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Human Resources Risk Management

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Human Resources Risk Management Robert A. Milligan Cornell University – PowerPoint PPT presentation

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Title: Human Resources Risk Management


1
Human Resources Risk Management
  • Robert A. Milligan
  • Cornell University

2
People Determine the Attitude of the Business
Toward Risk
  • Risk is bad and must be minimized
  • OR
  • The business must be managed to thrive in a time
    of increasing change
  • The decision to view risk as threat or
    opportunity is a choice the people in the
    business must make

3
Dimensions of Human Resources in the Farm Business
  • Family and nonfamily
  • Management and labor
  • Full-time and part-time
  • Seasonal and year around

4
The Human Dimension is Increasingly Crucial
  • Increasingly technical production processes
  • Increasing competitiveness
  • Increasing role of interpersonal skills and
    employees
  • Increasing importance of environmental
    responsibility and food safety

5
Dual role
  • Source of risk
  • Resource to mitigate, manage and prosper from
    risk.

6
Sources of Human Resource Risk
7
Human Resource Calamities
  • Tragedies -- accidental death, illness, injury to
    owners
  • Can undo even the most carefully planned risk
    management decisions

8
Management Succession
  • Every business eventually has different managers
  • A significant source of risk
  • Family member career decisions have huge impacts
  • Human resource considerations should drive
    succession

9
Owner/Managers Management Capability
  • Increasingly broad job description of a manager
  • Competitiveness makes each decision more crucial

10
Labor markets
  • Image of agricultural employment
  • Special labor legislation
  • Local labor markets conditions

11
Sources of Human Resource Risk
  • Human Resource Calamities
  • Management Succession
  • Owner/Managers Management Capability
  • Labor markets

12
Resource to Mitigate, Manage and Prosper from Risk
13
View Risk as an Opportunity to be Managed
  • Manage to thrive in a period of increasing change
  • Look for opportunities presented by risk and
    change
  • Involves seeking, analyzing and implementing
    risk-reducing strategies
  • Crucial to have an attitude of optimism and hope

14
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15
Managers Must Understand Risk
  • Identify those risks that can severely damage or
    ruin the business
  • Must insure against or have a plan for these
    risks
  • Insure against or manage risk that put the
    business at risk -- Do not bet the farm

16
Source J. Edward Russon, Johnson Graduate
School of Management, Cornell University.
17
Managers must Understand Decision-Making
  • Not all good decisions result in the most
    favorable outcome
  • A bad outcome does not does not mean the decision
    was wrong
  • Must analyze and learn from ALL decisions
  • Must learn from unfavorable outcomes rather than
    get discouraged

18
Everyone Is Committed to the Business
  • Everyone is passionate about the business
  • Great job satisfaction is integral to high
    productivity
  • Structures and systems are in alignment with the
    business purpose
  • Use modern management practices
  • People are valued by the business leadership and
    the business culture.

19
Training
  • Establish a continuous improvement culture
  • Never allow an untrained person to do any
    task!!!!!!
  • Major source of risk reduction
  • Understanding of risk, risk management, change
    and change management is necessary

20
Recruit and Select the Best Qualified People
  • A challenge because agriculture does not have a
    favorable image as an employer
  • Must compensate highly skilled and motivated
    employees
  • Takes time to recruit hire, train and develop
    excellent people.

21
Resource to Mitigate, Manage and Prosper from Risk
  • View Risk as an Opportunity
  • Managers Must Understand Risk
  • Understand Decision-Making
  • Everyone Is Committed to the Business
  • Training
  • Recruit and Select the Best Qualified People

22
Conclusion
  • People must be viewed as the resource to manage,
    mitigate and prosper form risk including human
    resource risk
  • The decision to view risk as threat or
    opportunity is a choice the people in the
    business must make
  • The business must be managed to thrive in a time
    of increasing risk and change

23
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