Chapter 2 Flashcards
Strategy and Human Resources Planning
Strategic Planning
Procedures for making decisions about the organizations long term goals and strategies
Human resources Planning
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 deployment and activities that enable an organization to achieve its strategic goal
mission
The basic purpose of the organization as well as its scope of operations
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
core values
the strong and enduring beliefs and principles that company uses as a foundation for its decisions
environmental scanning
systematic monitoring of the major external forces influencing the organization
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
how to sustain a competitive advantage through people
the resource must be valuable
the resource must be rare
the resource must be difficult to imitate
the resource must be organized
Cultural audits
audits of the culture and quality of work life in an organization
Values bades hiring
the process of outlining the behaviors that exemplify a firms corporate culture and then hiring people who are a fit for them
Forecasting
forecasting demand of labor
forecasting supply of labor
balancing supply and demand considerations
trend analysis
a quantitative approach to forecasting labor demand based on an organizational index such as sales
management forecasts
the opinions of supervisors depart managers experts or other knowledgeable person about the organizations future employment needs
staffing tables
graphic representation of all organizational jobs, along with the numbers of employees currently occupying those jobs and future monthly and yearly employee requirements
Markov Analysis
a method for tracking the patterns of employee movements through various jobs
Quality of fill
a metric designed to assess how well new hires are performing on the job
skill inventories
files of personnel education experience interests and skills that allow managers to quickly match job openings with employee backgrounds
replacement charts
listing of current jobholders and people who are potential replacements if a opening occurs
succession planning
the process of identifying developing and tracking individuals for executive positions
Human Capital readiness
the process of evaluating the availability of critical talent in a company and comparing its firms supply
Corporate strategy
growth and diversification
mergers and acquisitions
Strategic alliances and joint ventures
Business strategy
low cost strategy compete on productivity and effectiveness
differentiation strategy : compete on unique value added
Functional Strategy Ensuring alignment
Vertical fit -business objectives and major hr initiatives connection
horizontal fit- making sure hr practices are all aligned
Dealing with surplus employees
Layoff strategies
attrition
Termination strategies
attrition
a natural departure of employees from organization through quits retirements and deaths
Hiring freeze
a practice where new workers are not hires as planned or old workers who left are not replaces
Termination
Practice initiated by an employer to separate an employee from the organization permanently
severance pay
a Lump-sum payment given to terminated employees by employer at the time of an employer initiated termination
Benchmarking
the process of measuring ones own services and practice against the recognized leaders in order to identify areas of improvement
Balanced scorecard
a measurement framework that helps managers translate strategic goals into operational objectives 1 financial 2customer 3processes 4learning
organizational capability
the capacity of the organization to act and change in pursuit of sustainable competitive advantage
