CH 1 - World of Human Resources Management Flashcards

1
Q

Human Capital -

A

the knowledge, skills, and capabilites of individuals that have economic value to an organization

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2
Q

Human Resource Managment (HRM)

A

the process of managing human talent to achieve an organization’s objectives

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3
Q

HRM - Challenges/issues

A
    1. Disruptions due to Covid-19
  1. Corporate Social Responsibility
  2. Advancing HRM with Technology
  3. Containing costs while retaining top talent and maximizing productivity
  4. Demographic and diversity challenges
  5. Adpating to Educational and Cultural Shifts Affecting the Workforce
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4
Q

Disruptions due to Covid-19

A

organizations have had to brainstorm, evaluate, and significantly revise their organizations people strategy while attempting to continue to operate efficiently

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5
Q

Strategic planning

A

has become more crucial - orgranizations are increasingly required to be more agile and efficient in adapting their business plan for the future of work

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6
Q

HRM business strategies:

A
  1. six sigma
  2. reengineering
  3. downsizing
  4. outsourcing
  5. change management
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7
Q

Six Sigma

A

is a set of principals and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement

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8
Q

Reengineering

A

is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed

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9
Q

Downsizing

A

planned elimination of jobs

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10
Q

Outsourcing

A

is contracting out work that was formerly done by employees

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11
Q

change management

A

is a systematic way of brining about and managing both organizational changes and changes on the individual level

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12
Q

2 Types of change management

A
  • reactive change
  • proactive change
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13
Q

Reactive changes

A

changes that occur after external forices have already affected performance

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14
Q

Proactive change

A

change initiated to take advantage of targeted opportunities

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15
Q

Globalization

A

the trend to opening up foreign markets to international trade and investments

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16
Q

How Globalization Affects HRM

A

different cultures, employment laws, and business practices
- gauge knowledge of international workers
- best train
- relocating managers
- deal with culture shock

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17
Q

Corporate social responsibility

A
  • the responsibility of the firm to act in the best interests of the people and communities affected by its activities
18
Q

Sustainability

A

doing business in a way that does little harm to the environment and depletes as few natural resources as possible

19
Q

Green Human Resource Managment (GHRM)

A

is a growing phenomenon and refers to the unification or environmental HRM policies and sustainable business practices

20
Q

Collaborative softwate

A

is software that allows workers to interface and share information with one another electronically

21
Q

Tech external -

A

attract right employees, gather information, build company brand, give face to the company

22
Q

Tech internal

A

become more engaged and connected to the organizations culture, mission/vision, and overall goals, can be used to manage talent, and allow for greater collaboration among employees

23
Q

Knowledge workers

A

workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem solving

24
Q

Influence of Technology on HRM

A
  • Human resources information system (HRIS) I
    -Workforce (HR) analytics
25
Q

Human resources information system (HRIS)

A

is a computerized system that provides current and accurate data for the purposes of control and decision making

26
Q

usefulness of HRIS

A

Automates routine activities, reduces costs, improves productivity, helps people connect with HR data they need, uses big data which is massive amounts of data that are too large for conventional database tools or statistical software to collect, save, manage, and examine

27
Q

Workforce (HR) analytics

A

the process of gathering and analyzing data to improve a firm’s human resources management

Employment history, skills, education, demographics, hours worked, compensation, performance, training

28
Q

Big data can be used in recruitment and selection -

A

pre populate demographic questions and factual rather than self-reported experiences and activities such as professional memberships and associations

29
Q

Downsizing - hidden costs

A

Severance and rehiring costs, accrued vacation and sick-day payouts, pension and benefit payoffs, potential lawsuits from aggravated workers, loss of institutional memory and trust in management, lack of staffers when the economy rebounds, survivors who are risk averse, paranoid, and political

30
Q

Downsizing benefits -

A

Fierce loyal and more productive workforce, higher customer satisfaction, readiness to snap back with the economy, a recruiting edge, workers who are not afraid to innovate, knowing that their jobs are safe

31
Q

Furloughing

A

a situation in which an organization asks or requires employees to take time off for either no pay or reduced pay

32
Q

Outsourcing

A

delegating business processes to a 3rd party

33
Q

Offshoring

A

the business practice of sending jobs to other countries

34
Q

Homeshoring

A

the process of moving jobs to work-fromhome domestic independent contractors

35
Q

Nearshoring

A

the process of moving jobs colder to one’s home country

36
Q

Employee leasing

A

the process of dismissing employees who are then hired by a leasing company (which handles all HR-related activities) and contradicting with the comnay to lease back the employees

37
Q

Demographic and diversity challenges

A

Demographic changes, diversity and immigration challenge, age distribution of employees, gender distribution of the workforce

38
Q

Adpating to Educational and Cultural Shifts Affecting the Workforce

A

Education of the workforce
Cultural changes - ones culture affects their behaviour on the job and the environment within the organization, influencing their reactions to work assignments, leadership styles and reward systems
Employers have the right to monitor email and internet use at work
More self employment, balancing work and family lifestyle

39
Q

Line managers -

A

non HR managers who are responsible for overseeing the work of other employees

40
Q

HR managers responsibilities

A

strategic advice and counsel, provide service, polciit formualtion and implementation, employee advociay, business mastery - know the business - financial capabilities, HR mastery - staffing, performance apprasials, rewards, change mastery - problem solving skills, innovation and creativity, personal credibility - trust, personal relationships, limited values, courage

41
Q
A