Chapter 1 Flashcards
competitive advantage
Answer
doing something differently from the competition that leads to
outperformance and success
The six functions of human resource management
Staffing, training and development, performance management, Health and safety, employee management relations, rewards and benefits
Training and development
the HR function that refers to the growth of employee capabilities through both formal
and informal activities; also includes career planning, organizational development, and
legal compliance
direct financial compensation
Answer
compensation received in the form of salary, wages, commissions, stock
options, or bonuses
total rewards
Answer
the sum of all the rewards employees receive in exchange for their time,
efforts, and performance
nonfinancial compensation
Answer
rewards and incentives given to employees that are not financial in nature
including intrinsic rewards received from the job itself or from the work
environment
employee handbooks
Answer
print or online materials that document the organization’s HM policies
and procedures
Question
staffing
Answer
the HR function that refers to the process of planning, acquiring, deploying,
and retaining employees that enables the organization to meet its talent
needs and execute its business strategy
Question
talent philosophy
Answer
a system of beliefs about how its employees should be treated
performance management
Answer
the HR function that refers to aligning individual employees’ goals and
behaviors with organizational goals and strategies, appraising and
evaluating past and current behaviors and performance, and providing
suggestions for improvement
human resource management
Answer
the organizational function responsible for attracting, hiring, developing,
rewarding, and retaining talent
rewards & benefits
Answer
the HR function that refers to the sum of all of the rewards employees
receive in exchange for their time, efforts, and performance
Question
indirect financial compensation
Answer
all the tangible and financially valued rewards that are not included in •
direct compensation, including free meals, vacation time, and health
insurance
strategic risk
Answer
risk related to talent strategy, company culture, ethics, investments in
people, and the implementation of change initiatives
health & safety
Answer
the HR function that refers to topics ranging from wellness, fire and food
safety, ergonomics, injury management, disaster preparedness, industrial
hygiene, bullying, and workplace violence
employee-management relations
Answer
the HR function that refers to industrial relations, more commonly known
as unionized employment situation
human resource strategy
Answer
links the entire human resource function with the firm’s business strategy
compliance risk
Answer
risk related to employment-related decisions that can have legal
ramifications, particularly in the areas of diversity, health and safety, union
relations, whistleblowers, and harassment
financial risk
Answer
risk related to an organization’s workforce costs and productivity directly
through compensation, benefits, turnover, overtime, and time-to-hire and
indirectly through errors, accidents, delays, and lost production
operational risk
Answer
risk related to the speed and the effectiveness of talent acquisition,
development of employees’ skills, and the identification and retention of
top performers
business strategy
Answer
defines how the firm will compete in its marketplace
