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.
What are human capital metrics?
Measures workforce aspects like turnover and engagement.
List the steps in external analysis.
1) Environmental Scanning. 2) Porter’s Five Forces. 3) Stakeholder Analysis.
What is internal analysis?
Examines core capabilities, composition, and culture for organizational success.
Define horizontal alignment in HR strategy.
Aligning HR practices to reinforce each other internally.
What are staffing tables?
Graphs showing current and future employee needs.
How does HRP impact strategic planning?
Ensures workforce capabilities align with long-term business goals.
What is resource flexibility?
Having human resources capable of diverse roles and tasks.
What is the purpose of cultural audits?
Assess employee engagement, leadership styles, and work environment quality.
What is the role of SWOT analysis in strategy formulation?
Identifies internal strengths/weaknesses and external opportunities/threats.
What is attrition?
Natural reduction of workforce through retirements, resignations, or deaths.
How does outsourcing support strategy implementation?
Provides staffing flexibility and cost control.
List the types of corporate strategies.
Concentration, Growth, Diversification.
What is vertical alignment?
Connecting HR initiatives with overall business objectives.
What are the benefits of high-performance work systems?
Improves talent acquisition, employee involvement, and organizational commitment.
What is a hiring freeze?
Suspension of hiring to reduce workforce costs.
How does HR evaluate human capital readiness?
Gap analysis between talent supply and organizational needs.
