ch2 flashcards
What is Strategic HR Management (SHRM)?
Aligning HR practices with strategic goals to drive success.
What are High-Performance Work Systems (HPWS)?
HR practices that attract, develop, and retain high-performing employees.
List the steps in Strategic HR Planning.
1) Mission, Vision, and Values. 2) External Analysis. 3) Internal Analysis. 4) Strategy Formulation. 5) Strategy Implementation. 6) Evaluation and Assessment.
What are the key elements of a mission statement?
Defines the organization’s purpose and scope.
What is the VRIO Framework?
Valuable, Rare, Inimitable, and Organized resources for competitive advantage.
Define the Balanced Scorecard.
A framework for aligning operational objectives with strategic goals.
What are the four perspectives of the Balanced Scorecard?
Financial, Customer, Processes, Learning.
What is environmental scanning?
Monitoring external forces like economic, technological, and demographic changes.
List Porter’s Five Forces.
1) Customers. 2) Rival firms. 3) New entrants. 4) Substitutes. 5) Suppliers.
What are the two types of alignment in functional strategy?
Vertical alignment and horizontal alignment.
What is SWOT analysis?
Evaluation of Strengths, Weaknesses, Opportunities, and Threats.
What are the two main categories of HR metrics?
Human Capital Metrics and HR Metrics.
What is quality of fill?
A metric assessing how well new hires perform on the job.
What are some options for dealing with surplus employees?
Layoffs, attrition, hiring freezes, and terminations.
Define corporate strategy.
Defines the markets, competitors, and how a firm will compete.
What is the difference between low-cost and differentiation strategies?
Low-cost focuses on efficiency; differentiation offers unique value.
What is strategic flexibility?
The ability to adapt quickly to changing business environments.
What is benchmarking?
Comparing organizational performance with industry standards.
What is a cultural audit?
An evaluation of work-life quality, leadership, and empowerment in an organization.
What is the significance of forecasting in HRP?
Predicts future labor supply and demand to plan effectively.
What are the key aspects of core capabilities?
Integrated knowledge, processes, and people creating value for customers.
What is a stakeholder in external analysis?
Key groups with an interest in the firm’s activities, e.g., investors, employees, customers.
What is severance pay?
Lump-sum payment to terminated employees based on tenure.
What is the role of action plans in strategy implementation?
Balance workforce supply and demand through staffing strategies.
