Chapter 2 (Core Knowledge Requirements for HR Professionals) Flashcards
What are the steps of needs assessment?
- Define the object
- Define the current situation
- Conduct a gap analysis
- Set priorities
- Investigate and develop options
- Evaluate option and determine budget impact
- Recommend solutions
What sections are included in RFP formats?
Exec summary Vendor qualifications PM plan Project team Roles & responsibilities Delivery schedule Pricing information
What are the four types of risk management?
Risk Mitigation
Risk Acceptance
Risk Avoidance
Risk Transfer
Risk mitigation is where…
steps are taken to reduce the risk.
Risk acceptance is when…
you are aware of the risk but management takes the risk that it won’t occur or will be easily managed if it does occur.
Risk avoidance is where…
steps are taken to avoid the risk.
Risk transfer is…
accomplished by purchasing insurance.
What are the four environmental scanning tools?
Statistical models, SWOT analysis, PEST analysis, Porter’s 5 forces
PEST Analysis….
political, economic, social, technological
SWOT Analysis….
strengths, weakness, opportunities, threats
Porter’s 5 Forces
new competitors, suppliers, buyers, alternative products available to consumers, the type and level of competition in the industry
Statistical Models…
quantitative analysis models.
What are the six organizational structures?
Functional, Product-Based, Geographic, Divisional, Matrix, Seamless
Functional organization structure is…
traditional pyramid - top/down, bottom/up (best for single product line)
Product-Based organization structure is…
organized by product line (best for well defined product lines that are clearly separate from each other)
Geographic organization structure is…
where execs of regional areas are responsible for all business functions in their region
Divisional organization structure is…
similar to geographic but based on other criteria such as market or industry
Matrix organization structure is…
where employees report to at least 2 managers
Seamless organization structure is…
horizontal organization connoted by networks instead of separated by boundaries
Return on Investment (ROI)
dividing the benefits realized as a result of a program by the total related direct and indirect costs
Cost/Benefit Analysis (CBA)
compares all costs of a proposed program to the benefits that will be realized and forecasts the net impact on bottom line
What is the difference between ROI and CBA
CBA includes soft costs and ROI generally only includes hard costs
Examples of HRIS Systems include
ESS - Employee Self-Service
ATS - Applicant Tracking System
HMS - Hiring Management System
LMS - Learning Management System
What is included in the SHRM Code of Ethical and Professional Standards?
Professional responsibility, Professional development, Ethical leadership, Fairness and Justice, Conflicts of Interest, Use of Information