Chapter 2(Strategy And Human Resources Planning) Flashcards
Attrition
A natural departure of employees from organizations through quits, retirements, and deaths.
Balanced scorecard (BSC)
A measurement framework that helps managers translate strategic goals into operational objectives.
Benchmarking
The process of comparing the organization’s processes and practices to those of other companies.
Core Capabilities
Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers.
Core values
The strong and enduring beliefs and principles that the company uses as a foundation for its decisions.
Cultural Audits
Audits of the culture and quality of work life in an organization.
Environmental Scanning
Systematic monitoring of the major external forces influencing the organization.
Hiring freeze
A practice whereby new workers are not hired as planned or workers who have left the organization are not replaced.
Human Capital Readiness
The process of evaluating the availability of critical talent in a company and comparing it to the firm’s supply.
Human resources planning (HRP)
The process of anticipating and providing for the movement of people into, within, and out of an organization.
Management forecasts
The opinions (judgments) of supervisors, department managers, experts, or others knowledgeable about the organization’s future employment needs
Markov analysis
A method for tracking the pattern of employee movements through various jobs.
Mission
The basic purpose of the organization as well as its scope of operations.
Organizational Capability
The capacity of the organization to act and change in pursuit of sustainable competitive advantage.
Quality of fill
A metric designed to assess how well new hires are performing on the job.
Replacement charts
Listings of current jobholders and people who are potential replacements if an opening occurs.
Severance pay
A lump-sum payment given to terminated employees.
Skill Inventories
Files of personnel education, experience, interests, and skills that allow managers to quickly match job openings with employee backgrounds.
Staffing tables
Graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future (monthly or yearly) employment requirements.
Strategic Human Resources Management (SHRM)
The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals.
Strategic Planning
Procedures for making decisions about the organization’s long-term goals and strategies.
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.
Succession Planning
The process of identifying, developing, and tracking key individuals for executive positions.
SWOT analysis
A comparison of strengths, weaknesses, opportunities, and threats for strategy formulation purposes.
Termination
Practice initiated by an employer to separate an employee from the organization permanently.
Trend analysis
A quantitative approach to forecasting labour demand based on an organizational index such as sales.
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.
Values-based hiring
The process of outlining the behaviours that exemplify a firm’s corporate culture and then hiring people who are a fit for them.
