exam#1 (chap. 1-3)

Question 1

Trends? What do they lead to?

Answer 1

1. Technological trends
2. Globalization
3. US labor force trends
4. US economic trends
   Lead to:
   - Increased complexity & structural shifts

Question 2

Technological trends?

Answer 2

• Increasingly Faster and Cheaper Computer and Communication Technologies
• Transforming How We Live and Work
• Reducing Barriers of Entry
• Creating New Industries

Question 3

Globalization?

Answer 3

• Growing population/labor force trends
• More global talent/offshoring
• Growing global markets
• Increasing competition

Question 4

US labor force trends?

Answer 4

• Slowing labor force growth (need more qualified employees)/aging (older workforce)
• Increasing diversity (more immigrant employees)
• Skills gap (Majority of pop. lack new skill requirements)
• Declining labor force participation rate

Question 5

US economic trends?

Answer 5

• Slower Growth
• Intangible Assets
• Market Swings
• Global Competition

Question 6

Increasing Complexity?

Answer 6

• Greater interdependencies
• More data, information, and knowledge
• Faster&faster response times
• More intangibles (more hard to grasp concepts)
• Less predictability

Question 7

Structural shifts?

Answer 7

• Growing skill gaps
• Slower economic growth
• Structural unemployment

Question 8

Characteristics of the 21st century workforce?

Answer 8

• Multigenerational
• Changing social norms
• Highly diverse
• Educational disparities
• Multiple employment relationships

Question 9

Generation types?

Answer 9

1. Traditionalists
2. Baby Boomers
3. Gen X
4. Gen Y

Question 10

Traditionalists?

Answer 10

• 1927-1945
• Great depression, WWII, The New Deal
• GI’s, FDR, Radio, Big Band Era
• Also known as the silent generation or veterans,
demographers refer to this time as the birth dearth, many served in the military, are very patriotic, called traditionalists because of their traditional values, believe duty comes before pleasure.

Question 11

Baby Boomers?

Answer 11

• 1946-1964
• Moon landing, Vietnam, Civil rights movement, Woodstock
• TV, Rock&Roll, Kennedy, Social movements
• The largest generational cohort (as a percent of population), grew up during prosperous times, the most well educated and well matched workforce, known to be achievement and status oriented.

Question 12

Gen X?

Answer 12

• 1965-1980
• Watergate, Stagflation, Oil embargo
• PC’s, MTV, Nixon, Corporate layoffs
• Came of age during the Internet revolution, growing
diversity, the end of “jobs for life,” and increasing divorce rates. Like the traditionalists, this generation is straddled by two larger generations. Seeing how many of their workaholic parents lost their jobs they value a work-life balance.

Question 13

Gen Y?

Answer 13

• 1981-1999
• Columbine massacre, Challenger explosion, Fall of Berlin Wall
• Internet, Clinton, Multiculturalism, Alternative music
• Also known as the echo boomers, grew up during prosperous times and experienced immense attention from parents. Raised in many untraditional families. They have a different mindset concerning traditional organizational practices – favor teams and networks over hierarchies.

Question 14

Changing Social Norms?

Answer 14

• Less lasting marriages within population (more single parents)
• Increasing dual-income couples (less traditional households)
• Increasing age of marriage
• Increasing non-marital births

Question 15

Educational Disparities?

Answer 15

• (2006) U.S. ranked 25th of 30 nations in math and 24th of 50 in science
• US spends 60% than avg. towards increasing education
• Less educated workforce (native&immigrant)

Question 16

Challenges of Talent Management in the New Normal?

Answer 16

• Uncertain HR Planning
• Organizational Challenges
• Evolving Social Contract
• Changing Needs and Values of Workers
• Expanding Globally
• Managing a Diverse/Global Workforce
• Managing Multiple Sources of Talent
• Increasing Corporate Social Responsibility

Question 17

Uncertain HR Planning?

Answer 17

Uncertain business and workforce needs, unreliable forecasts, internal development versus hiring on demand

Question 18

Organizational Challenges?

Answer 18

Greater need for new competencies, sustainable resources, and flatter/boundary-less structures

Question 19

Evolving Social Contract?

Answer 19

Lack of loyalty from both employees and employers, new employee-employer relationship

Question 20

Changing Needs and Values of Workers?

Answer 20

Understanding generational differences: different ways of working, different preferences, different drivers of motivation

Question 21

Managing a Diverse/Global Workforce?

Answer 21

Need to manage multiple dimensions of diversity and cultural differences

Question 22

Increasing Corporate Social Responsibility?

Answer 22

Need to manage multiple stakeholders including employees, shareholders, vendors, and the community

Question 23

Managing Multiple Sources of Talent?

Answer 23

Different work preferences: flexibility, short-term work, freelance work, skill development, a job

Question 24

Expanding Globally?

Answer 24

Navigating and expanding into new markets via multiple strategies including joint ventures, mergers and acquisitions (M&A’s), and managing global workers

Question 25

The four levels of residual uncertainty?

Answer 25

``` Level 1: Clear Enough Future • single view of the future Level 2: Alternative Futures •limited set of possible future outcomes, one of which will occur Level 3: Range of Futures • range of possible future outcomes Level 4: True Ambiguity • not even a range of possible future outcomes ```

Question 26

Hofstede’s Cross-Cultural Work-Related Values? (4)

Answer 26

1. Individualism versus Collectivism 2. Power Distance 3. Uncertainty Avoidance 4. Masculinity versus Femininity

Question 27

Hofstede’s Framework: Uncertainty Avoidance?

Answer 27

The extent to which a society feels threatened by uncertain and ambiguous situations and tries to avoid them - High: • Society does not like ambiguous situations and tries to avoid them. - Low: • Society does not mind ambiguous situations and embraces them.

Question 28

Hofstede’s Framework: Masculinity?

Answer 28

• Masculinity – The extent to which the society values work roles of achievement, power, and control, and where assertiveness and materialism are also valued • Femininity – The extent to which there is little differentiation between roles for men and women

Question 29

Hofstede’s Framework: Power Distance?

Answer 29

The extent to which a society accepts that power in institutions and organizations is distributed unequally. - Low Power Distance: • Relatively equal power between those with status/wealth and those without status/wealth - High Power Distance: • Extremely unequal power distribution between those with status/wealth and those without status/wealth

Question 30

"C.A.G.E. Framework" for managing the different distances global organizations need to transverse?

Answer 30

* Cultural distance – differences in how people communicate, learn, and work, as well as differences in social norms, customs, and beliefs. * Administrative/Political distance – different historical and political associations that manifest in common currencies, trading blocs, and political unions. * Geographical distance – different sizes and distances of countries, as well as transportation and communication infrastructure. * Economic distance – the vast variances in wealth of different trading partners that influence the disparities and intensity of interactions.