CH 2: Strategic HR Management Flashcards
Strategy
A plan an organization follows for how to compete successfully, survive, and grow.
Strategic Planning
The process of defining organizational strategy, or direction, and allocating resources toward its achievement.
HR strategic planning process involves what several sequential steps?
- Organizational Mission
- SWOT Analysis
- Establish Goals and Objectives
- Formulate Organizational Strategy
- Formulate Supporting Functional Strategies
- Implement
- Evaluate and Reasses
Organizational Mission
The core reason for the existence of the organization and what makes it unique.
Strategic HR Management
The appropriate use of HR management practices to gain or keep a competitive advantage.
Multinational Corporation (MNC)
An organization that has facilities and other assests in at least one country other than its home country.
Offshoring
A company’s relocation of a business process or operation from one country to another.
Human Resource Planning
The process of analyzing and identifying the need for and availability of people so that the organization can meet its strategic objectives.
Environmental Scanning
The assessment of external and internal environmental conditions that affect the organization.
Succession Planning
The process of identifying a plan for the orderly replacement of key employees.
Forecasting
Using information from the past and present to predict future conditions.
Severance Benefits
Temporary payments made to laid-off employees to ease the financial burden of unemployment.
Outsourcing
Transferring the management and performance of a business function to an external service provider.
Alternate Work Arrangements
Nontraditional schedules that provide flexibility to employees.
Due Diligence
A Comprehensive assessment of all aspects of the business being acquires.
