether we're going through a boom cycle or a bust cycle, an  expansion phase or a recession in the economy, we need to be able to staff  accordingly based on the economic needs. Technological the technological  environment impacts how people communicate, which affects human resources  due to technology, there are ways to track employee Performance,  Compensation and even the hiring process, so we need to utilize technology to  help us manage our resources, our human resources better, effectively,  efficiently, rewarding those that deserve The rewards the role of human  resources, external factors, globalization. It's a constant changing marketplace.  Globalization is implemented everywhere, offshoring, taking our company  offshore, putting it in a multinational market. How does that affect us? Are we  going to have to lay employees off because now we're investing offshore.  changes to employment law. Things change all the time. Workers compensation  laws change healthcare laws change. Healthcare costs. They change they go up

and down. Insurance premiums. Change diversity in our workforce, learning how to embrace diversity. Encourage diversity. Encourage diversity in ideas and  thoughts. Technology, embracing technology and how does that impact our  human resources as technology advances, are we going to lay off more of our  employees, because now artificial intelligence and robotics are taking their jobs.  Increase of social networking, right? People need social interaction, especially in today's age. People want to feel socially connected, not isolated from their peers in the workplace, how does that affect our employees? How does that affect our  productivity as an organization? Changing demographics. Things are changing  all the time, so we need to know what demographics are being actually the most dramatically changed in the environment, and we need to be able to adapt our  human resources culture around that a highly educated workforce, highly  educated employees, they are going to have more opportunities. They can leave and go get a better job, or a more lucrative job, if they choose to. So that's why  it's important to retain that talent and pay them competitive in the market,  layoffs, downsizing, it happens. We have to, at times as managers in HR, layoff  or downsize the size of our labor force.