HRM- 1 and 2 Flashcards
When a company does something differently from the competition that leads to outperformance and success
Competitive Advantage
The organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent.
Human Resource Management
What are the six main functions of Human Resource Management?
1- staffing 2- training and development 3- rewards and benefits 4- performance management 5- health and safety 6- employee-management relations
Compensation received in the form of salary, wages, commissions, stock options, or bonuses.
Direct Financial Compensation
Any financial rewards not considered direct financial compensation including health insurance, wellness benefits, paid vacations, and free meals.
Indirect Financial Compensation
Rewards and incentives given to employees that are not financial in nature, including intrinsic rewards received for the job and/or its environment.
Non-Financial Compensation
This type of risk can affect overall business strategy, including talent, company culture, ethics, investments in people, and change initiatives.
Strategic Risks
This type of risk can influence the organization’s ability to execute its business strategy, including the speed of talent acquisition, the development of employee’s skills, and the retention of top earners.
Operational Risk
This type of risk affects the organization’s workforce costs and productivity directly through compensation, benefits, turnover, and time-to-hire. Indirectly it affects the organization through accidents, delays, and lost production.
Financial Risk
This type of risk can have serious legal ramifications, particularly in the areas of health and safety, diversity, and harassment.
Compliance Risk
What are the four primary types of Human Resource Management risk?
1- strategic
2- operational
3- financial
4- compliance
Defines how a firm will compete in its marketplace.
Business Strategy
A firm’s system of beliefs about how its employees should be treated.
Talent Philosophy
Links the entire Human Resource function with the firm’s business strategy.
Human Resource Strategy
A set of individual attributes that enable a firm to influence individuals, groups, and other firms from diverse backgrounds.
Global Mindset
A common way for organizations to achieve growth, expand internationally, and respond to industry regulation.
Mergers and Acquisitions
This is the top reason as to why mergers and acquisitions often fail.
Cultural Issues
Materials that document the organization’s Human Resource Management policies and procedures.
Employee Handbooks
Centralizes routine, transaction-based Human Resource Management activities.
Shared Service Centers
The hiring of an external vendor to do work rather than having it done internally.
Outsourcing
A company that leases employees to companies that need them.
Professional Employee Organization
The norms, values, and assumptions of organizational members that guide their attitudes and behaviors.
Organizational Culture
Focuses on hiring, retaining, developing, motivating, and making work assignments based on performance data and results.
Performance Culture
High-involvement or high-commitment organizations.
High Performance Work Systems
The standards of moral behavior that define socially accepted behaviors that are right as opposed to wrong.
Ethics
What are the five types of ethical standards?
1- utilitarian 2- rights 3- fairness 4- common good 5- virtue
The ethical action that best balances good over harm.
Utilitarian Standard of Ethics
The ethical action that best respects and protects the moral rights of everyone affected by an action.
Rights Standard of Ethics
The ethical action that treats all people equally, or at least fairly, based on some defensible standard.
Fairness Standard of Ethics
The ethical action that shows respect and compassion for all others, especially the most vulnerable.
Common Good Standard of Ethics
The ethical action that is consistent with certain ideal virtues including civility and benevolence.
Virtue Standard of Ethics
Specify expected and prohibited actions in the workplace and give examples of appropriate behavior.
Codes of Conduct
A decision-making guide that describes the highest values to which an organization aspires.
Code of Ethics
Businesses showing concern for the common good and valuing human dignity.
Corporate Social Responsibility.
Considers the interests and opinions of all people and groups that could be affected by the organization’s actions.
Stakeholder Perspective
What are the two most important aspects that employees need to change in order to support an organizational change effort?
Behaviors and Goals. Resistance is futile.
What are the five dimensions of global cultural differences that affect Human Resource Management?
1- power distance 2- individualism 3- masculinity 4- uncertainty avoidance 5- long-term orientation
The power inequality that exists among people with and without power.
Power Distance
The strength or lack of strength in the ties people have with others in their community.
Individualism
The degree to which a society values and exhibits traditional male and female roles.
Masculinity
The degree of anxiety felt in uncertain or unfamiliar situations.
Uncertainty Avoidance
Reflects a focus on long-term planning, delivering on social obligations and avoiding “losing face.”
Long-Term Orientation
Why do companies acquire other companies?
To acquire talent and skills
