Exam 1 Flashcards
Evidence-based HR
HR practices has a positive influence on the company’s bottom line or key stakeholders
Requires workforce analytics
3 Product lines of HR
Line 1: Administrative services and transactions (AST) deals with compensation, hiring, staffing
Line 2: Business partner services (BPS) develops HR systems, implements business plans, talent management
Line 3: Strategic partner (SP) considers human capital, business capabilities and readiness
Tip!! AST, BPS, SP
Where does big data gather information from?
Hr databases
Corporate financial statements
Employee surveys
Tip!! HCE
Definition of human resource management
Policies, practices, systems that influence employee’s behavior, attitude, and performances
Process includes: employing, training, compensating, developing policies, strategies, and retaining
Characteristics of a millennial
Diversity in schools, coached/praised/participation, willing to work, most likely to switch jobs for a sense of purpose, high self-esteem/educated/technologically inclined
HR competitive advantages
HR departments are organized on a shared service model
Moving to work in another country is called?
Offshoring
Environmental social governance (ESG) and how it is applied
All 3 practices (E,S,G) should be a part of a business model to help gain competitive advantage and reduce legal risks
Administrative services: transformational and transactional
It deals with functions such as compensation, hiring, and staffing
Characteristic of ethical and successful company
Four principles:
Mutual benefits
Employees take responsibility
Sense of purpose or vision
Fairness in treatment
Role of HRM to gain competitive advantage
Committed and productive workforce that offers opportunity for financial success
Emergent and enhancing strategies
Company strategy impact of external and internal employees
Balanced scorecard: performance measurement of internal and external customers, employees, and shareholders
Business model
Rational decision-making process used by top managers as they develop strategic plans
Final decision maker in strategic planning group
CEO
How to apply strategic formulation
Decision on strategic direction by defining company’s mission and goals
SWOT analysis
Internal: SW
External: OT
Duties of administrative task
Day-to-day activities, managing employee records and allowing employees to get info about enrolling in training, benefits, and other programs
Strategic management role
Addresses competitive challenges, analyzes company’s competitive situation, develop strategic goals, devises plan of action
Two phases: strategy formulation and implementation
Strategic implementation process
Devising structures and allocating resources to enact the strategy a company has chosen
Implemented by administering HR practices
Apply job design process
Process of defining the way work will be performed and tasks required in each job