Chapter 2 Flashcards
Strategic Planning
Procedures for making decisions about the organization’s long-term goals and strategies.
Human Resources Planning (HRP)
The process of anticipating and providing for the movement of people into, within, and out of an organization.
Strategic Human Resources Management
The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals.
Mission
The basic purpose of the organization as well as its scope of operations.
Strategic Vission
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.
Core Values
The strong and enduring beliefs and principles that the company uses as a foundation for its decisions.
Environmental Scanning
Systematic monitoring of the major external forces influencing the organization
Business Environment
External factors in the general environment that a firm cannot directly control but that can affect its strategy.
Remote Environment
Forces that generally affect most, if not all firms, such as the economy and technological, demographic, and legal and regulatory changes.
Competitive Environment
Consists of a firm’s specific industry, including the industry’s customers, rival firms new entrants, substitutes and suppliers.
Core Capabilities
Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers.
Value Creation
What the firm adds to a product or service by virtue of making it; the amount of benefits provided by the product or service once the costs of making it are subtracted.
Cultural Audits
Audits of the culture and quality of work life in an organization.
Values-Based Hiring
The process of outlining the behaviors that exemplify a firm’s corporate culture and then hiring people who are a fit for them.
Trend Analysis
A quantitative approach to forecasting labor demand based on an organizational index such as sales.
Management Forecasts
The opinions (judgments) of supervisors, department managers, experts or others knowledgeable about the organization’s future employment needs.
Staffing Tables
Graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future (monthly or yearly) employment requirements.
Markov Analysis
A method for tracking the pattern of employee movement through various jobs.
Quality of Fill
A metric designed to measure how well new hires that fill positions are performing on the job.
Skill Inventories
Files of personnel education, experience, interests, skills and so on that allow managers to quickly match job openings with employee backgrounds.
Replacement Charts
Listings of current jobholders and people who are potential replacements if an opening occurs.
Succession Planning
The process of identifying, developing, and tracking key individuals for executive positions.
Human Capital Readiness
The process of evaluating the availability of critical talent in a company and comparing it to the firm’s supply.
SWOT Analysis
A comparison of strengths, weaknesses, opportunities, and threats for strategy formulation purposes.
Benchmarking
The process of looking at your practices and performance in a given area and then comparing them with those of other companies.
Balanced Scorecard
A measurement framework that helps managers translate strategic goals into operational objectives.
Organizational Capability
The capacity of the organization to act and change in the pursuit of sustainable competitive advantage.
