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E1 > 11. Finance function and HR > Flashcards

11. Finance function and HR Flashcards

1
Q

What is the role of HR

A
  • Recruitment
  • Selection of employees
  • Tracks performance
  • Appraisal
  • Training and development
  • Rewards
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2
Q

What are the stages of HR Planning

A

Strategic Analysis

Internal analysis

Gap analysis

Plan to close labour gap

Review

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3
Q

What is the first stage of HR Planning

A

Strategic analysis
- Consider the organisation’s overall strategic plan
- on environment, manpower, SWOT, objectives

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4
Q

What is the second stage of HR Planning

A

Internal analysis
- Staff audit to identify employee number and skills
- eg/ staff turnover, potential, absenteeism

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5
Q

What is stage 3 of HR plan

A
  • Gap analysis
  • Identify staffing shortfall or surplus
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6
Q

What is stage 4 of HR Plan

A
  • Plan to close labour gap
    Shortage:
  • Internal transfers, promotions, training
  • external recruitment
  • reduce turnover
  • overtime

Surplus:
-allow employees to reduce
- restrict recruitment
- reduce hours
- redundancies

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7
Q

What is stage 5 of HR planning

A

Review
- Measure the effectiveness of HR in achieving strategies

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8
Q

What are high-performance work arrangements

A
  • Practices to achieve high employee performance among all employees
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9
Q

What are the stages of the recruitment process

A

Stage 1: perform job analysis
Stage 2: job design
Stage 3: develop job description
Stage 4: Advertising Job vacancies
Stage 5: Initial screening

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10
Q

Define job analysis

A

Process of collecting, analysing and setting out information about the job
- Purpose of job, responsibilities, who they will report to, career path ,working conditions

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11
Q

Define Job Design

A

Development and outlining of competencies within a competency framework

  • Competency framework should be re-evaluated against needs of organisation periodically
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12
Q

Define competency and competency framework

A

Competencies are skills and behaviours that enable workers to meet requirements

Competency frameworks are formal methods of grouping and defining competencies expected from employees

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13
Q

What are competency areas

A

Intellectual (Strategic perspective, analytical judgement, planning and organising)

Interpersonal ( managing staff, sensitivity, persuasiveness, communication, decisiveness)

Adaptability (flexibility, coping with change)

Results (initiative. motivation, business sense)

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14
Q

Define the stage of developing a job description

A
  • Set out the purpose of the job, where the job fits into structure, context, responsibilities
  • Job title, location, accountabilities, skills and knowledge required, working patterns
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15
Q

What are the alternatives to job description

A
  • Role definition
  • Person specification: focus on the skills and qualities of a person
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16
Q

Explain stage 4 advertising of recruitment phase

A
  • Can advertise internally and/or externally
  • Cost depends on the advertising medium
  • Firms may employ agencies to select agencies to find employees
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17
Q

What is the last stage of the recruitment process

A

Initial screening - reviewing CVs and selecting candidates for interview

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18
Q

Which features do the selection process require

A

Reliable
Valid
Fair
Cost-effective

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19
Q

What are the types of interviews

A
  • Individual
  • Problem solving
  • Tandem: two interviewers per candidate
  • Panel
  • Succession
  • Group
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20
Q

What are the limitations of interviews

A
  • Horn and Halo effect: initial judgements of a person can contribute to later perceptions
  • Contagious bias: behaviour of the applicant might be changed through clues
  • Stereotypes of candidates
  • Incorrect assessment of qualitative factors
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21
Q

What type of testing may applicants go through

A
  • Psychological and personality
  • Cognitive
  • Proficiency
  • Psychometric
  • Medical
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22
Q

Define the process of HR development and training

A

Development: growth or realisation of person’s ability and potential

Training: planned and systematic modification of behaviour through learning skills to carry out work

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23
Q

What are the stages in the planning approach to training

A
  • identify training gap
  • define the learning required
  • Define training objectives
  • plan training programs
  • implement training
  • evaluate training
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24
Q

What are personal development plans

A

clear developmental action plans for individuals that incorporate a wide set of opportunities
- to improve performance in current job
- develop skills for future career moves

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25
Q

What are the stages of developing a personal developmental plan

A
  • Analyse current position (personal SWORT)
  • Set goals to cover performance (SMART objectives_
  • Plan personal development
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26
Q

What are methods of training and development

A
  • Formal training
  • On-the-job training (demonstration, instruction, coaching)
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27
Q

What are the advantages and disadvantages of on-the-job training

A

Advantages:
- Training provided that is relevant to performing in role
- Training gis just in time and specific

Disadvantages:
- Training is difficult
- No formal structure

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28
Q

How does Kirkpatric evaluate training

A

Four levels:
- Reaction
- Learning
- Behaviour
- Results

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29
Q

What are the benefits of training and developing to organisation

A
  • Minimise learning costs of obtaining skills
  • Lower costs and increased productivity
  • Fewer mistakes
  • Less need for supervision
  • Flexibility
  • Recruitment and succession planning
  • Change management: giving skills to cope with change
  • Corporate culture improvement
  • Motivation of staff
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30
Q

What are the benefits of training and development to workers

A
  • Enhances portfolio
  • Psychological benefits of value
  • Social benefit -networking
  • The job - do better
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31
Q

Define career management and succession planning

A

Career management: progress of individuals within organisation from job to job is planning with organisational need and individual capacity

Succession planning: ensures suitable replacements are available to take over positions as they become available

32
Q

What are advantages and disadvantages of career management and succession planning

A

Advantages:
- cheaper than advertising new jobs
- develops structure
- motivates employees
- logical and rational

Disadvantages
- large talent pool makes it hard to decide promotions and loss of fresh blood at higher levels
- vacancies may occur before suitable replacements
- better candidates may be available externally
- staff may leave

33
Q

Define performance management

A

Process of getting the best out of employees and ensuring they perform roles effectively
- creating work environment conductive to allow employees to reach potential
- analyse employee performance level

34
Q

What are the four stages of performance management

A

1: Target setting (SMART)
2. Monitor performance
3. Review performance (appriasal)
4. Action plan

35
Q

What are appraisals

A

systematic review and assessment of an employee’s performance, potential and training needs
- establish key deliverables
- compare performance against standard
- identify training needs
- monitor organisation’s initial selection against performance

36
Q

What are the techniques of appraisal systems

A

Overall assessment
Guided assessment
Grading
Behavioural incident methods
Objectives and results-oriented schemes
common appraisal standards

37
Q

What is meant by overall assessment

A

Managers write in narrative form their judegements

38
Q

What is meant by guided assessment

A

Assessors are required to comment of specific characteristics

39
Q

What is meant by grading as an appraisal technique

A

Comparative fram of reference to general guidelines where managers are asked to grade employees of given characteristic

40
Q

What is meant by behavioural incident methods

A

Concentrate of employee behaviour which is measured against typical behaviour and common indicents of successful or unsuccessful job behaviours

41
Q

WHat is meant by objectives and results oriented schemes

A

Reviews performance against specific targets agreed in advance
- objectives should be agreed and should be SMART

42
Q

What is meant by common appraisal methods

A

Define competency framework specific to the organisation

43
Q

What are the forms of appraisals

A
  • Self-appraisal
  • Upwards appraisal: employees rated by subordinates
    -Customer appraisal: feedback from customers are included
  • 180-degree appraisal: manager obtains feedback from colleagues
  • 360-degree appraisal: taking downwards, upwards and customer appraisals together
44
Q

What are barriers to appraisal as identified by Lockett

A

-Appraisal as confrontation
- Appraisal as a judgement
- Appraisal as chat
- Appraisal as bearaoucracy
- Appraisal as unfinished business
- Appraosal as an annual event

45
Q

Define motivation

A

employees desire to perform role - linked to outcome and reward

46
Q

What is Taylor’s maximising prosperity theory

A

Four principles to achieve maximum prosperity for employees and employers
- science should be used to determine fair pay
- scientific methods used in recruitment
- mental revolution to fulfill potential
- constant and intimate co-operation between management and staff

47
Q

What term did Elton mayo pioneer

A

Human relations
Concept that people are motivated by social or belonging needs satisfied by the social relationships formed at work

48
Q

What is Maslow’a theory

A

Hierarchy of needs
- ranked structure of behavioural stimuli within individual which explains motivation
- Seven innate needs

49
Q

Explain the concept of hierarchy of needs

A

Two higher order needs:
- need for freedom of inquiry and expression
- need of knowledge and understanding

Five other needs
- physiological needs
- safety needs
- Love/social needs
- esteem needs
-self actualisation

Each level is dominant until satisfied

50
Q

Who came up with the two factor theory

A

Herzberg

51
Q

What is Herzberg’s two factor theory

A

Two groups of work related factors
- Motivation factors; satisfaction - creates job satisfactorion and self fullillment

  • Dissatisfaction: hygeine factors - prevent or minimise dissatisfaction but does not satisfy - maintencne factor because they do not give good satisfaction but prevents bad
52
Q

What are common hygeine factors and common motivation factors

A

Hygeine factors: company policy, admin, salary, quality of supervision, interpersonal relationships, working conidtions, job security, status

Motivation factors: advancement, recognition, responsibility, challenge, achievement, growth, autonomy

53
Q

What is Mcgregor’s theory X and Theory Y

A

Theory X: most people disliek work and responsibility and will try to avoid it - will need to be coerced, controlled and threatened

Theory Y: satisfy needs through workand contribution- need enrichment

54
Q

WHo came up with expectancy theory

A

Victor Vroom

55
Q

what is the expectation theory formula

A

Force or strength of motivation = Valence for specific outcome x Expectation behaviour will result in outcome

56
Q

What is the goal setting theory

A
  • Suggests that goals can motivate
  • Challenging goals that are accepted lead to better performance
57
Q

What is Mullin’s theory

A

Classification of motivation
- Motivation is the driving force within individuals to attempt to achieve a goal

58
Q

What are the classifications of motivation according to mullins

A
  • Economic desire: pay and benefits
  • Intrinsic satisfaction: enjoyment of job and personal satisfaction
  • Social reealtionships: team working
59
Q

What is the theory of psychological contracts

A
  • Understanding that exists between organisation and employees on expectations and requirements both waysq
60
Q

What are the types of psychological contracts

A
  • Coercive contract: individual is considered to be forced and exploited
  • Calculative contract: individual accepts job and ressponsibilitie sfor rewards
  • Co-operative contract: indidividual identifies themself with organisation and goals and seek to contribute and provides them with self fullfillment
61
Q

What are other factors of employee motivation

A
  • Job redesign: suited to individual
  • job rotation: variety
  • job enlargement: more responsibility
  • job enrichment: depth of responsibiliity and growth
62
Q

What is meant by workforce flexibility

A
  • Way of attractign and keeping workforce through flexibility
  • Remote working, fexitime, shift system, compressed week, job sharing, part time
63
Q

What are the two basic concerns for pay

A
  • Equity: fair rate fo job
  • Relativity : justified differntials between pay of different individuals
64
Q

What are the aims for pay

A
  • Aid recruitment
  • Retain
  • Reward performance
65
Q

What pay structrues exist

A
  • Graded pay
  • Broad banded structures
  • Individual pay
  • Job family structure - jobs in specific functions are grouped by responsibility
  • Pay maturity curves: pay is progressive
  • Spot rates: rate of pay for specific job linked to market price
  • Rate for age: alloccates rate of pay based on age
  • Pay spines: government organisations pay relative to range of roles
  • Manual worker pay structrue: differences in status between manual jobs and others
  • Knowelede contingent pay: bonuses with qualifications
  • Integrated pay structure: one grading system for all employees apart from senior management
66
Q

What is meant by total reward structure

A
  • Non cash benefits
  • Gym, cycle to work, training, childcare support
67
Q

What are incentive shcemes

A
  • Improves performance by linking to reward
  • Three main types:
  • Performance related pay
  • Bonus schemes
  • Profit sharing
68
Q

What is performance related pay

A
  • Payment is fixed amount per unit produced or operation completed
  • SMART criteria should be applied
  • Clear objectives for rewards
69
Q

What is bonus schemes

A
  • Complementary to basic salary
  • can be group incentive
  • can be value added
70
Q

What os profit sharing schemes

A
  • Employees have opportunity to get shhares in company
  • employees contribute to profitability and contribution should be recognised
71
Q

What are the difficulties of incentive schemes

A
  • Increased earning may not motivate some poepl
  • workers are unlikely to be in complete control of results
  • may lower targets to make bonuses achievable
  • manipulation of rules
  • poorly designed scheme can increase labour costs
72
Q

What information does finance funciton provide at lowest level

A
  • assembling informaiton
  • payroll funciton
  • collection of PAYE information
  • Identificaiton of KPIS
73
Q

what assistance does finance function provide at 2 level

A
  • Analysing information
  • analyse employee surveys
  • analyse competitor salaries an dbenefits
  • analyse kPIs
74
Q

What assistsance from fiancnce funcitn at 3rd level

A

-advising to influence
- communicaiton of key findings
- communicaiton of benchmarking analysis
- communicaiton of advice based on KPIs

75
Q

What asisstance would finance function provide HR on highest level

A

-Applying for impact
- creation of business cases to support expansion or cut backs
- information or reports for redundancies
- applications of insights

76
Q

What KPIs are used for HR funciton by finance

A
  • Revenue per employee
  • Employee satisfaction index
  • Employee engagement level
  • Employee churn rate
  • Performance review completion factor
  • Salary competitvienes ratio
  • Time to hire
77
Q
A

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