Financial and Managerial Aspects in Human Resource Management A Practical Guide

Financial and Managerial Aspects in HRM: A Practical Guidebreaks new ground by being the first to compile the everyday management and financial decisions of HR managers in a single book. It is an essential resource for understanding core practical HRM issues in the modern workplace.

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Bibliographic Details
Main Authors Pepple, Dennis, Zhang, Crystal
Format eBook
LanguageEnglish
Published Bingley Emerald Publishing Limited 2021
Edition1
Subjects
Personnel management
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Abstract Financial and Managerial Aspects in HRM: A Practical Guidebreaks new ground by being the first to compile the everyday management and financial decisions of HR managers in a single book. It is an essential resource for understanding core practical HRM issues in the modern workplace.
AbstractList Financial and Managerial Aspects in HRM: A Practical Guidebreaks new ground by being the first to compile the everyday management and financial decisions of HR managers in a single book. It is an essential resource for understanding core practical HRM issues in the modern workplace.
Author Zhang, Crystal
Pepple, Dennis
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Snippet Financial and Managerial Aspects in HRM: A Practical Guidebreaks new ground by being the first to compile the everyday management and financial decisions of HR...
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Subtitle A Practical Guide
TableOfContents Intro -- Half Title Page -- Title Page -- Copyright Page -- Acknowledgments -- Contents -- Lists of Figures and Tables -- About The Editors and Contributors -- How to use this book -- Preface -- References -- Part A: Financial Aspects -- Chapter 1: Introduction to Financial Accounting -- Introduction -- Types of Accounting -- Objectives of Financial Accounting -- Qualitative Characteristics of Useful Information -- Regulatory Framework for Financial Reporting -- Mini Reflective Case 1.1 -- Why Should Human Resource Managers Care About Accounting? -- Summary -- Further Readings -- Chapter 2: Income Statement and Balance Sheet -- Introduction -- Income Statement Explained -- Cost of revenue (COR)/COGS/Cost of sales (COS) -- Classification of Cost -- Classification by Nature of Resource -- Classification by Type of Cost -- Classification by Behaviour -- Classification by Function -- Balance Sheet Explained -- Writing Up a Profit and Loss Account -- Suggested Answer -- Workings -- Expenses -- Depreciation -- Concept of Consolidation in the Financial Statement -- Limitations of Financial Statements -- Summary -- References -- Further readings -- Chapter 3: Interpretation of Financial Statements -- Introduction -- Ratio Analysis -- Chessett plc -- Profitability and Control of Costs -- Gross Profit Percentage (or Gross Margin) -- Profit from Operations as a Percentage of Revenue -- Return on Capital Employed (ROCE) -- Efficiency Ratios -- Asset Turnover -- Average Inventory Days -- Average Trade Receivables Collection Period -- Average Trade Payables Payment Period -- Capital Structure -- Gearing Ratio -- Interest Cover -- Earnings Per Share -- Liquidity Ratios -- Current Ratio -- Quick Ratio or Acid Test -- Ratios of Particular Interest to HR Professionals -- Average Profit before Tax Generated per FTE Employee
Consulting and Informing Affected Employees -- Selecting Employees to Make Redundant -- Consider the Possibility of Alternative Employment Opportunity -- Making Redundancy Payment -- Supporting Employees Through Redundancy -- Reduce Uncertainty -- Counselling, Coaching and Training -- Financial Advice -- Support/Assistant -- Summary -- References -- Further reading -- Chapter 8: Managing Disciplinary and Grievance Cost -- Introduction -- Disciplinary and Grievance Explained -- Reasons to Initiate Disciplinary Process -- Procedure For Disciplinary and Grievance -- Disciplinary Procedure -- Some More Discussions about Dismissal -- Distinguishing between Unfair Dismissal and Wrongful Dismissal -- Grievance Procedure -- The Law Governing Disciplinary and Grievance -- The Employment Tribunal -- Defending a Claim at the Employment Tribunal -- Cost Associated with Employment Tribunal -- Compensation at Tribunal -- Settlement Agreements -- Avoiding Employment Tribunal -- Advisory, Conciliation and Arbitration Service -- Aims of ACAS -- Calculating Basic Award -- The Calculation Involved -- Solution -- Summary -- Further Readings -- Chapter 9: Managing Relocation Costs -- Introduction -- Understanding Relocation Costs -- Types and What Relocation Package Cover -- Management and Disbursement of Relocation Package -- Disbursement of Relocation Package -- Costing Relocation Package -- HR Managers and the Future of Relocation Cost -- Summary -- References -- Chapter 10: Managing Family-friendly Policies -- Introduction -- Origin of Family-friendly Policies -- Types of Family-friendly Policies -- Flexible Working -- Carer Policies -- Parental, Maternity and Shared Parental Leave -- Atkins' Family-Friendly Policies -- Importance of Family-Friendly Policies -- Financial Implications of Family-friendly Policies -- Types of Cost -- Implementation Costs
Profit from Operations/Total Staff Costs -- Summary of Results -- Academic Research -- Limitations of Ratio Analysis -- Summary -- References -- Annual Reports -- Further Readings -- Chapter 4: Financial Ethics -- Introduction -- Definition of Financial Ethics -- Relevance of Ethics in Finance -- Theories of Ethics in Finance -- Regulations in the Financial Sector -- Financial Regulators in the United Kingdom -- Relevance of Financial Ethics for HRMs -- References -- Part B: Managerial Aspects -- Chapter 5: Towards Understanding How the HR Function Relates to the Accounting Function -- Introduction -- Identifying and Describing the Main Function of Accounting and Finance -- Accounting Functions, Organisational Structure and Some Implications -- HR Decisions and the Accounting Function -- One Listing of the Functions of Accounting and Finance -- Thinking about HR Decisions -- The Measurement Problems Typical of HR Decisions -- Closing Remarks -- Summary -- References -- Chapter 6: Managing Learning and Development Cost -- Introduction -- What is Learning and Development? -- What Should Employees Learn? -- Case Study Part 1 -- Question: -- How Do People Learn? -- How Do People Learn from Experience? -- Knowledge Management and Organisational Learning -- Case Study Part 2 -- Question: -- Learning and Development Interventions -- On-the-Job Mentoring and Coaching -- Educational Programmes -- Digital Solutions -- Direct Delivery -- Experiential Learning Events -- Evaluating Learning and Development -- Kirkpatrick's Evaluation Model -- Return on Investment -- Case Study Part 3A -- Question: -- Summary -- References -- Chapter 7: Managing Redundancy -- Introduction -- Redundancy Explained -- Alternative Employment -- Managing Redundancy -- The Planning Phases -- Giving Employees the Option of Voluntary Redundancy
Procedural Costs -- Accommodation Costs -- Calculating Maternity, Paternity and Adoption Leave Payment -- Statutory Adoption Leave -- Statutory Paternity Leave -- Qualifying for Statutory Maternity, Adoption and Paternity Pay -- Barriers to Implementation -- Summary -- References -- Chapter 11: Executive Compensation: Transparency, Corporate Governance and Corporate Social Responsibility Perspectives -- Introduction -- Major Components of Executive Compensation -- Salary -- Bonus -- Stock Options -- Stock Grants -- Other Forms of Stock-based Compensation -- Pensions -- Benefits and Perquisites -- Severance Payments -- Change-in-Control Clauses -- Role of Objectives, Costs and Risk in Designing Executive Compensation Packages -- Example -- Base Salary -- Suggested Answer -- Core Benefits -- Pension -- Suggested Answer -- Annual Bonus -- Suggested Answer -- Share Options -- Long-term Incentive Plans -- Suggested Answer -- Suggested Answer -- Influence of Transparency, Corporate Governance and CSR on Executive Reward -- Summary -- References -- Chapter 12: Solutions to Reflection Questions and Answers -- Introduction to Financial Accounting -- Income Statement and Balance Sheet -- Interpretation of Financial Statements -- Mini Reflective Case - Solutions -- Mini Reflective Case 1 -- Mini Reflective Case 2 -- Mini Reflective Case 3 -- Financial Ethics -- Group Activity 4 -- Towards Understanding How the HR Function Relates to Accounting Function -- Executive Compensation: Transparency, Corporate Governance and Corporate Social Responsibility Perspectives -- Managing Learning and Development Cost -- Managing Redundancy -- Grievance and Disciplinary -- Managing Relocation Cost -- Managing Family-friendly Policies -- Glossary -- Index
Title Financial and Managerial Aspects in Human Resource Management
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