Business Management (20%) Flashcards
4 basic goals of HRM
- Enhancing Quality and Productivity
- Complying with Legal and Social Obligations
- Promoting Individual Growth and Development
- Improving Organizational Efficiency
What are SMART Goals?
S - Specific. You should be able to say how you will know when a goal has been accomplished and how you might go about reaching it.
M - Measurable. If a goal is measurable, then you’ll have a sense of how close you are to reaching it, and it will be obvious when you have met it.
A - Attainable. Setting unrealistic goals in demoralizing and ultimately a waste of time.
R - Relevant to an organization’s long-term aspirations
T - Time bound. When identifying goals, realistic time constraints should be used.
What are Intermediate Steps to SMART goals?
Planned out short-term steps created to reach the bigger/long term goal.
What is the role of the Line Manager in HR Mgmt?
Line managers need to fully understand HR policies and procedures of their organization. They are the “face of the company” when it comes to dealing with employees.
What are 3 responsibilities of the line manager?
- Implementing the org’s HR programs for their direct reports, where required, which may include advising employees about their rights, requirements, etc. Included are links like appraising the performance of employees, recommending merit increases/promotions/disciplines/discharge
- Employing HR Programs to motivate and reward people as a way to advance the performance of the dept.
- Contributing suggestions to HR staff for improvement of policies and procedures, to point out what works and what doesn’t
Strategic Planning
An assessment of those attributes an organization may have or would like to have to compete and differentiate itself from tis rivals
Lobbying
The process by which a company or interest group tries to influence legislation and persuade legislators to support its cause.
Organizational Audit assess 6 significant organizational characteristics (according to David Ulrich)
- Shared Mindset
- Competence (knowledge, skills, ability)
- Consequence (performance management)
- Governance (org structure, comm systems, policies)
- Work process/Capacity for change (ability to improve, change and learn)
- Leadership
2 Internal Types of Attributes
- SWOT Analysis
2. Porter’s Five Forces
SWOT Analysis
A strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats facing an organization
Porter’s Five Forces
Theory that five basic forces determine the competitive dynamics in an industry:
- Threat of new entrants
- Threat of substitutes
- The bargaining power of customers
- The bargaining power of suppliers
- Industry rivalry
3 ways HR can augment the competitive advantage of the org:
- Organizational Design and Development: What should be the organization’s new overall strategic direction? How does HR fit?
- Staffing and Recruiting: Can existing staff carry out the strategic direction? Will new staff be needed? Or should HR recommend a functional department be outsourced? Offshored?
- Learning and Development, Performance and Reward: What strategic steps should be taken at the various levels of the organization, including HR, in terms of training, benchmarks, and incentives for employees? Will these strategic steps be implemented?
PEST Analysis
Often performed as part of a SWOT analysis. Political, economic, social and technical. Factors that determine what threats and opportunities an org faces.
Mission and Vision Statements
Prepared by executives within org that reflect ideas about what the org is, what sets it apart, and where it is going
Vision Statement
Concise assertation of what the company is, who it services, and where it is going. Inspiring piece that provides insight on the org’s future
Mission Statement
Elaborate on the vision statement by providing additional details about how the org plans to achieve it’s vision of the future. Differentiate an org from its competitors. Long-term direction of the company
Core Competencies
A specific function that a firm regards as central to its success and is something difficult for competitors to imitate (tech, production, culture and community, knowledge, or combo).
Corporate Values Statement
Issued by execs at org to employees that indicate how business should be conducted. Stable and general. Ex: Integrity, respect, product and service excellence, teamwork
Filibuster
Use of the Senate’s tradition of unlimited debate on legislation on a stall tactic to block a bill
Lobbying
The process by which a company or interest group tries to influence legislation and persuade legislators to support its cause.
Legislation - House of Reps
All tax bills originate in this chamber.
Debate is strictly limited.
The Rules Committee sets the schedule for debating and voting on bills.
Amendments must be “germane.”
Organization or Group Factors Resistance to Change
- Structural Inertia
- Resource Allocation
- Narrow focus of change
- Threatened power
- Threatened expertise
Individual Factors Resistance to Change
- Habit
- Fear of the unknown
- Social factors
- Security
- Economic factors
Legislation - United States Senate
Debate is unlimited, unless members vote otherwise.
The majority leader sets the schedule for debating and voting on bills.
No limit on amendments.
Members have the right to filibuster a bill.
Legislation - Both chambers
Legislation is referred to a committee.
Committees revise and amend bills during markup.
May request a conference to resolve differences with the other chamber.
Needs a two-thirds majority to override the President’s veto.
Ethics: Advocate
Fair and ethical treatment of employees. Do the right thing ethically and financially.
Ethics: Guardian
Oversee long-term interests of your organization; keeper of the company’s code of ethics
Ethics: Custodian
Whatever written code of ethics your company maintains must be upheld.
Ethics Code
A written summary of the principles and values which the company espouses, and which guide its conduct
4 Stages of Risk Management
- Identify the Risk
- Assess the Risks
- Mitigate or Eliminate the Risk
- Monitor & Refine the Risk Mgmt Program
Risk Assessment
The process of identifying variables that have the potential to negatively affect and org’s ability to conduct business, and quantifying those variables in financial terms
Compliance
The process by which an org obeys or conforms to a rule, standard, law or regulation
Safety & Health Mgmt Plan
A formal, written doc that specifies the procedures for identifying workplace hazards and reducing accidents and exposure to harmful substances - including training in accident prevention, accident response, emergency preparedness, and use of protective gear.
Data Analytics: Hiring
Identify the best candidates and provide predictive analysis of how well they will do once at the org
Data Analytics: Perf Mgmt
Identifying areas of waste and inefficiency. Improve productivity, quality of service, etc.
Data Analytics: Training & Development
Engage EEs throughout career. Identifying gaps in knowledge and training and crafting opportunities to meet those gaps so EEs can grow within their positions.
Kirkpatrick & Phillips Successful Program include:
Leaves EE satisfied, teach new skill, enable EEs to transfer skills, culminate in substantial results.
Data Analytics: Training & Development Effectiveness & Results
Also the effectiveness of a training. Measured in feedback, surveys, interviews, etc. Results measured in lower TO, costs, increase productivity, etc.
Data Analytics: Comp
Competing comp packages; data for OT to identify areas of overspend.
Data Analytics: Retention
Help gather data and find trends in EE retention without using bias and assumptions through exit interviews/post-exit purveys. Focus groups and predictive surveys for current EEs.
3 Types of Data
- Quantitative
- Qualitative
- Mixed-Method Research
Quantitative
-Data that can be quantified and counted using measurements.
-Helpful to identify WHAT is happening rather than why.
-Maco-level understandings
-Evaluates significant and separable relationships b/w limited variables.
Determines WHAT is happening
Qualitative Data
-Language and interpretations
-collected in observations and interviews
-Identifies WHY something happened
-Micro-understanding
-Involves analysis of themes/patterns
Determining the WHY and how factors correlate/motivations based on situations
Mixed-Method Research
- Uses both Quant/Qual
- Time consuming, requires additional expertise and multiple analysis
- Multiple data sources make stronger conclusions
- Provide insight into what is happening AND why
- Aid in the development of hypotheses and identify relevant populations
Two Levels of Measurement
Continuous & Discrete
Continuous Data
Data that can lie along any point in a range of data. (Age: 30.5 years old)
Discrete
Data that can only take on whole values and has clear boundaries. (2 or 3 cars)
Nominal Data
Categorial Data - used to label subjects in a study. Type of Discrete data. Puts object into categories.
Ordinal Data
Places data objects into order. Type of discrete Data. Higher a data object on sale, the more certain of quality. “Black belt”
Interval Data
Continuous Data. Ordered but the diff b/w two values are meaningful. Time, date, temp. Zero does NOT represent absence of the property being measured
Ratio Data
Continuous. HAS unique zero point. Age (Zero years old, twice as old as someone else). Business, income, stock price, inventory, # of customers, monetary values
Tactical/Prescriptive Analytics
Experimental design and optimization to suggest a course of action. Use of REAL TIME, current issues EEs are facing
Strategic/Predictive Analytics
The use of analytics involving the collection and analysis of data to inform long-term decisions or for planning future initiatives
Benchmarking
Evaluation of data compared to both external competitors and internal historical data
External Benchmarking
Comparison b/w an org and similar orgs
Internal Benchmarking
Comparison to other periods in a company’s history
Needs Assessment
Forward looking assessments that involve making predictions (ab an org’s future needs and productivity)
Forecasting (3 basic techniques) and Regression Analysis
- Judgmental (based on sales, consumer, mgmt input)
- Time series (data patters in past data, trends)
- Associative (predictive or explanatory variables incl regression)
Regression Analysis
Statistical method to measure the av amount of change in a dependent variable associated with a unit change in one or more independent variables.
Time Series Analysis
Forecasting technique that employs a series of past data points to make forecast
Cluster Analysis
Process of arranging terms or values based on different variables into “natural” groups
Decision Analysis
Process of weighing all outcomes of a decision to determine best course of action
Factor Analysis
Statistical analysis used to describe variability among observed, correlated variables in terms of potentially lower number of factors or unobserved variables
ANOVA
Analysis of variance; method of analyzing the diff in a particular variable b/w multiple populations
What is HRM’s fxn in an org that is pursing a concentration strategy?
HRM needs to support the remaining business units by recruiting and retaining the EEs it will need to succeed.
