Core 1 Flashcards
General Competencies
Human Resources Management (HRM)
the process of managing human talent to achieve an organizations objectives
Human Capital
the knowledge, skills, and capabilities of individuals that have economic value to an organization
Six Sigma
a set of principles and practices whose core ideas include 3 primary focuses: 1) understand customer needs 2) do it right the first time 3) strive for continuous improvement
Reengineering
the fundamental rethinking and radical design of business processes to achieve dramatic improvements in cost, quality, service and speed
Downsizing
planned elimination of jobs
Outsourcing
contracting out work that was formerly done by employees
Change Management
a systematic way of brining about and managing both organizational changes and changes on the individual level
Reactive Change
changes that occur after external forces have already affected performance
Proactive Change
change initiated to take advantage of targeted opportunities coming in the future
Globalization
the trend to opening up foreign markets to international trade and investment
Corporate Social Responsibility (CSR)
the responsibility of the firm to act in the best interest of the people and communities affected by its activities
Sustainability
doing business in a way that does as little harm to the environment and depletes as few resources as possible
Collaborative Software
software that allows workers to interact and share information with one another electronically
Touch Labour
lesser skilled, redundant, usually physically demanding positions that are being replaced by automation
Knowledge Workers
workers whose responsibilities extend beyond the physical execution of work to include planning, decision making and problem-solving
Human Resources Information System (HRIS)
a computerized system that provides current and accurate data for purposes of control and decision making
Workforce (HR) Analytics
the process of gathering and analyzing data to improve a firm’s human resources management
Furloughing
a situation in which an organization asks or requires employees to take time off for either no pay or reduced pay
Off Shoring
the business practice of sending jobs to other countries
Near Shoring
the process of moving jobs closer to ones home country
Employee Leasing
the process of dismissing employees who are then hired by a leasing company (which handles HR) and contracts with that company to lease back the employees
Line Manager
Non-HR Managers who are responsible for overseeing the work of other employees
Strategic Planning
procedures for making decisions about the organization’s 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 HR Management
the pattern of HR deployments and activities that enable an organization to archive its strategic goals
Mission
the basic purpose of the organization as well as its scope of operations
Vision
a statement about where the company is going and what it can become in the future, clarifies long term direction if the company and its strategic intent
Core Values
the strong and enduring belifes and principles that the company uses as a foundation for its decisions
Environmental Scanning
systematic monitoring of the major forces (external) influencing the organization
Stakeholders
key people and groups that have an interest in a firms activities and that can either affect them or be affected by them
Core Capabilities
Integrated knowldge 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
Cultural Audit
audits of the culture and quality of work life in an organization
Values-Based Hiring
the process that outlines the behaviours that exemplify a firms corporate culture and then hiring people who are a fit
Trend Analysis
a quantitative approach of forecasting labour demand based on an organizational index, such as sales
Management Forecasts
the opinions of supervisors, department managers, experts or others knowledgeable about the organization’s future employment needs
Staffing Tables
Graphic representations of all organizational jobs, along with the number of employees currently occupying those jobs and future employment requirements
Markov Analysis
a method of tracking the pattern of employee movement through various jobs
Quality of Fill
a metric designed to assess how well new hires perform on the job
Skills Inventory
files of personal education, experince, intersts and skills that allow managers to quickly assess/match job openings with employee backgrounds
Replacement Cards
listings of current job holders and people who are potentially replacements if an opening occurs
Succession Planning
the process of identifying, developing and tracking key individuals for executive positions
Human Capital Readiness
the process of evaluating the avilaiblity of critical talent in a company and comparing it to the firms supply
Attrition
a natural departure of employees from organizations from quitting, retriments and deaths
Hiring Freeze
a practice whereby new workers are not hired as planned or workers who have left the organization are not replaced
Severance Pay
a lump sum payment given to terminated employees by an employer at the time of an employer-initalated termination
Benchmarking
the process of measuring ones own services and practices against recognized leaders in order to identify areas for improvement
Balanced Scorecard
a measurement framework that helps managers translate strategic goals into operational objectives (F, C, P, L)
Organizational Capability
the capacity of the organization to act and change in pursuit of sustainable competitive advantage
Critical Path Analysis
used to identify the minimum length of time needed to complete a project, highlights the ability to accelerate certain activities
