Chapter 1 Flashcards
What is human resource Management?
Managing people in organizations to drive successful organizational performance and achievement of organization’s strategic goals.
Managing human capital: knowledge, education, training, skills, expertise
What are Operational responsibilities of HRM?
Analyzing jobs Planning future workforce requirements Selecting employees orienting and training employees managing compensation and reward plans communicating with employees
What is strategy?
the company’s plan for how it will balance its internal strengths and weaknesses with external opportunities and threats in order to maintain a
What is strategic human resource management?
is the pattern of human resources deployments and activities that enable an organization to achieve its strategic goals
HR specialists are expected to be change agents
What is mission?
The basic purpose of the organization as well as its scope of operations.
What is strategic vision?
A statement about where the company is going and what it can become in the future; clarifies the long term direction of the company and its strategic intent.
What are core values?
The strong and enduring beliefs and principles that the company uses as a foundation for its decisions.
What is the SWOT analysis?
A SWOT analysis is a combined external and internal analysis.
S = Strengths W = Weaknesses O = Opportunities T = Threats
What is strategy formulation?
Providing input as to what is possible given the types and numbers of people available.
What is Strategy implementation.
Making primary resource allocation decisions about structure, processes, and human resources.
What is balanced scorecard?
A measurement system that translates organization’s strategy into a comprehensive set of performance measures. Includes financial, employee satisfaction, customer satisfaction, etc.
What are external environmental influences?
economic conditions labour market issues technology government globalization
What are the external economic influences?
Employment levels
Productivity levels
Growth of the service sector
What are some of the labour market issues?
Canada’s workforce is among the most diverse in the world
Increasing workforce diversity: visible and ethnic minorities, women, aboriginal population, persons with disabilities
Generational differences – Traditionalists, Baby Boomers (Sandwich Generation), Generation X, Generation Y
What are some of the demographic issues that affect labour market?
Immigration
Aging population – retirees staying in or returning to
workforce
More women in the workforce
A better educated workforce also higher literacy
More contingent workers (workers who do not have
regular employment status).