Lecture two Flashcards
What are the main management objectives?
To ensure labour supply meets the demand
To ensure efficient utilisation of resources
To maintain, improve and develop staff
To overlook economic assets
What are the main employee objectives?
To be treated as humans
To feel valued
To feel safe and secure at work
Seek out development opportunities and fair rewards
What is meant by “strategic”?
A range of core and unchanging activities, however, SHRM means HR managers need to focus on both internal or external changes
What does being strategic mean?
It is linked to globalisation and an increase in competitive pressure
Can be seen as not taking advantage if a company doesn’t act strategically in HRM
Seen as engaging in a range of activities that harness the wealth creating potential for all employees
What is corporate strategy?
The scope of the firm, the industries and the markets it competes in
What does corporate strategy focus on?
Diversification Acquisitions New ventures Resource allocation Divestment
What is business strategy?
How the firm competes within a particular industry or market
What does business strategy focus on?
Mission statements Value Vision Strategy statements Objectives Advantage
What are the main types of business strategy?
External view/outside in Competitive strategy Porters generic strategies Faulkner and Bowman's strategic clock Collaborative strategies Strategic alliances Internal view/inside out
What is the strategic HR agenda?
- Focus on talent and develop HR strategies based on differentiation and segmentation
- Focus on building an organisational culture that supports high performance working, increased levels of employee engagement, and functional flexibility
- Focus on creating synergies by increasing the level of integration between different HR activities and between these and the business
- Changing the HR architecture and the nature of the HR discourse and develop new models of HR that transforms the function into one that is seen as strategic by key stakeholders
- Develop a range of metrics/HR analytics that show changes in key financial and performance indicators in strategically important relationships
What are Minzberg’s 5 interpretations of what strategy means?
Strategy as a plan - conscious and coherent action that represents a statement of means and ends
Strategy as a pattern - a consistency of the way HR activities and interventions are delivered.
Strategy about something - Strategy identifying what is being managed or focused on
Strategy about position - this is about how an organisation of HR function differentiates itself and gives itself a unique identity
Strategy as perspective - To do with culture, philosophy and identity
What is the Stretch and Leveraging Theory?
If you stretch people to their full potential you can lever them to be more productive
How can productivity be achieved?
Reducing employee costs
Increasing flexibility and employee contribution
Facilitating employee learning and development
How can you lever Human Resources?
Concentrating resources - converge and focus
Accumulating resources - extracting and borrowing
Complementing resources - blending and balancing
Conserving resources - recycling, co-opting and shielding
What are the five strategically important pivot points?
The degree to which organisations are flexible and adaptable to environmental changes
The degree to which their employees can be creative and innovative
The extent to which organisations engage with their employees and provide psychologically and emotionally rewarding work places
Having the right leaders and leadership capabilities to confront new challenges and take advantage of them
Opportunities to grow the business or make it more successful
