Chapter 2 Flashcards
Define strategy
A plan in organization follows for how to compete successfully, survive, and grow
Define strategic planning
The process of defining organizational strategy, or Direction, and allocating resources towards its achievement
Define organizational mission
The core reason for the existence of the organization and what makes it unique
Define strategic HR management
The appropriate use of HR management practices to gain or keep a competitive advantage
What are the five human resource contributions to strategy?
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.
Define multinational corporation MNC
an organization that has facilities and other assets in at least one country other than its home country
Define offshoring
a company’s relocation of a business process or operation from one country to another
Define ethnocentric policy
Managers from headquarters staff key positions
ensures control over subsidary location operations
easy transfer of policies from headquarters to subsidiary
Define polycentric policy
host country Nationals staff key positions enter reduces cultural mishaps and misunderstanding
coordination with headquarters may be problematic
Define Regio Centric policy
Key positions are filled by individuals in the region of subsidary
capitalizes on cultural and language similarities within the region
Define Geocentric policy
An international Cadre of skilled managers are assigned to Global subsidiaries regardless of nationality
leverages technical and managerial expertise
Define human resource planning
the process of analyzing and identifying the need for an availability of people so the organization can meet its strategic objectives
Define environmental scanning
the assessment of external and internal environmental conditions that affect the organization
Define succession planning
the process of identifying a plan for the orderly replacement of key employees
What does SWOT mean?
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
What variables does HR need to consider when discussing a changing Workforce?
Aging of the workforce
growing diversity of workers
female workers and work-life balance concerns availability of contingent workers
Outsourcing possibilities
Define forecasting
Using information from the past and present to predict future conditions
What is a short range forecast?
The most commonly used planning period Is 6 months to a year.
What is intermediate range forecasting?
Intermediate-range forecasting plans usually project 1 2 3 years into the future.
What is long range forecasting?
Long range forecast scene is extension of Beyond 3 years
How can HR manage a Talent Surplus?
Reduce employee work hours or compensation
Attrition
Hiring Freezes
Vouluntary separation programs
Workforce downsizing/reduction in force (RIF)
How can HR manage a Talent Shortage?
Increase employee wokrhours trhough overtime Outsource to a third party Implement alternative work arrangements Use Contingent workers (temporary) Reduce employee turnover
Define Severance Benefits:
Temporary paymetns made to laid-off employees to ease the fincanial burden of unemployement
What is the order for overcoming Talent Shortage?
- Use Overtime
- Outsource work
3 Try Alternative work arrangements
4Bring back recent retirees
5 increas contingent workers
6 reduce turnover
