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HRM 1101 > Exam #3 > Flashcards

Exam #3 Flashcards

1
Q

Alignment

A

Getting all employees pulling in the same direction; Aligned from top to bottom; Important to center in on goal; Company and individual goals being linked

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2
Q

Goals/Results Loop

A

Organization Goals –> Business Unit/Dept. Goals –> Individual Goals –> Individual Results –> Business Unit/Dept. Results –> Organization Results

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3
Q

Vision

A

Where we want to be in the future; The “dream”

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4
Q

Mission

A

The business we are in right now

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5
Q

Values

A

The qualities that define “how” we do business and that drive our culture

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6
Q

Strategy

A

How we will fulfill our vision– overarching approach

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7
Q

Plans

A

Step-by-step outline of ow we get from point A to point B

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8
Q

Goals

A

Steps and metrics within the plan

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9
Q

Mission Statement

A

Serves to unite organization; Articulates how we differ from our competition; Provides a rationale for decision-making and allocation of resources

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10
Q

Vision Statement

A

Our highest aspirations; Must be clear/compelling/inspiring; Paints picture of future state to which organization can aspire

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11
Q

Values Statement

A

Underpinning of culture; Should form basis of performance management system; Critical that it reflects actual business practice

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12
Q

Why is Planning Important?

A

People and organizations need plans to help attain dreams; If you don’t know where you are going, any path could get you there; Plans need to contain metrics so you’ll know where you are

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13
Q

What do Plans Contain?

A

Vision, Goals, Who is responsible for what, Deadlines, Everything needed to keep a project on track

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14
Q

Single-Use Plans

A

Developed to achieve a set of goals that are unlikely to be repeated in the future

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15
Q

Standing Plans

A

On-going plans that guide tasks that are performed repeatedly within an organization

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16
Q

Contingency Plans

A

Special plans to handle emergencies, setbacks, or other conditions outside of the norm

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17
Q

Long Term Plan v. Short Term Plan

A

Long (1-5 years); Short (1 year or less)

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18
Q

Plans Drive High Performance

A

Start with strong mission/vision; Set stretch goals for excellence; Create a culture that encourages learning; Understands that planning still begins and ends at the top of the organization

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19
Q

SMART goals

A

Specific, Measurable, Attainable, Relevant, Time Based

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20
Q

Ineffective v. SMART Personal Goal

A

SMART lays out the plan how you will get there; Most specific

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21
Q

Purposes of Goals and Plans

A

Legitimacy/Mission Statement; Source of Motivation and Commitment; Rationale for decisions; Guides to Action; Resources Allocation; Standards of Performance

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22
Q

What is Strategy?

A

“Big Picture” directional approach; Usually long-term; Helps org. achieve something major (new business, position, vision)

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23
Q

Elements of Strategy Link Everything

A

Mission –> Vision –> Long-term Strategic Goals –> Short-Term Goals –> Tactics and Actions

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24
Q

Corporate Strategy

A

Growth, Stability, Retrenchment, Diverstiture

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25
Q

Growth

A

Expansion into new markets; Increasing market share; Expanding business (merging or going ventures) Ex: Google, Ford

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26
Q

Stability

A

Maintaining current market position Ex: Coca-Cola

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27
Q

Retrenchment

A

Defensive posture to hold off threats while turning a company around Ex: Burger King

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28
Q

Divestiture

A

Selling off or folding a particular division Ex: Citigroup, AIG

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29
Q

Business Strategy

A

Differentiation, Cost Leadership, Niche, Vertical Intergration

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30
Q

Differentiation

A

Providing unique products, services, or features (Ex: Apple)

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31
Q

Cost Leadership

A

Being most competitive (lowest price) in terms of cost of product or service (Ex: Wal-Mart)

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32
Q

Niche

A

Catering to a particular segment of the market of a particular demand (Ex: IKEA)

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33
Q

Vertical Integration

A

Seeking cost savings and efficient through operating businesses along the supply chain

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34
Q

Strategic Planning

A

Process of defining strategy or direction and making decisions on the allocation of resources to pursue this strategy; Big picture view of org.; Providing honest assessment of where org is and how it is going to achieve vision

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35
Q

PESTLE Scan

A

Economic Environment, Sociocultural Environment, Legal/Regulatory Environment, Political Environment, Technological Environment, Natural Environment

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36
Q

Michael Porter’s Five Forces

A

Bargaining Power of Suppliers, Bargaining Power of Customers, Threat of New Entrants; Threat of Substitute Products; Competitive Rivalry within an industry

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37
Q

Scenario Planning

A

Often used by business and the military; Imagine the “what ifs” in future situations

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38
Q

SWOT Analysis

A

Strengths, Opportunities, Weaknesses, Threats

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39
Q

Stakeholder

A

Any person, group, or organization that could be impacted by an organization’s actions; Primary are directly affected; Secondary and indirectly affected

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40
Q

Stakeholder Analysis

A

Identify all stakeholders and analyze how each will be affected by an organization’s decisions and/or actions

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41
Q

Corporate Social Responsibility (CSR)

A

Self-regulation built into an organization’s business model whereby it monitors and ensures compliance with: spirit of law, ethical standards, International Norms

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42
Q

Some models of CSR go beyond compliance and engage in activities that are:

A

Beyond what is required by law; Beyond interests of the organization; Designed to further some societal good

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43
Q

CSR Benefits

A

Triple Bottom Line (people, profit, planet); helps recruit and retain talent; Helps limit risks; Differentiates Brand; Reduces scrutiny; Improves supplier relations

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44
Q

CSR Negatives

A

Distracts from cores missions to maximize profit for shareholders; Distracts from unethical business practices (Ex: Ronald McDonald); Can provide cover for controversial industries (tobacco, alcohol)

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45
Q

CSR Activities

A

Environmental, Philanthropic, Community Involvement; Ethics Training and Activities for Employees

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46
Q

CSR In Action

A

Reputation Institute conducted global research; Who you are matters more than what you do; Your corporate reputation means more to people than what you make

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47
Q

Corporate Reputation

A

Beliefs, Impressions, Opinions about an organization; Formed and communicated by multiple stakeholder groups (employees, customers, partners, media)

48
Q

Benefits of Good Reputation

A

Customers willing to buy products for higher prices; Best talent employees; Investors want to buy stock; Other companies want to be partners; Regulators/Press give benefit of doubt; Communities like you

49
Q

Negatives of Good Reputation

A

NONE; Takes time and attention to build one; Once built, can be damaged quickly

50
Q

Business Ethics

A

Principles, Values, and Beliefs that define what is right and wrong behavior

51
Q

Why should companies care about ethics?

A

Right thing to do; Expensive to ignore; Creates culture; Attracts good employees, better decisions/reputation, more engagement

52
Q

Ethical Culture Overview

A

Leadership, Infrastructure, Communication, Training

53
Q

Leadership

A

Role Models, Communicators, Discipline/Reward, Keepers of the Culture

54
Q

Communication

A

Open culture, Manager training, Values everywhere, Robust communication up, down, and across

55
Q

Infrastructure

A

Formal compliance systems, Background checks, Whistle-blowing systems, Policy, Performance management system

56
Q

Training

A

Manager training, Identifying risk, Training around risks, Multiple venues

57
Q

US Sentencing Commission Guidelines

A

Must self-report; Must have an effective ethics program (training, whistle-blowing, discipline, etc.)

58
Q

US Sentencing Guidelines

A

Apply to all companies; Can be triggered by activities of one employee; Don’t apply to EEOC violations; Death Penalty also option (divest business and liquidate company)

59
Q

Mitigating Factors

A

Having an effective program to prevent and detect violations of the law; Self-reporting, cooperating, accepting responsibility for criminal conduct

60
Q

Aggravating Factors

A

Size of org. + degree of participation/tolerance/disregard for criminal conduct by “high-level personnel”; Prior civil and criminal history; Obstructing or impeding during the investigation or prosecution

61
Q

J&J’s Credo

A

States responsibility to customers, employees, communities, and stockholders

62
Q

Tylenol: October 1982

A

7 Chicago consumers died after ingesting Tylenol laced w/ cyanide; No one charged with the crime; FBI investigated several leads; J&J hopped on issue right away

63
Q

How did J&J recover from the Tylenol issue?

A

Hotline, Coupons, Letters, Presentations; Videos, Tamper-resistant packaging, Media; Discounts, advertising, full refunds; Letters; Reports to stockholders

64
Q

Analysis of J&J Success

A

Kept communication channels open; Took quick corrective action; Keep faith in the product; Protected the public image at all costs; Aggressively brought back the brand

65
Q

Most Important Factors

A

Strong management; Sound strategy; Ethical Practices; Competitive edge; Shareholder orientation; Consistent profitability

66
Q

What is trust?

A

Degree to which behavior/experience/reputation give us confidence in a person/institution/organization; Reputation + Trust go together

67
Q

How does behavior positively affect trust? (J&J)

A

Showed how to do it right; Reintroduced products w/ new products; Press gave company benefit of the doubt

68
Q

How does behavior negatively affect trust? (Exxon)

A

Mishandled problem from beginning; Leadership did not take responsibility; Still paying back; Limited trust because of past behavior

69
Q

Trust Builds Ethical Culture

A

Trust in an ethical company leader to employee engagement

70
Q

How did real estate in the 1990s crash the economy?

A

The bank that gave you the mortgage kept it until you paid it off; Substantial downpayment, steady job, 25% of income, excellent credit rating

71
Q

How did real estate from 2000-2008 crash the economy?

A

The bank that gave you the mortgage, sold it to Wall Street investors; 100% financing w/ 0% down payment, no job needed, didn’t check if you had good credit score, job, or mortgage compared to salary

72
Q

How else did real estate crash the economy?

A

Real estate values rose rapidly, home is appraised, you spend more money, real estate values plummet

73
Q

Direct Causes of the Financial Causes

A

Regulatory Climate, Shadow Financial Market, Sub-Prime Mortgage, Incentives

74
Q

Regulatory Climate

A

Glass-Steagall Act 1933 repealed in 1998 (separating commercial and investment banking); Debt regulations for banks eased; Markets self-regulating; revolving door between regulators and companies; Government is the problem

75
Q

Shadow Financial Market

A

Credit Default Swaps; Securitized Mortgages (slice and dice); Derivatives; Hedge Funds

76
Q

Sub-Prime Mortgages

A

Liar Loans; No $ down, no income verification; Consumers bought more than they could afford; Big hedge funds saw the problem w/ market and bet that these would fail

77
Q

Incentives

A

Big rewards for short-term thinking among companies and individuals

78
Q

Contributing Factors to Financial Crisis

A

Herd Mentality; Investment Banks; Rating Agencies; Lots of Cheap $; Innovation

79
Q

Herd Mentality

A

Wall Street; Consumers; Real Estate is safe

80
Q

Investment Banks

A

Go public; No skin in the game

81
Q

Rating Agencies

A

Conflicts of interest; Rating financial products

82
Q

Lots of Cheap $

A

Fed (low interest rates); Demand from China and Middle East

83
Q

Innovation

A

Math whiz kids created complex products; No one really understood what these products were

84
Q

Overview of how the Economy crashed

A

Rotten mortgages sold to investment banks –> Investment banks package them in securities –> Credit agencies say “they are AAA– perfectly safe” –> Banks sell rotten mortgage packages to investors –> AIG sells credit default swaps –> Hedge funds and bankers bet against what they have sold

85
Q

Why is communication important to organizations and individuals

A

Share info; Influence others; Communicate our values; Inspire others and create a culture that promotes excellence; Create resonant workplaces and relationships

86
Q

Characteristics of Resonance

A

Respect; Inclusion; Open and honest dialogue; Ability to effectively deal with conflict`

87
Q

What do leaders use to shape emotional intelligence?

A

What they communicate; How they share information and build relationships

88
Q

How is human communication complex?

A

Words (spoken and written); Nonverbal (facial expressions, posture, gestures); Content (our thoughts and emotions)

89
Q

How does communication work?

A

Sender encodes message and decides how to send it –> Channel (face to face, email, letter, phone) –> Receiver gets message, decodes/decides how to interpret

90
Q

Feedback

A

Receiver lets sender know that the message has been received, or that more communication is desired

91
Q

Feedback Loop

A

Sender and receiver share information back and forth until both feel that the message has been fully and accurately conveyed and interpreted

92
Q

Identify Your Stories

A

Most important skill for a job; Think about your background and what the culture/job description is

93
Q

STAR Method

A

Situation, Task, Action, Results

94
Q

Why does communication matter to organizations?

A

Establishes culture, values, goals, strategic direction

95
Q

Identifying Audience

A

Critical to communicate to stakeholders, employees, shareholders, customers, public, government

96
Q

Downwards Communication

A

Flows down from the top of the organization

97
Q

Upward Communication

A

Flows up from the bottom of the organization

98
Q

Horizontal Communication

A

Flows between individuals at the same or similar levels in the organization

99
Q

Formal v. Informal v. Filtering

A

Formal– planned communication such as newsletters, town-hall meetings; Informal– spontaneous communications in the hallways, offices, cafeterias; Filtering– deliberate miscommunication

100
Q

Typical Communication Tools

A

Face-to-Face (individual, groups, town-halls, cascades); Technology (email, Skype, linked, etc.); Print Communication (articles, posters, letters, printed flyers); Videos or loops on TVs

101
Q

Channel Richness Order (Most to Least)

A

Face to Face, Phone, Email, Letter, Bulletin Board

102
Q

Most Rich

A

Most clues (body language, tone); Two way (feedback); Personal (one on one); Highly effective

103
Q

Least Rich

A

Least personal; Few clues; Little or no feedback; Highly efficient

104
Q

Effective v. Efficient Communication

A

Effective– receiver understands the message and knows what to do; Efficient– communicating using the fewest resources (time, money, space)

105
Q

How Important is Communication?

A

Survey conducted of CEOs by Mercer HR Consulting in 2000; Said changes worked best when people communicated well

106
Q

9/11

A

Rick Rescorla (head of security at Morgan Stanley); Planned for disaster, specifically an attack by plane on WTC; He was the only Morgan Stanley employee to die in attacks

107
Q

Crisis Management

A

Crises are common (scandals, natural disasters, 9/11, downsizings)

108
Q

Management Competencies

A

Stay calm, Be visible, Put people before business, Tell the truth, Know when to get back to business

109
Q

Crisis Planning

A

Prevention (build relationships, detect signals from environment); Preparation (crisis management team, spokesperson, plan, communication system); Containment (rapid response, get truth out, meet safety/emotional needs, return to business)

110
Q

Three Categories of Crisis

A

Customer Service Issues; Failures of Competence; Events that are not connected to core competence

111
Q

Customer Service Issues

A

Dell’s inability to fulfill some orders; Apple’s insult to new iPhone customers

112
Q

Failure of Competence

A

Mattel and lead paint; Jet Blue and the delayed/cancelled flights

113
Q

Events that are not connected to core competence

A

Martha Stewart and the stock trading scandal; McDonal’d losing two CEOs in less than 6 months (death)

114
Q

Elements of a Response

A

Believable Apology (truth and admit mistakes); Must be delivered by CEO; Solution outlines; Remuneration should be in place; Consider how it will play globally

115
Q

What will happen if the company has a good reputation?

A

Given benefit of doubt; Ex: General Re (Berkshire Hathaway/Warren Buffet CEO) survived reinsurance crisis; J&J survived Tylenol; Toyota survived sudden acceleration problem

116
Q

What will happen if the company has repetitional issues?

A

Serves as a reminder that something is wrong with the company (BP)

HRM 1101 (3 decks)

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