2: Strategy & HR Planning Flashcards
1
Q
Define:
Attrition (67)
A
- “natural” departure of employees through quits, retirements and deaths
- can easily estimate how many people will leave
2
Q
Define:
Balanced scorecard/BSC (69)
A
- model has 4 cells
- financial
- customer
- processes
- learning
3
Q
Define:
Benchmarking (68)
A
- process of comparing the organization’s processes and practices to those of other companies
- uncover gaps in performance differences by collecting information on own team and those of other firms
- 2 basic categories of metrics:
- human capital metrics
- hr metrics
4
Q
Define:
Core capabilities (47)
A
- integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers
- people are a key resource; resources must be:
- valuable
- rare
- difficult to imitate
- organized
5
Q
Define:
Core values (42)
A
- strong and enduring beliefs and principles that a company uses as a foundation for its decisions
- captures the underlying parameters for how the company will act towards customers, employees and the public in general
6
Q
Define:
Cultural audits (51)
A
- audits of the culture and quality of work life in an organization
- can consist of surveys and interviews to measure how employees feel on a number of critical issues
- can be used to determine if there are different groups within the organization that have different views about the nature of work
- leaders who target employees’ values, attitudes, beliefs and expectations are more effective than those who simply focus on worker’s behaviours or thought processes
7
Q
Define:
Environmental scanning (43)
A
- systematic monitoring of the major external forces influencing the organization
- 6 external issues
- economic factors and development information
- industry and competitive trends
- technological changes
- government and legislative issues
- social concerns
- demographic and labour market trends
8
Q
Define:
Hiring freeze (67)
A
- new workers are not hired as planned or workers who have left the organization have not been replaced
9
Q
Define:
Human capital readiness (59)
A
- process of evaluating availability of critical talent in a company and comparing it to the firm’s supply
- gaps need to be closed; begins with managers identifying core capabilities and the key people and processes that are critical to those capabilities
10
Q
Define:
Human resources planning/HRP (40)
A
- the process of anticipating and providing for the movement of people into, within, and out of organization
11
Q
Define:
Management forecasts (55)
A
- the opinions of supervisors, department managers, experts or others knowledgeable about the organization’s future employment needs
12
Q
Define:
Markov analysis (56)
A
- method of tracking pattern of employee movements through various jobs
- develops transition matrix for forecasting labour supply
13
Q
Define:
Mission (41)
A
- basic purpose of the organization as well as scope of operations
14
Q
Define:
Organizational capability (71)
A
- capacity of the organization to act and change in pursuit of sustainable competitive advantage
15
Q
Define:
Quality of fill (56)
A
- metric designed to assess how well new hires are performing on the job
- company needs to have enough top performers to propel it toward its strategic objectives
16
Q
Define:
Replacement charts (57)
A
- listings of current jobholders and people who are potential replacements if an opening occurs
17
Q
Define:
Severance pay (67)
A
- lump sum payment given to terminated employees; calculated by years of service and salary
18
Q
Define:
Skill inventories (56)
A
- files of personnel education, experience, interests and skills that allow managers to quickly match job openings with employee backgrounds
- confidentiality is key
- info gathered on managers are called management inventories
19
Q
Define: Staffing tables (56)
A
- graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future (monthly or yearly) employment requirements
20
Q
Define:
Strategic human resources management/SHRM (40)
A
- pattern of human resources deployments and activities that enable an organization to achieve its strategic goals
21
Q
Define:
Strategic planning (40)
A
- procedures for making decisions about the organization’s long-term goals and strategies
22
Q
Define:
Strategic vision (41)
A
- statement about where the company is going and what it can become in the future; clarifies the long-term direction of the company and its strategic intent
23
Q
Define:
Succession planning (57)
A
- process of identifying, developing, and tracking key individuals for executive positions
24
Q
Define:
SWOT analysis (60)
A
- comparison of (s)trengths, (w)eaknesses, (o)pportunities and (t)hreats for strategy formulation purposes
25
# Define:
Termination (67)
- practice initiated by an employer to separate an employee from the organization permanently
26
# Define:
Trend analysis (53)
- quantitative approach to forecasting labour demand based on an organizational index such as sales
27
# Define:
Value creation (62)
- what a firm adds to a product or service by virtue of making it; the amounts of benefits provided by the product or service once the costs of making it are subtracted
28
# Define:
Values-based hiring (52)
- process of outlining the behaviours that exemplify a firm's corporate culture and then hiring people who are a fit for them
