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HR Management > Chapter 2: Human Resource Strategy and Planning > Flashcards

Chapter 2: Human Resource Strategy and Planning Flashcards

1
Q

A

A
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2
Q

An organization’s plan for how to compete successfully, survive, and grow

A

Strategy

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3
Q

The process of defining organizational strategy, or direction, and allocating resources toward its achievement

A

Strategic Planning

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4
Q

What are capital and people called?

A

Resources

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5
Q

The guiding force behind the strategic planning process

A

Organizational mission

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6
Q

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

A

Organizational mission

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7
Q

Opening up the strategic planning process to more people

A

Crowdsourcing

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8
Q

Aligning social responsibility efforts with the decision making that takes place in a company

A

Crowdfunding

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9
Q

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

A

Strategic HR management

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10
Q

MNC

A

Multinational corporation

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11
Q

What is a multinational corporation sometimes called?

A

Transnational corporation

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12
Q

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

A

Multinational corporation

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13
Q

Occurs when a company relocates a business process or operation from one country to another

A

Offshoring

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14
Q

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

A

Human Resource planning

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15
Q

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

A

Environmental scanning

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16
Q

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

A

Succession planning

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17
Q

Uses information from the past and present to predict future conditions

A

Forecasting

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18
Q

Does workforce supply = Demand?

A

No

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19
Q

Temporary payments made to laid-off employees to ease the financial burden of unemployment

A

Severance benefits

20
Q

WARN

A

Worker Adjustment and Retraining Notification Act

21
Q

COBRA

A

The federal Consolidated Omnibus Budget Reconciliation Act

22
Q

Displaced workers can retain their group medical coverage for up to 18 months for themselves and for up to 36 months for their dependents, if they pay the premiums themselves

A

The federal Consolidated Omnibus Budget Reconciliation Act

23
Q

OWBPA

A

Older Workers Benefit Protection Act

24
Q

Requires employers to disclose the ages of both terminated and retained employees in layoff situations, and a waiver of rights to sue for age discrimination must meet certain requirements

A

Older Workers Benefit Protection Act

25
Q

Requires private and commercial organizations that employ 100 or more full-time workers who have worked more than 6 months in the previous year to give a 60-day notice before implementing a layoff or facility closing that involves more than 50 people

A

Worker Adjustment and Retraining Notification Act

26
Q

Transferring the management and performance of a business function to an external service provider

A

Outsourcing

27
Q

Nontraditional schedules that provide flexibility to employees and include job sharing and telecommuting

A

Alternate work arrangements

28
Q

M&A

A

Mergers and acquisitions

29
Q

Comprehensive assessment of all aspects of the business being acquired

A

Due diligence

30
Q

What process is conducted to determine whether 2 organizations should combine?

A

Due diligence

31
Q

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

A

Effectiveness

32
Q

Degree to which operations are carried out in an economical manner

A

Efficiency

33
Q

Specific measures of HR practices

A

HR metrics

34
Q

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

A

HR analytics

35
Q

Process of comparing an organization’s business results to industry standards or best practices

A

Benchmarking

36
Q

Framework organizations use to report on a diverse set of performance measures

A

Balanced scorecard

37
Q

4 performance areas on a balanced scorecard

A

Financial measures, internal business processes, customer relations, and learning and growth activities

38
Q

Product and service quality, efficiency, and productivity, conformance with standards, and cycle times can be measured to ensure that the operation runs smoothly and efficiently

A

Internal business processes

39
Q

Customer satisfaction, loyalty, and retention are important to ensure that the organization is meeting customer expectations and can depend on repeat business from its customers

A

Customer relations

40
Q

Employee training and development, mentoring programs, succession planning, and knowledge creation and sharing provide the necessary talent and human capital pool to ensure the future of the organization

A

Learning and growth activities

41
Q

ROI = C / (A + B)

A

Return on Investment

42
Q

Calculation showing the value of investments in human capital

A

Return on investment (ROI)

43
Q

Adjusted operating profitability figure calculated by subtracting all operating expenses except labor expenses from revenue and dividing by the total full-time head count

A

Human capital value added (HCVA)

44
Q

Directly shows the amount of profit derived from investments in labor, which represents the leverage the company has on labor cost

A

Human capital return on investment (HCROI)

45
Q

Shows the wealth created per employee

A

Human economic value added (HEVA)

46
Q

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

A

HR audit

HR Management (14 decks)

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