Lecture 4- Strategy Flashcards
1
Q
How can IHRM practice support and generate strategic rents?
A
By developing key strategic skills and capabilities in individuals
2
Q
What is strategy?
A
A set of actions that managers take to increase their company’s performance relative to industry rivals
3
Q
What are strategic rents?
A
Any excess that a factor earns over the minimum amount needed to keep that factor in its present use
4
Q
What are the two things that strategic rents are concerned with?
A
- Scarcity of resources
2. Alternative use for resources
5
Q
What does VRIO stand for?
A
Value
Rarity
Imitability
organisation
6
Q
Name the 3 different SIHRM elements
A
Adaptive (Copying the local HRM systems and practices)
Exportive (Transfer of parent’s firms to overseas subsidiary)
Integrative (“the best” approaches wherever they are from
