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HRM > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

Define strategy

A

A plan in organization follows for how to compete successfully, survive, and grow

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2
Q

Define strategic planning

A

The process of defining organizational strategy, or Direction, and allocating resources towards its achievement

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3
Q

Define organizational mission

A

The core reason for the existence of the organization and what makes it unique

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4
Q

Define strategic HR management

A

The appropriate use of HR management practices to gain or keep a competitive advantage

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5
Q

What are the five human resource contributions to strategy?

A

Having a seat at the Strategic table: companies must include HR Professionals in discussions about strategy and encourage them to provide input.
Being knowledgeable about business operations: Understanding how the business works and knowing the need for certain strategies are important components.
Focusing on the future: Strategic planning requires leaders to think about the future based on past experiences.
Prioritizing business goals: Efforts that have the greatest impact on the business and its objectives are emphasized first.
Understanding what to measure: Metrics are a vital part of assessing success, which means identifying the right metrics that are linked to business goals.

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6
Q

Define multinational corporation MNC

A

an organization that has facilities and other assets in at least one country other than its home country

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7
Q

Define offshoring

A

a company’s relocation of a business process or operation from one country to another

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8
Q

Define ethnocentric policy

A

Managers from headquarters staff key positions
ensures control over subsidary location operations
easy transfer of policies from headquarters to subsidiary

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9
Q

Define polycentric policy

A

host country Nationals staff key positions enter reduces cultural mishaps and misunderstanding
coordination with headquarters may be problematic

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10
Q

Define Regio Centric policy

A

Key positions are filled by individuals in the region of subsidary
capitalizes on cultural and language similarities within the region

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11
Q

Define Geocentric policy

A

An international Cadre of skilled managers are assigned to Global subsidiaries regardless of nationality
leverages technical and managerial expertise

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12
Q

Define human resource planning

A

the process of analyzing and identifying the need for an availability of people so the organization can meet its strategic objectives

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13
Q

Define environmental scanning

A

the assessment of external and internal environmental conditions that affect the organization

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14
Q

Define succession planning

A

the process of identifying a plan for the orderly replacement of key employees

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15
Q

What does SWOT mean?

A

Strengths: intellectual Capital, loyal committed employees, Innovative adaptive employees, high performance practices
Weaknesses: lack of skilled employees, lack of leadership pipeline, outdated talent management practices
Opportunities: Market position, unexplored markets, Global expansion, technology advances
Threats: legal mandates and restrictions, competitor power, economic uncertainty, Talent Shortage

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16
Q

What variables does HR need to consider when discussing a changing Workforce?

A

Aging of the workforce
growing diversity of workers
female workers and work-life balance concerns availability of contingent workers
Outsourcing possibilities

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17
Q

Define forecasting

A

Using information from the past and present to predict future conditions

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18
Q

What is a short range forecast?

A

The most commonly used planning period Is 6 months to a year.

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19
Q

What is intermediate range forecasting?

A

Intermediate-range forecasting plans usually project 1 2 3 years into the future.

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20
Q

What is long range forecasting?

A

Long range forecast scene is extension of Beyond 3 years

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21
Q

How can HR manage a Talent Surplus?

A

Reduce employee work hours or compensation
Attrition
Hiring Freezes
Vouluntary separation programs
Workforce downsizing/reduction in force (RIF)

22
Q

How can HR manage a Talent Shortage?

A 
Increase employee wokrhours trhough overtime
Outsource to a third party
Implement alternative work arrangements
Use Contingent workers (temporary)
Reduce employee turnover
23
Q

Define Severance Benefits:

A

Temporary paymetns made to laid-off employees to ease the fincanial burden of unemployement

24
Q

What is the order for overcoming Talent Shortage?

A
  1. Use Overtime
  2. Outsource work
    3 Try Alternative work arrangements
    4Bring back recent retirees
    5 increas contingent workers
    6 reduce turnover
25
Q

Define outsourcing:

A

Transfering the managemrnt and performance of a business function to an external service provider

26
Q

Define Alternate work arrangements

A

Nontraditional schedules that provide flexibility to employees

27
Q

Define Due diligence

A

A comprehensive assessment of all aspects of the business being acquired.

28
Q

What is HR’s role in a Merger and Aquistion before the deal?

A

Conduct due diligence
Assess risks
Identify possible conflicts

29
Q

What is HR’s role in a Merger and Aquistion during intergration?

A

Address key HR processes
Retain key talent
Recognize cultural differences

30
Q

What is HR’s role in a Merger and Aquistion post intergration?

A

Optimize workforce

Identify and establish new culture

31
Q

Define Effectiveness

A

The ability of a program, project, or task to produce a specific desired effect or result that can be measured

32
Q

Define Efficeincy

A

The degree to which operations are carried out in an economical manner.

33
Q

Define HR Metrics

A

Specific measures of HR practices

34
Q

Define HR analytics

A

An evidence-based approach to making HR decisions on the basis of quantitative tools and models

35
Q

Define Benchmarking

A

The process of comparing an organization’s business results to industry standards or best practices.

36
Q

What is HR Staff and Expenses in HR Metrics?

A

HR-to-employee ratio
Total HR staff
HR expenses per FTE

37
Q

What is Compensation in HR Metrics?

A

Annual Wage and salary increases
Payroll as a percentage of operating expenses
Benefit costs as a percentage of payroll

38
Q

What is Retention and Quality in HR Metrics?

A

Average tenure of employees
Percentage of new hires retained for 90 days
Performance quality of employees in first year

39
Q

What is Staffing in HR Metrics?

A

Number of positions filled
Time to fill
cost per hire
annual turnover rate

40
Q

What is Training in HR Metrics?

A

Hours of training per employee
total costs for training
percventage of employees participating in tuition reimbursment program

41
Q

What is Development in HR Metrics?

A

Positions filled internally

Percentage of employees with career plan

42
Q

Define Benchmarking

A

The process of comparing an organization’s business results to industry standards or best practices.

43
Q

Define a Balanced Scorecard

A

A framework organizations use to report on a diverse set of performance measures.

44
Q

What are the four areas a Balanced Scorecard measures?

A

Financial Resources: Profit and Loss, operating margins, utilization of capital, ROI
Internal Business processes: Product and service quality, efficiency and productivity, conformance with standards, cycle times to run smoothly
Customer relations: Customer satisfaction, loyalty, and retention
Learning and growth activities: Employee training and developement,mentoring programs, succession planning, and knowledge creation

45
Q

Define Return on Investment

A

Calculation showing the value of investments in human capital

46
Q

Define Human Capital Value Added (HCVA)

A

Calculated by subtracting all operating expenses except labor expenses from revenue and dividing by the total full-time headcount

47
Q

Define Human capital return on investment (HCROI)

A

Directly shows the amount of profit derived from investments in labor

48
Q

Define Human economic Value Added (HEVA)

A

Wealth created per employee

49
Q

Define HR Audit

A

A formal research effort to assess the current state of an organization’s HR practices

50
Q

What are the 5 different types of audits?

A

Compliance Audit: Record keeping on state and Federal documentation
Benefit Programs Audit: Reviews regulatory complaince
I-9 Audit: Reviews compliance with immigration
Specific program audit: Reviews specific HR subareas like compensation
Ful HR audit: Reviews all of the above plus any other HR functions

HRM (4 decks)

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