HRCP Unit 1 Business Management and Strategy Flashcards
Participation rates
The percentage of a particular group, such as males or females, who are participating as employees in the labor force
Environmental scanning
Examining the demographic and social forces influencing the long-term composition of the labor force and the future availability of employees.
PEO
Professional employer organization, Companies that contract with employers to manage human resource functions and employers liability by contractually assuming employer rights and responsibilities.
BLS
Bureau of Labor Statistics. An agency in the department of labor that collects and publishes information about the labor market.
Unobtrusive measures
Data that are collected in such a way that it does not influence how an employee behaves. For example, data that are obtained from files or archives.
Birth dearth
The decline in the birthrate that occurred during the Great Depression.
Inducements-contributions balance
The balance achieved in an employment exchanged to make.
Lagging indicator
Measures the result of a process or a change, such as sales, profits, and customer service levels.
Laboratory experiment
A research study that is conducted in a controlled environment where outside influences can be eliminated or controlled.
Leading indicator
A measure that precedes, anticipates, or predicts future performance.
Line authority
The authority to make decisions and to direct the performance of subordinates in production, sales, or finance-related activities.
Local national
Workers who are hired by a multinational company to work in their own country. Also called host country nationals.
Matrix structure
A combination of two different forms of departmentalization, usually functional and product departmentalization. Matrix structures create dual accountabilities in which workers report to two supervisors, usually a functional leader and a product manager.
MNE
Multinational enterprise. A global firm that has corporate units located in foreign countries
Organizational capabilities
Organizational capabilities refer to what the organization is able to do with the collection of skills, talents, technology, training, and experience possessed by the member of a firm.
Balanced scorecard
Refers to the idea that there are three important stakeholders for every company the stockholders, the customers, and the employees, and that the expectations of all three stakeholders needto be simultaneously satisfied, and the interests of all three stakeholders are interrelated.
Baby boom
The period of time following World War II when there was a significant increase in the birthrate in the United States.
Autonomy
The degree to which workers are free of the direct influence of a supervisor and can exercise discretion in scheduling their work and in deciding how it will be done.
Advisory role
Exists when the relationship between the human resource department and the line managers is one of providing advice and counsel and when the authority for deciding what to do is shared.
Birthrate
The number of live births per 1,000 population.
or
The number of live births uthority to make organizational per 1,000 adult females
Centralized authority
A characteristic of organizations in which the authority to make organizational decision is retained by top managers within the central office.
Change agent role
The role of HR managers when they supervise or guide an organizational development intervention.
Civilian labor force
All employed or unemployed persons 16 years of age and older who are not military personnel nor inmates of penal or mental institutions, or homes for the aged, infirm, or needy.
Code of ethics
A set of rules that identifies the values that members of the organization, and especially its leaders, consider to be important.
Competitive advantage
A position of relative advantage over ones competition.
Competitor analysis
An analysis of each organization with which a company directly competes.
Conflict of interest
A situation where a person who has a responsibility to sct in the best interests of a company may receive dirct personal benefit from his or her actions at the exense of or to the detriment of the company.
Control role
Exists when the human resource department has the authority to make decisions regarding prsonnel policies and procedures that line managers are required to follow.
Cooptation
A strategy of bringing outside people into the organization and making them feel obligated to contribute because of their organization involvement
Core competency
Unique skills or resources that give an organization a competitive edge.
CPS
Current population Survey. A survey of about 60,000 households that is conducted by the Bureau of Labor Statistics. Personal interviews are conducted monthly to determine participation i the work force, unemployment, and reasons for not working or for only working part-time.
Cultural artifacts
The visible symbols and objects that are unique to an organization and that suggest the kinds of shared belidgs and expectations of members.
Cultural values
The social values that are shared among the members of an organization and tend to regulate their individual behaviors and induce collective conformity.
Decentralized authority
A characteristic of organizations in which authority to make organizational decisions is delegated to lower-level managers and supervisors.
Division of Labor
The process of dividing work into specialized jobs that are performed by separate individuals.
Effectiveness versus efficiency
Efficiency refers to how well an organization creates products from the materials and energy used to produce them it is a ratio of inputs to outputs. Effectiveness refers to the entire cycle of obtaining inputs, transforming them into useful products, setting them, and obtaining more inputs.
Unemployed
Persons who are not employed but who are available for work and are seeking employment
Turnover rate
Number of separations during the month + Average number of employees during month X 100
Transformational leadership
A style of leadership that focuses on communicating an organizational vision, building commitment, stimulating acceptance, and empowering followers.
Transactional leadership
A style of leadership that focuses on accomplishing work by relying on contingent rewards, task instruction, and corrective actions.
Time to fill
Total days clapsed to fill requisitions + Number hired
Third-country national
Employees who are citizens of neither the home nor the host country
SWOT Analysis
A popular approach to strategy development which stands for strengths, Weaknesses, Opportunities, and Threats.
Span of Control
The number of subordinates assigned to a supervisor.
Staff authority
The right and responsibility to advise and assist those who possess line authority.
Outsourcing
The practice of contracting with outside specialists to perform selected human resource functions.
Outlay cost
A human resource accounting measure that represents the costs of recruiting, selecting, and training the present employees.
Stratified random sample
This method involves categorizing employees into specified groups according to relevant characteristics, such as job classification or organizational level individuals are then selected randomly within each group according to the group size.
Organizational climate
The characteristics describing an organization that are relatively visible and stable, but amenable to change.
Organizational culture
The shared beliefs and expectations among the members of an organization that are relatively enduring and resistant to change.
Organizational myths
Significant stories that are told about an organization’s earlier years that impact the way members think about its history even if they are not true.
Virtual expatriate
An ex[atriate manager who lives at home and works long distance instead of relocating.
Value chain
A strategic concept showing the relationships between organizations, where each firm represents a link in a chain of value that receives inputs from suppliers, add value to them, and passes them on to buyers.
Validity
The quality of a measurement, referring to its ability to actually measure or predict what it intends to measure or predict.
Product departmentalization
An organizational structure where jobs are assigned to units or departments by product.
Productivity
An index that is calculated by dividing the total output of goods and services produced in society by the total number of employee hours required to produce them.
Regression analysis
A statistical technique for predicting the value of one dependent variable by a weighted combination of other independent variables
Reliability
Repeatability or consistency of measurement
Replacement cost
A human resource accounting measure that estimates how much it would cost to replace a firm’s existing employees in current dollars.
Service role
Exists when the human resource department provides assistance to line managers according to their requests.
Shared assumptions
The foundation beliefs that impact how people think about and respond to organizational events, but which are mostly subconscious
Shared norms
The common expectations that guide the behavior of organizational members.
Simple random sample
This method involves placing all employees in the sample population and drawing the sample at random. The probability of any one person being selected is exactly the same as for every other person.
SOX
Sarbanes-Oxley Act. This law requires publicly traded companies and their independent auditors to demonstrate that their numbers are accurate and that they have processes in place to ensure accurate reporting. Several sections of the law have important implications for human resource activities.
Human resource value
The expected financial contribution to a firm’s net income for individuals at various levels in the firm. A measure proposed in human resource accounting to assess the value of a firm’s human resources.
Human resource specialist
Members of department who specialize in a particular human resource function, such as staffing, compensation, or employee relations.
Human resource generalist
A human resource manager who is required to understand all of the major personnel functions and how they interact with other business functions
Human resource audit
A evaluation by members of a firm, especially supervisors and managers, regarding how well the human resource department is performing its responsibilities and objectives
Human capital value added
Revenue (Operating Expense -(Compensation cost + Benefit Cost) ) + Total number of FTE
Human capital ROI
Revenue (Operating Expense - (Compensation cost + Benefit Cost + (Compensation cost + Benefit cost)
HR scorecard
The process of collecting HR metrics and presenting them to managers in a useful format. Sometimes referred to as an HR dashboard.
HR metrics
Specific indicators that are used to measure progress or achievement.
HR dashboard
The process of collecting HR metrics and presenting them to managers in a useful format. Sometimes referred to as an HR scorecard.
HR competencies
Skills and abilities that all human resource managers ought to possess, including strategic contribution, personal credibility, HR delivery, business knowledge, and mastery of HR technology.
Global firm
An organization which has strategic corporate units in multiple countries that interact both with the headquarters and with each other.
Functional departmentalization
An organizational structure where jobs are assigned to units or departments by function
Field survey
A research study in which variables in an actual organization are measured and correlated; sometimes called a correlational study
Field experiment
A research study that occurs in a natural setting of an organization and where an independent variable is manipulated to determine its effects on dependent variables.
Fertility rate
The average number of children born to a woman during her lifetime. The fertility rate of 2.1 represents zero population growth.
Expatriate manager
A number who is assigned to work in a foreign country
Environmental uncertainty
The degree of predictability in an organizations’s environment as determined by the complexity of the environment and how rapidly it changes
Empowerment
Providing the conditions that stimulate followers to act in a committed, concerned and involved way in doing their work.
Employed exchange
An agreement in which an individual agrees to provide labor in exchange for rewards offered by an organization.
