About This Chapter
MTLE Business: Human Resources Management - Chapter Summary
This chapter is designed to ensure you're prepared to answer human resources management questions on the MTLE Business exam. Reviewing the lessons enables you to do the following on the exam:
- Define human resources management and human capital
- Describe the internal structure of an HR department and the role of a manager in human resources management
- Explain employee compensation and identify direct, indirect and non-financial compensation strategies
- List common compensation systems and explain the importance of compensation equity
- Share differences between mandatory and voluntary benefits
- Discuss the two common retirement compensation systems
- Provide details about incentive compensation plans and organizational incentive programs
Use the resources in this chapter to simplify the studying process. You can watch the lessons in any sequence and revisit them as often as needed until you've fully absorbed lesson concepts.
MTLE Business: Human Resources Management Chapter Objectives
In Minnesota, educators take the MTLE Business assessment to secure the licensure they need to teach business classes to students in grades 5-12. The exam covers a variety of business topics, including business organization, career planning, economics, business technology, finance and marketing. The test is divided into two subtests that consist of 50 multiple-choice questions each. Topics in this chapter are found in the Business Organization and Management subarea, which constitutes about 29% of Subtest 1.
You can improve your chances of earning the minimum passing score of 240 on Subtest 1 by exploring the lessons in this chapter. Self-assessment quizzes and a chapter exam are also available to gauge your comprehension of the materials. If you have any questions about lesson topics, feel free to submit them to our experts.
1. Human Resource Management: Definition, Objectives & Responsibilities
Human resource management is an essential function of both private and public sector organizations. In this lesson, you'll learn what human resource management is, as well as its objectives and responsibilities in an organization.
2. What Is Human Capital? - Importance to An Organization
All organizations require human capital to function and accomplish their goals. In this lesson, you'll learn what human capital is, its importance and the role that human resource management plays in it. A short quiz follows.
3. The Internal Structure of an HR Department
Human resource management serves a vitally important function in most organizations. In this lesson, you'll learn how an organization may structure its human resource management functions within the organization.
4. Human Resource Management: Hiring and Staffing
In this lesson, we will explore the role a manager plays in human resource management, including hiring and staffing. We will also look at the circumstances affecting employment decisions such as promotion, turnover, downsizing, job redesign and termination.
5. Understanding Employee Compensation
Compensation is pay for services during the course of employment. This can be direct (or monetary) compensation and indirect (or non-monetary) compensation in the form of benefits provided to the employee.
6. Direct, Indirect & Non-Financial Compensation Strategies
Most organizations can't get people to work for free. In this lesson, you'll learn how businesses and other organizations can use direct, indirect and non-financial compensation strategies to acquire and keep talent. A short quiz follows.
7. Common Compensation Systems: Salary, Hourly, Contractor, Pay-For-Performance
One of the core functions of human resource management is the development of a compensation system. In this lesson, you'll learn about the different methods organizations use to compensate their employees. A short quiz follows.
8. Compensation Equity: Definition & Importance
Employees want to be treated fairly by employers. This is especially true in the area of compensation. In this lesson, you'll learn about the concept of compensation equity, including internal equity, external equity and why compensation equity is important.
9. Mandatory vs. Voluntary Benefits: Definition & Examples
A key component of any organization's compensation system is the benefits provided to employees. In this lesson, you'll learn about the difference between mandatory benefits and voluntary benefits. A short quiz follows the lesson.
10. Retirement Compensation Systems: 401(k) and Pensions
One of the most valuable benefits an employer may offer to employees are employer-sponsored retirement plans. In this lesson, you'll learn about two common retirement benefits: 401(k) plans and traditional pensions. A short quiz follows.
11. Incentive Compensation Plans: Merit Pay, Piece Rates, Commissions, Bonuses & Skills-Based
An important role of human resource management is to develop a compensation system to encourage productivity. In this lesson, you'll learn about merit pay, piece rate pay, commissions, bonuses and skills-based pay and how they help achieve this goal.
12. Organizational Incentive Programs: Profit Sharing, Gain Sharing, and Employee Stock Ownership
One way to tie a company's success to employee success is to utilize incentive programs where employees profit when the company does. In this lesson, you'll learn about profit sharing, gain sharing and employee stock ownership.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the MTLE Business: Practice & Study Guide course
- MTLE Business: Organizations & Management
- MTLE Business: Employment Laws
- MTLE Business: Group Skills & Behavior
- MTLE Business: Market Share & Financial Data
- MTLE Business: Commercial Transactions
- MTLE Business: Finance, Accounting & Information Analysis
- MTLE Business: Data Interpretation & Management
- MTLE Business: Taxation & Financial Calculations
- MTLE Business: Principles of Marketing
- MTLE Business: Product Development & Distribution
- MTLE Business: Court Systems & Government Regulations
- MTLE Business: Microeconomics & Macroeconomics
- MTLE Business: International Business
- MTLE Business: Using Information Systems
- MTLE Business: Information Technology & Communications
- MTLE Business: Career Development
- MTLE Business: Content Comprehension for Students
- MTLE Business: Reading Instruction Strategies
- MTLE Business Flashcards