HRM & Strategic Planning Flashcards
Human resources management
The process of managing human talent to achieve an organization’s objectives
Human capital
The knowledge, skills, and capabilities of individuals that have economic value to an organization
Six sigma
A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement
Reengineering
The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed
Downsizing
The planned elimination of jobs
Outsourcing
Contracting out work that was formerly done by employees
Change management
Change management is a systematic way of bringing about and managing both organizational changes and changes on the individual level
Globalization
The trend to opening up foreign markets to international trade and investment
Corporate social responsibility
The responsibility of the firm to act in the best interests of the people and communities affected by its activities
Collaborative software
Software that allows workers to interface and share information with one another electronically
Knowledge workers
Workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem-solving.
HRIS
A computerized system that provides current and accurate data for purposes of control and decision making
Furloughing
A situation in which an organization asks or requires employees to take time off for either no pay or reduced pay
Offshoring
The business practice of sending jobs to other countries
Nearshoring
The process of moving jobs closer to one’s home country
Employee Leasing
The process of dismissing employees who are then hired by a leasing company (which handles all HR-related activities) and contracting with that company to lease back employees
Line managers
Non-HR managers who are responsible for overseeing the work of other employees
Strategic Planning
Procedures for making decisions about the organization’s long-term goals and strategies; Strong external orientation and focusses on how the organization will position itself relative to its competitors to ensure its long-term survival, create value, and grow.
Human resources planning (HRP)
The process of anticipating and providing for the movement of people into, within, and out of an organization
Strategic Human resources management (SHRM)
The pattern of human resources deployments and activities that enable an organization to achieve it strategic goals
Mission
The basic purpose of the organization as well as the scope of its operations
Strategic Vision
A statement about where the company is going and what it can become in the future; it clarifies the long-term direction of the company and its strategic intent
Core values
The strong and enduring beliefs and principles that the company uses as a foundation for its decisions
Environmental Scanning
The systematic monitoring of the major external forces influencing the organization, including forces in the business environment, the remote environment (external forces like technological, demographic & regulatory), and the competitive environment (e.g the firm’s customers, suppliers & competitors)
Core capabilities
Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers
Value creation
What the firm adds to a product by virtue of making it; the amount of benefits provided by the product or service once the costs of making it are subtracted
Criteria for Sustained Competitive Advantage through People
The resources must be valuable; The resources must be rare; The resources must be difficult to imitate; The resources must be organized
Cultural Audits
Audits of the culture and quality of work-life in an organization
Values-based hiring
The process of outlining the behaviours that exemplify a firm’s corporate culture and then hiring people who are a fit for them
Quantitative Forecasting Approaches
Trend Analysis; Modelling, or Multiple Predictive Techniques (aka Regression)
Trend Analysis
Whereby a firm’s employment requirements are forecasted on the basis of some organizational index
Qualitative Forecasting Approaches
Less statistical and rely on human judgment
Management forecasts
The opinions (judgments) of supervisors, department managers, experts, or others knowledgeable about the organization’s future employment needs
Staffing tables
Graphic representation of all organizational jobs, along with the numbers of employees currently occupying those jobs and future employment requirements
Markov analysis
A method for tracking the pattern of employee movements through various jobs
Quality of fill
A metric designed to assess how well new hires are performing on the job
Skill inventories
Files of personnel education, experience, interests, and skills that allow managers to quickly match job openings with employee backgrounds
Replacement charts
Listings of current jobholders and people who are potential replacements if an opening occurs
Succession planning
The process of identifying, developing, and tracking key individuals for executive positions
Human capital readiness
The process of evaluating the availability of critical talent in a company and comparing it to the firm’s supply
SWOT Analysis
A comparison of strengths, weaknesses, opportunities, and threats for strategy formulation purposes
Attrition
A natural departure of employees from organizations through quits, retirements, and deaths
Hiring freeze
A practice whereby new workers are not hired as planned or workers who have left the organization are not replaced
Termination
Practice initiated by an employer to separate an employee from the organization permanently
Severance Pay
A lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination
Benchmarking
The process of measuring one’s own services and practices against the recognized leaders in order to identify areas for improvement
Balanced Scorecard
A measurement framework that helps managers translate strategic goals into operational objectives across four Categories: Financial, Customer, Process/Internal, and Learning/People
Four Categories of Balanced Scorecard
- Financial, 2. Customer, 3. Process/Internal, 4. Learning/People
Organizational capability
The capacity of an organization to act and change in pursuit of sustainable competitive advantage
Six Steps of Strategic Planning
- Mission, Vision and Values; 2. External Analysis; 3. Internal Analysis; 4. Formulating Strategy; 5. Strategy Implementation; 6. Evaluation and Assessment
