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HRM > Module 3 > Flashcards

Module 3 Flashcards

1
Q

entails acknowledging employees as crucial assets aligning HR practices with business objectives and planning for the long term sustainability of the organization by cultivating a skilled and engaged workforce

A

strategic human resource management

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2
Q

relevant in skilled and engaged business environment

A

strategic human resource management

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3
Q

establishing objectives for the organization and providing clear direction and motivation

A

goal setting

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4
Q

outlines necessary steps and actions to achieve goals in goal setting

A

planning process

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5
Q

the planning process:

A
  1. setting objectives
  2. make basic objective planning forecasts
  3. review alternative courses of action
  4. evaluate best options
  5. choose and implement the plan
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6
Q

T/F. planning is sometimes goal-directed

A

false. it is always goal-directed

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7
Q

executive who sets long-term strategic goals at the highest level

A

president

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8
Q

executive who establish goals then align with and contribute to overall organizational objectives

A

vice president

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9
Q

company’s plan for how it will match its internal strengths and weaknesses with external opportunities and threats to maintain competitive advantage

A

strategic plan

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10
Q

course of action the company can pursue to achieve its strategic aims

A

strategy

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11
Q

process of identifying and executing the organization’s strategic plan, by company’s capabilities with demands of its environment

A

strategic management

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12
Q

the strategic management process (hint: Dear Perry, Form Trends For Immunity Evolvement)

A
  1. Define current business goals
  2. Perform external and internal audits
  3. Formulate new direction
  4. translate mission to strategic goals
  5. Formulate strategies to achieve the strategic goals
  6. Implement the strategies
  7. Evaluate performance
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13
Q

stage to assess the products sold, locations for selling them and how the products or services differ from competitors

A

define current business goals

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14
Q

conducting both external and internal audits to evaluate organization’s alignment with intended direction

A

perform external and internal audits

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15
Q

serves as a tool for evaluating company’s strengths, weaknesses, opportunities and threats

A

SWOT chart

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16
Q

entails deciding on the products to be sold, choosing the locations to sell them, outlining how our products or services will set them apart

A

formulate a new direction

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17
Q

serves as a general declaration of the firm’s intended direction, what they aspire to be

A

vision statements

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18
Q

statement of what business should be

A

vision statement

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19
Q

statement of what company’s main tasks at present

A

mission statement

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20
Q

step where it involves defining specific objectives that align with the company’s mission and vision

A

translate mission to strategic goals

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21
Q

involves selecting courses of action that will enable company to reach objectives

A

formulate strategies to achieve the strategic goals

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22
Q

involves the practical implementation of strategies into action

A

strategy execution

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23
Q

means company’s managers bring strategies to life

A

implement the strategies

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24
Q

evaluating performance and acknowledging outcomes may deviate from initial plans

A

evaluate performance

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25
Q

types of strategies

A
  • corporate-wide strategic planning
  • business unit strategic planning
  • functional strategic planning
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26
Q

five strategies under corporate stregy

A
  1. concentration strategy
  2. diversification strategy
  3. vertical strategy
  4. consolidation strategy
  5. geographical expansion
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27
Q

strategy that focuses on a single product or product line within a specific market

A

concentration strategy

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28
Q

strategy where a company continually expands its product line

A

diversification strategy

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29
Q

involves venturing into unrelated products or markets

A

conglomerate diversification

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30
Q

strategy where companies may choose to vertically integrate by handling aspects such as raw material production or direct product sales

A

vertical strategy

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31
Q

strategy that involves reducing company’s size to enhance efficiency and focus

A

consolidation strategy

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32
Q

strategy where companies pursue growth by entering new territorial markets

A

geographic expansion

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33
Q

determining the basis on which each business competes

A

competitive strategy

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34
Q

defined as any element enabling a company to distinguish it products or services, increasing market share

A

competitive advantage

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35
Q

standard competitive strategies

A

cost leadership, differentiation, focusers

36
Q

involves becoming low cost leader within an industry

A

cost leadership

37
Q

company aspires to be distinctive within its industry in dimensions highly valued by consumers

A

differentiation

38
Q

adopt a market niche approach that caters to a specific segment of customers with unique needs or preferences

A

focusers

39
Q

instrumental in outlining the overarching directives for each department

A

functional strategy

40
Q

top manager’s role in strategic planning

A
  • company business portfolio
  • geographical scope
  • competitive principles
41
Q

departmental manager’s strategic planning roles

A
  • assist top managers
  • develop functional and departmental plans aligned with overarching strategic objectives
  • oversee execution of plan
42
Q

strategic planning roles

A
  • engaging strategic planning
  • formulating functional and departmental strategies
  • implementing plans
43
Q

factors affecting merger and acquisition

A
  • employee resistance,
  • significant departures of high-quality staff and
  • erosion of morale and productivity
44
Q

involves meticulous reviews to ascertain the nature of venture

A

due diligence

45
Q

following merger and acquisition which includes selection of top management, effective communication of changes to employees and employee retention

A

interrogation stage

46
Q

stages for merger and acquisition

A
  1. due diligence stage
  2. merger and acquisition stage
  3. interrogation stage
47
Q

alignment of human resource practices with an organizations strategic goals, emphasizing proactive planning, talent management and workforce optimization

A

SHRM/strategic human resource management

48
Q

HR aligns workforce with goals:
Policies

A
  • fairness
  • legality
  • diversity
49
Q

HR aligns workforce with goals:
Key aspects

A
  • alignment
  • flexibility
  • communication
50
Q

HR aligns workforce with goals:
Challenges

A
  • globalization
  • tech integration
  • well-being
51
Q

example of an HR system

A

Ritz Carlton’s HR System

52
Q

diverse solutions designed to align HR practices with organizational goals

A

Strategic Human Resource Management Tools

53
Q

examples of Strategic Human Resource Management Tools

A

performance management systems and HR analytics

54
Q

Strategic Human Resource Management Tools

A
  • strategy map
  • HR scorecard
  • digital dashboard
55
Q

comprehensive overview of how each department’s performance contributes to the company’s strategic goals

A

strategy map

56
Q

tool that allows employers to quantify and computerize the activities outlined in strategy map

A

HR scorecard

57
Q

Key features of HR Scorecard

A

Quantification Process and Computerized Approach

58
Q

involves the quantification of financial and nonfinancial goals and metrics related to HR activities in strategy map

A

HR Scorecard: Quantification Process

59
Q

special scorecard software to faciliate the computerized scorecard process

A

HR Scorecard: Computerized Approach

60
Q

purpose of HR scorecard

A

link HR activities to strategic outcomes

61
Q

benefits of HR scorecard

A

strategic decision making and enhanced accountability

62
Q

integral tool of SHRM that provide a visual snapshot of key metrics derived from HR scorecard

A

digital dashboard

63
Q

key points of digital dashboard

A

visual representation
real-time monitoring

64
Q

benefits of digital dashboard

A

timely decision-making
proactive problem solving

65
Q

uses both quantitative and qualitative data to make comparisons between and within organizations

A

HR benchmarking

66
Q

Example of Type of Metrics

A
  1. time to hire
  2. cost per hire
  3. early turnover
  4. time since last promotion
  5. revenue per employee
  6. performance and potential
  7. engagement rating
  8. cost of HR per employee
  9. ratio of HR professionals to employee
  10. billable hours per employee
  11. ratio of HR business partners
  12. turnover
  13. effectiveness of HR scorecard
  14. absenteeism
67
Q

means comparing the practices of high performing companies to your own

A

benchmarking

68
Q

KPI used to measure the progress and success of an organization’s strategic plan

A

strategy-based performance metrics

69
Q

examples of strategy-based metrics

A
  1. market share
  2. net promoter score (NPS)
  3. return on investment (ROI)
  4. employee engagement (EE)
  5. time to market
70
Q

calculates the percentage of the total market that an organization controls

A

market share

71
Q

measure of customer likelihood to recommend an organization to others

A

net promoter score

72
Q

measures an organization’s return on its investment in a particular project or initiative

A

return on investment

73
Q

measures employee satisfaction and commitment to the organization

A

employee engagement

74
Q

measures the time it takes and organization to bring a product or service to the market

A

time to market

75
Q

analysing data for hiring

A

workforce/talent analytics

76
Q

process of using statistical analysis and machine learning to discover hidden patterns, correlations and anomalies within large datasets

A

data mining

77
Q

aid in predictive modelling

A

data mining

78
Q

technique used to categorize data into predefined classes or categories based on the features or attributes of the data instances

A

classification

79
Q

employed to predict numeric or continuous values based on the relationship between input variables and a target variable

A

regression

80
Q

six types of talent management questions answered using talent analytics (hint: HAHWTT)

A
  1. human capital facts
  2. analytical HR
  3. human capital investment analystis
  4. workforce forecasts
  5. talent value model
  6. talent supply chain
81
Q

generally involves (1) reviewing the functioning of most aspects of the company’s human resource function (2) guaranteeing that the employer is abiding the government regulations and company policies

A

HR audit

82
Q

an analysis where an organization calculates where it stands at the moment and determines what it has to achieve to make its HR function better

A

HR audit

83
Q

areas covered by HR audits

A
  1. roles and headcount
  2. legal issues
  3. recruitment and selection
  4. compensation
  5. mandated benefits
  6. group benefits
  7. payroll
  8. documentation and record-keeping
  9. training and development
  10. employee communications
  11. employee relations
  12. internal communications
  13. termination and transition policies and practices
84
Q

use of data, facts, analytics, scientific rigor, critical evaluation, and critically evaluated research studies to support human resource management proposals

A

evidence-based human resource management

85
Q

two steps in scientific HRM

A
  1. collect evidence
  2. experimentation
86
Q

set of strategic human resource management initiatives that help companies decentralize decision-making to improve firm performance and profitability

A

high-performance work system

HRM (5 decks)

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