Create User Accounts with Random Password with a bash script

#!/bin/bash

####
# This script automatically creates user accounts with random passwords.
#
# Author: Russ Sanderlin
# Date: 01/21/15
#
###

if [ $# -lt 1 ]; then
echo "Please supply a user name"
echo "Example: " $0 "jsmith"
exit
fi

# Declare local variables, generate random password.

newuser=$1
randompw=$(cat /dev/urandom | tr -dc 'a-zA-Z0-9' | fold -w 8 | head -n 1)

# Create new user and assign random password.

useradd $newuser
echo $newuser:$randompw | chpasswd
echo "UserID:" $newuser "has been created with the following password:" $randompw