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CHRP TERMS > HRM & Strategic Planning > Flashcards

HRM & Strategic Planning Flashcards

1
Q

Human resources management

A

The process of managing human talent to achieve an organization’s objectives

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2
Q

Human capital

A

The knowledge, skills, and capabilities of individuals that have economic value to an organization

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3
Q

Six sigma

A

A set of principles and practices whose core ideas include understanding customer needs, doing things right the first time, and striving for continuous improvement

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4
Q

Reengineering

A

The fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in cost, quality, service, and speed

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5
Q

Downsizing

A

The planned elimination of jobs

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6
Q

Outsourcing

A

Contracting out work that was formerly done by employees

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7
Q

Change management

A

Change management is a systematic way of bringing about and managing both organizational changes and changes on the individual level

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8
Q

Globalization

A

The trend to opening up foreign markets to international trade and investment

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9
Q

Corporate social responsibility

A

The responsibility of the firm to act in the best interests of the people and communities affected by its activities

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10
Q

Collaborative software

A

Software that allows workers to interface and share information with one another electronically

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11
Q

Knowledge workers

A

Workers whose responsibilities extend beyond the physical execution of work to include planning, decision making, and problem-solving.

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12
Q

HRIS

A

A computerized system that provides current and accurate data for purposes of control and decision making

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13
Q

Furloughing

A

A situation in which an organization asks or requires employees to take time off for either no pay or reduced pay

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14
Q

Offshoring

A

The business practice of sending jobs to other countries

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15
Q

Nearshoring

A

The process of moving jobs closer to one’s home country

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16
Q

Employee Leasing

A

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

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17
Q

Line managers

A

Non-HR managers who are responsible for overseeing the work of other employees

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18
Q

Strategic Planning

A

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.

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19
Q

Human resources planning (HRP)

A

The process of anticipating and providing for the movement of people into, within, and out of an organization

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20
Q

Strategic Human resources management (SHRM)

A

The pattern of human resources deployments and activities that enable an organization to achieve it strategic goals

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21
Q

Mission

A

The basic purpose of the organization as well as the scope of its operations

22
Q

Strategic Vision

A

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

23
Q

Core values

A

The strong and enduring beliefs and principles that the company uses as a foundation for its decisions

24
Q

Environmental Scanning

A

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)

25
Q

Core capabilities

A

Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers

26
Q

Value creation

A

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

27
Q

Criteria for Sustained Competitive Advantage through People

A

The resources must be valuable; The resources must be rare; The resources must be difficult to imitate; The resources must be organized

28
Q

Cultural Audits

A

Audits of the culture and quality of work-life in an organization

29
Q

Values-based hiring

A

The process of outlining the behaviours that exemplify a firm’s corporate culture and then hiring people who are a fit for them

30
Q

Quantitative Forecasting Approaches

A

Trend Analysis; Modelling, or Multiple Predictive Techniques (aka Regression)

31
Q

Trend Analysis

A

Whereby a firm’s employment requirements are forecasted on the basis of some organizational index

32
Q

Qualitative Forecasting Approaches

A

Less statistical and rely on human judgment

33
Q

Management forecasts

A

The opinions (judgments) of supervisors, department managers, experts, or others knowledgeable about the organization’s future employment needs

34
Q

Staffing tables

A

Graphic representation of all organizational jobs, along with the numbers of employees currently occupying those jobs and future employment requirements

35
Q

Markov analysis

A

A method for tracking the pattern of employee movements through various jobs

36
Q

Quality of fill

A

A metric designed to assess how well new hires are performing on the job

37
Q

Skill inventories

A

Files of personnel education, experience, interests, and skills that allow managers to quickly match job openings with employee backgrounds

38
Q

Replacement charts

A

Listings of current jobholders and people who are potential replacements if an opening occurs

39
Q

Succession planning

A

The process of identifying, developing, and tracking key individuals for executive positions

40
Q

Human capital readiness

A

The process of evaluating the availability of critical talent in a company and comparing it to the firm’s supply

41
Q

SWOT Analysis

A

A comparison of strengths, weaknesses, opportunities, and threats for strategy formulation purposes

42
Q

Attrition

A

A natural departure of employees from organizations through quits, retirements, and deaths

43
Q

Hiring freeze

A

A practice whereby new workers are not hired as planned or workers who have left the organization are not replaced

44
Q

Termination

A

Practice initiated by an employer to separate an employee from the organization permanently

45
Q

Severance Pay

A

A lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination

46
Q

Benchmarking

A

The process of measuring one’s own services and practices against the recognized leaders in order to identify areas for improvement

47
Q

Balanced Scorecard

A

A measurement framework that helps managers translate strategic goals into operational objectives across four Categories: Financial, Customer, Process/Internal, and Learning/People

48
Q

Four Categories of Balanced Scorecard

A
  1. Financial, 2. Customer, 3. Process/Internal, 4. Learning/People
49
Q

Organizational capability

A

The capacity of an organization to act and change in pursuit of sustainable competitive advantage

50
Q

Six Steps of Strategic Planning

A
  1. Mission, Vision and Values; 2. External Analysis; 3. Internal Analysis; 4. Formulating Strategy; 5. Strategy Implementation; 6. Evaluation and Assessment

CHRP TERMS (10 decks)

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