chapter 3 Flashcards
companys plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage
stategic plans
a course of action the company can pursue to achieve its strategic aims
strategy
the process of identifying and executing the organizations strategic plan by matching the companys capabilities with the demands of its enviornment
strategic management
summarizes “what business are we in”
mission statement
identifies the portfolio of businesses that, in total, comprise the company and the ways in which these businesses relate to each other
corporate level strategy
a srategy that identifies how to build and strengthen the businesses long term competitive position in the marketplace
competitive strategy
any factors
competitive advantage
formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims
strategic human resource mmangement
a strategic planning tool that shows the big picture of how each departments performance contributes to achieving the company’s overall strategic goals
strategy map
a process for assigning financial and non financial goals or metrics to the human resource management related chain of activities required for achieving the company strategic aims and for monitoring results
hr scorecard
presents the manager with desktop graphs and charts
digital dashboard
metrics that focus on measuring activities that contribute to achieving company strategic aims
strategy-based metrics
an analysis by which an organization measures where it currently stands and determines what it has to accomplish to improve its hr functions
hr audit
set of human resource management policies and practices that promote organizational effectiveness
high-performance work system
quantitative gauage of a human resource management activity, such as employee turnover
human resource metric
