Chapter 1 Flashcards
Human Capital
Economic value of employees’ knowledge, skills, and capabilities.
Strategic Planning
Determining companies long-term goal and structuring the plan to achieve it.
Six Sigma
Set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement.
Reengineering
Fundamental rethinking and radical redesign of business processes to achieve improvements in cost, quality, service, and speed.
Downsizing
Long-term plan of elimination of jobs. It includes layoffs, early retirement offers, attrition, and outsourcing
Change Management
Systematic way of doing broad organizational changes while helping and guiding individual employees adapt to that change.
Types of strategic changes
Reactive changes & Proactive changes
How can companies compete globally?
Doing partnerships & mergers
How is HRM affected by globalization?
- HR must look at the complex problems.
- HR must enhance understanding of different cultures, geographies, and work practices.
- HR personnel are responsible to train international workers inclusively
What is CSR?
Decision by business to conduct things in ethical manner and would also benefit the society (Following the laws, initiating charities, not throwing waste)
What is sustainability?
A company’s ability to produce goods and/or services without damaging the environment and excessively depleting the resources.
Ex: reducing carbon footprints
What is Green Human Resource Management? What are its advantages?
Adopting formal environmental HRM practices and implementing sustainable business practices along the way.
What are HRIS?
Human Resource Information Systems: software solutions that combine human resources and information technology functions.
Furloughing
Ask companies to take time off with reduced pay and/or no pay or benefits.
Outsourcing
Hire outside workers or firms to do the company’s work
Offshoring
shifting work to overseas location for lower-labour costs or increased skills.
Nearshoring
moving jobs and offices closer to home country (not in home country) –> Like how American companies moved their factories to mexico instead of China.
Homeshoring
moving jobs and offices back to the home country.
Employee Leasing
Dismissing employees who are then hired by leasing companies and contracting with that company to lease back the employees.
Millennials/generation Y
Particularly interested in meaningful work to improve the world around them (like mark zuckerberg)
Generation Z
- Might be hesitant to pursue startups due to covid-19 pandemic
- More comfortable to work with technology and digital tools
Generation X
- Values job security because they saw their parents affected by downsizing.
- Independent workers would switch companies should the opportunity be provided.
How are labour force polarized?
- Have job security and benefits
- Does not have job security and benefits (freelancers, part-time workers)
How are employees changing their nature towards work?
- Prioritizes work-life balance
- They like to have purpose & build inter-personal relation
