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Human Resources Risk Management

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

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Human Resources Risk Management

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  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. ManagementSuccession • 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 • ManagementSuccession • 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. 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

  15. Source: J. Edward Russon, Johnson Graduate School of Management, Cornell University.

  16. 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

  17. 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.

  18. 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

  19. 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.

  20. 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

  21. 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

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