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COMM 229 > 1-6 Current Business Topics Impacting HRM > Flashcards

1-6 Current Business Topics Impacting HRM Flashcards

1
Q

What organizations conduct studies on competitive trends impacting HRM in Canada?

A

The Conference Board of Canada, CPHR Canada, and McKinsey & Company.

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2
Q

Why should businesses continuously monitor competitive trends and issues?

A

Because these trends and issues impact HRM systems, practices, and policies.

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3
Q

What are the current business topics impacting HRM that should be continuously monitored?

A

Global economy

Changes in business sectors and firms

Technology

Quality management

Human capital

Demographics

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4
Q

What is the foundation of the Canadian economy?

A

The Canadian economy is primarily built on exports, including natural resources like oil, gas, mining, and forestry.

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5
Q

What percentage of the Canadian economy is affected by international competition?

A

Estimates suggest that 70–80% of the Canadian economy is affected by international competition.

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6
Q

How does globalization impact Canadian businesses?

A

Canadian businesses face competition from companies worldwide, and trade agreements allow for freer movement of goods and services, increasing global competition.

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7
Q

What are the HRM challenges when operating in a different country?

A

HRM must address legal, political, and cultural differences, identify capable expatriate managers, design training programs, adjust compensation plans, and customize performance management practices.

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8
Q

How does globalization affect the complexity of HRM?

A

Managing across borders significantly increases HRM complexity due to the need for understanding diverse cultural and workplace practices.

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9
Q

Why is participating in the global economy vital for Canadian organizations?

A

Global participation allows Canadian companies to expand their market presence, remain competitive, and achieve business success in a connected world.

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10
Q

What are the primary sectors driving the Canadian economy?

A

Housing, consumer spending, and exports, particularly oil and minerals.

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11
Q

What are the primary sectors driving the Canadian economy?

A

Housing, consumer spending, and exports, particularly oil and minerals.

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12
Q

Why is increasing exports important for Canada’s economic growth?

A

Strengthened exports help drive real economic growth, especially post–COVID-19, reducing dependency on domestic consumer spending.

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13
Q

What percentage of Canada’s oil exports go to the United States?

A

98% of Canada’s oil exports are sent to the United States.

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14
Q

What challenges do Canadian oil and gas exports face?

A

Environmental concerns, public resistance to pipelines, and political opposition, such as President Biden’s stance on the Keystone XL pipeline.

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15
Q

Why are small and medium-sized businesses important to the Canadian economy?

A

They serve as the lifeblood of a healthy economy and contribute significantly to local and national growth.

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16
Q

What HRM adjustments are required due to changes in business sectors and firms?

A

Organizations must re-evaluate HR systems, practices, and policies, with a focus on managing costs like labour.

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17
Q

What are some methods companies use to manage labour costs?

A

Downsizing, outsourcing, and hiring independent contractors.

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18
Q

What is “survivor syndrome” in the context of downsizing?

A

It refers to the psychological impact on employees who remain after layoffs, emphasizing the need to treat all employees with respect and provide support.

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19
Q

What is outsourcing, and why do companies use it?

A

Outsourcing involves hiring external individuals or firms to perform tasks, increasing flexibility and lowering administrative costs.

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20
Q

What factors should a company consider before outsourcing?

A

The tasks to outsource, evaluation criteria for service providers, risks involved, and mitigation strategies.

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21
Q

What is an independent contractor, and how does it differ from an employee?

A

An independent contractor is hired for specific tasks and has flexibility in work hours, location, and methods, but is not subject to mandatory employment deductions.

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22
Q

Why is proper classification of workers important for Canadian businesses?

A

Misclassification can result in unpaid taxes, penalties, interest, and damage to the organization’s employment brand.

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23
Q

What factors does the Canada Revenue Agency consider when determining a worker’s classification?

A

Control over work, ownership of tools, risk of profit or loss, and integration into the organization’s business.

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24
Q

What has Canada’s economy primarily relied upon in recent years?

A

Housing and consumer spending, in addition to exporting oil and minerals.

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25
Q

Why is strengthening exports important for Canada post–COVID-19?

A

To drive real economic growth and reduce dependency on the U.S. economy.

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26
Q

What percentage of Canada’s oil exports goes to the United States?

A

98%.

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27
Q

What challenges does Canada face in exporting oil and gas?

A

Environmental concerns, public resistance to pipelines, and political opposition, such as the Keystone XL pipeline issue.

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28
Q

Why are small and medium-sized businesses crucial to the Canadian economy?

A

They are the lifeblood of a healthy economy, driving both local and national growth.

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29
Q

How do changes in business sectors impact HRM?

A

HRM must adapt systems, practices, and policies to remain effective, efficient, and cost-conscious.

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30
Q

What are three common strategies businesses use to manage labour costs?

A

Downsizing, outsourcing, and hiring independent contractors.

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31
Q

What is “survivor syndrome,” and why is it important in downsizing?

A

It refers to the psychological impact on employees who remain after layoffs. Addressing it helps ensure remaining employees feel valued and supported.

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32
Q

What is outsourcing, and why do companies use it?

A

Outsourcing involves hiring external individuals or firms to perform tasks, often to reduce costs and increase flexibility.

33
Q

What factors should companies consider before outsourcing?

A

The tasks to outsource, evaluation criteria for service providers, and how to mitigate risks.

34
Q

What is an independent contractor, and how does it differ from an employee?

A

An independent contractor is hired for specific tasks, is not subject to employment deductions, and has greater work flexibility than employees.

35
Q

What factors determine whether a worker is classified as an independent contractor or an employee?

A

Control over work, ownership of tools, risk of profit or loss, and integration into the organization’s business.

36
Q

How can misclassifying workers as independent contractors harm a company?

A

It can lead to unpaid taxes, penalties, and reputational damage to the company’s employment brand.

37
Q

What lessons were learned from earlier downsizing situations?

A

Communicate early, be honest about reasons, treat employees respectfully, and ensure downsizing is the right solution.

38
Q

How has technology enabled organizations to improve operations?

A

By enhancing processes, reducing costs, improving quality, and enabling data storage, access, and control for both production and administrative tasks.

39
Q

How has technology impacted the traditional brick-and-mortar business model?

A

It has transformed how businesses operate, leading to the rise of online-only companies and the adoption of e-commerce strategies.

40
Q

What are “virtual workers,” and how has technology enabled them?

A

Virtual workers are individuals who work remotely from locations like home, hotels, or cars, made possible by computer-mediated relationships.

41
Q

How has technology affected HRM practices?

A

It has shifted HRM from administrative tasks to technology-driven systems, including online job applications, intranet resources, and cloud computing.

42
Q

What is the role of cloud computing in HRM?

A

Cloud computing enables more agile organizations, better business outcomes, and reduces the need for in-house IT employees.

43
Q

What is telecommuting, and how does it change traditional work models?

A

Telecommuting allows employees to work remotely from home or other locations, with flexible schedules enabled by technology.

44
Q

How did COVID-19 accelerate changes in work arrangements?

A

It led to the widespread adoption of hybrid work models, where employees split time between working from home and on-site.

45
Q

What permanent changes in HRM are expected due to technology and the pandemic?

A

Amendments to HRM systems, practices, and policies to support flexible and remote work arrangements.

46
Q

What is the goal of quality management in organizations?

A

To meet customer expectations by focusing on quality, innovation, variety, and responsiveness, and aligning processes with customer needs.

47
Q

What management philosophy pioneered the focus on quality 60 years ago?

A

Total Quality Management (TQM), which emphasizes understanding customer needs, employee involvement, fact-based decision-making, and continuous improvement.

48
Q

What is Six Sigma, and how does it differ from traditional quality management efforts?

A

Six Sigma is a statistical method for translating customer needs into tasks and making improvements through measurement and data analysis. It prevents mistakes before they happen.

49
Q

How does Lean differ from Six Sigma?

A

Lean focuses on maximizing customer value and minimizing waste across the entire production process, while Six Sigma is more focused on data-driven improvement of individual tasks.

50
Q

What is benchmarking in quality management?

A

Benchmarking involves studying the best practices of other companies (competitors or not) to assess and improve an organization’s own processes and operations.

51
Q

What role does HRM play in supporting quality management initiatives?

A

HRM helps balance employee needs and organizational requirements, motivates employees, and reinforces teamwork and performance management to align with quality goals.

52
Q

How does performance management contribute to quality management?

A

It reinforces the importance of teamwork and high-quality work, helping employees align their performance with organizational quality standards.

53
Q

What are total rewards, and how do they support quality management?

A

Total rewards include compensation, benefits, and recognition programs that keep employees motivated and focused on producing high-quality work.

54
Q

What additional factors contribute to a company becoming excellent, aside from Six Sigma and Lean?

A

Aligning strategy and actions, attracting and retaining the right people, fostering collaboration and innovation, and targeting the right customers.

55
Q

How has the University of Toronto demonstrated operational excellence in the non-profit sector?

A

By aligning its operations with academic missions and ensuring its budgeting process is driven by academic outcomes rather than financial constraints.

56
Q

What is human capital?

A

Human capital refers to the value employees provide to an organization through their knowledge, skills, and abilities, which have the greatest impact on an organization’s success.

57
Q

What are the four categories of skills necessary for workplace innovation according to the Conference Board of Canada?

A

Creativity, problem-solving, and continuous improvement skills

Risk assessment and risk-taking skills

Relationship-building and communication skills
Implementation skills

58
Q

What are examples of creativity, problem-solving, and continuous improvement skills?

A

Seeking different points of view, asking questions, putting forward ideas, and looking for surprising connections.

59
Q

What are key risk assessment and risk-taking skills?

A

Being comfortable pursuing new opportunities, assessing and managing risk, and learning from experiences.

60
Q

How do relationship-building and communication skills contribute to innovation?

A

By engaging others, building relationships inside and outside the organization, sharing information, and supporting others’ ideas.

61
Q

What are examples of implementation skills in innovation?

A

Setting realistic goals, using the right tools and technologies, applying knowledge, and being accountable.

62
Q

How do managers help maintain and develop human capital?

A

By providing developmental assignments, encouraging flexible job duties, and fostering employee growth and learning.

63
Q

What are core competencies in an organization?

A

Sets of knowledge capabilities, such as focusing on customers, that differentiate an organization from its competitors and add value for customers.

64
Q

What is talent management?

A

Talent management involves leveraging organizational competencies by placing them in the right roles and measuring their impact against organizational goals.

65
Q

What practices are essential for attracting, keeping, and engaging employees?

A

Providing strong leadership

Offering professional and personal development opportunities

Helping employees work better

Communicating at all levels

Ensuring rewards and recognition are appropriate

66
Q

Why is employee engagement important for human capital?

A

Engaged employees work harder, are more productive, and have a positive attitude, which leads to satisfied customers and stronger organizational performance.

67
Q

What key demographic factors impact HRM systems, practices, and policies?

A

Diversity of employee backgrounds

Multiple generations in the workforce

Skills and labour shortages

Gender distribution

Rising levels of education

68
Q

By 2036, what percentage of the Canadian labour force is predicted to be foreign-born?

A

34%, with over 20% belonging to a minority group.

69
Q

What is the role of partnerships like TRIEC in addressing diversity in the workforce?

A

TRIEC helps skilled immigrants access employment opportunities to contribute to Canada’s prosperity.

70
Q

What is the trend in Canada’s working-age population?

A

The population is aging, with more individuals aged 55–64 than aged 15–24, leading to fewer new entrants to the workforce.

71
Q

What are the four generations typically present in the workforce?

A

Baby Boomers (1946–1964)

Generation X (1965–1980)

Millennials/Generation Y (1981–1997)

Generation Z (Born after 1997)

72
Q

What is a major concern regarding skills in the Canadian workforce?

A

There is a mismatch between the skills workers have and the skills employers need, leading to shortages in skilled workers.

73
Q

Which industries are most affected by skills shortages in Canada?

A

Industries like mining, which will need over 100,000 skilled workers in the coming years.

74
Q

What is the “she-cession,” and what caused it?

A

The “she-cession” refers to the significant job losses among women during COVID-19, lowering their labour force participation to its lowest level in three decades.

75
Q

How has the educational attainment of the Canadian labour force changed over the years?

A

More than half of Canadians aged 25–64 now have college or university qualifications, with Indigenous peoples also making significant gains in postsecondary education.

76
Q

Why is the rise in educational levels significant for employment?

A

It increases employability in skilled sectors while reducing opportunities for unskilled workers due to technology advancements.

77
Q

What challenges do employers face with less-educated workers?

A

Some workers are functionally illiterate or innumerate, making it difficult for them to perform basic technical tasks.

78
Q

What actions can employers take to address labour shortages and skills mismatches?

A

Provide mentoring for millennials

Adapt management styles to diverse workers

Utilize immigrant skills effectively

COMM 229 (16 decks)

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