People

Question 1

What are the 3 levels of strategy?

Answer 1

Organizational level (vision)
Business unit level (how & where to focus)
Operational level (activities & actions)

Question 2

What is strategy?

Answer 2

The planning of long-range goals and actions to obtain those goals.

Question 3

What are some concepts for the creation and management of strategy?

Answer 3

Aligning effort
Controlling drift
Focusing on core competencies (knowing what the org. is good at)
Systems thinking
Using both culture and structure as a strategic level

Question 4

With HR, which strategy level will be the main focus to support the organization?

Answer 4

The operational level

Question 5

The end goal of this model by Porter is to create maximum value for the least possible cost.

Answer 5

Value Chain

Question 6

What is the biggest role HR has in defining and creating value?

Answer 6

Knowing the workforce

Question 7

What are the 4 basic stages of the strategy process?

Answer 7

Formulation
Development
Implementation
Evaluation

Question 8

What does PESTLE stand for?

Answer 8

Political
Economic
Social
Technological
Legal
Environmental

Question 9

What does SWOT stand for?

Answer 9

Strengths
Weaknesses
Opportunities
Threats

Question 10

What are the 4 phases in a business lifecycle?

Answer 10

Introduction
Growth
Maturity
Decline

Question 11

What are Porter’s Five Forces that influence competitiveness?

Answer 11

Threat of new entrants
Threat of substitutes
Bargaining power of customers
Bargaining power of suppliers
Industry rivalry

Question 12

What are 2 strategic investment tools?

Answer 12

Growth Share Matrix
GE-McKinsey Nine-Box Matrix

Question 13

What does the Growth Share Matrix do?

Answer 13

Helps corporations analyze their product lines by comparing market share and market growth. When both increase, the companies are great. When both are low, it’s bad.

When growth is high but share is low, companies are questionable for investment. When share is high, but growth is low, companies can be good cash cows.

Question 14

What does the GE-McKinsey Nine-Box Matrix do?

Answer 14

Offers a systematic approach for the decentralized corporation to determine where best to invest its cash by looking at 2 factors: the attractiveness of the relevant industry and the unit’s competitive strength within that industry.

Question 15

A concise explanation of the organization’s reason for existence, purpose and overall intention.

Answer 15

Mission

Question 16

Looks forward and creates a mental image of the ideal state the the organization wants to achieve, is inspirational.

Answer 16

Vision

Question 17

The core principles that guide and direct the organization and its culture.

Answer 17

Values

Question 18

What does SMARTER stand for?

Answer 18

Specific
Measurable
Attainable
Realistic
Timed
Evaluated
Revised

Question 19

What are 6 ways to differentiate your product or service?

Answer 19

Product differentiation
Service differentiation
Channel differentiation
Relationship differentiation
Reputation/image differentiation
Price differentiation

Question 20

What are Porter’s 4 primary competitive strategies?

Answer 20

Cost leadership
Differentiation
Cost focus
Differentiation focus

Question 21

What is the opposite of merger?

Answer 21

Divestiture

Question 22

A written or oral presentation that identifies a problem, analyzes various possible solutions, and makes a recommendation for implementing one of them.

Answer 22

Business Case

Question 23

What are the steps in a business case?

Answer 23

Executive summary
Definition of the problem
Objectives
Possible solutions
Recommended solution
Implementation plan
Support documents

Question 24

This is a type of project management tool that identifies in chronological bar graph order what needs to occur first and simultaneously in a step fashion. Visual monitoring.

Answer 24

Gantt Chart

Question 25

What 4 roles does SHRM suggest HR professionals must play in change management?

Answer 25

Leader Educator Advisor Demonstrator (LEAD)

Question 26

What is the systematic process of measuring one's performance against recognized leaders for the purpose of determining best practices?

Answer 26

Benchmarking

Question 27

The quantitative investigation of the difference between actual and planned behavior.

Answer 27

Variance Analysis

Question 28

Technique for isolating which factors really have an impact on the issue you're studying.

Answer 28

Regression Analysis

Question 29

Process of comparing business data over time to identify any consistent results or trends.

Answer 29

Trend Analysis

Question 30

What are the 5 key emotional intelligence skills associated with successful leaders?

Answer 30

Self-awareness Self-regulation Motivation Empathy Social Skills

Question 31

What are the 3 primary leadership theories?

Answer 31

Trait theory Behavioral School Situational (Contingency) School

Question 32

This leadership theory focuses primarily on attributes that differentiate leaders from non-leaders.

Answer 32

Trait theory

Question 33

What are the 5 traits of a leader identified in Trait theory?

Answer 33

Intelligence Dominance Self-Confidence High levels of energy and vitality Task or technical relevance knowledge

Question 34

This leadership theory focuses on a leader's ability to manage the performance and contribution of those they manage.

Answer 34

Behavioral School

Question 35

McGregory's Theory X suggests which management style?

Answer 35

Authoritative

Question 36

McGregory's Theory Y suggests which management style?

Answer 36

Participative

Question 37

What are the 9 leadership styles identified by Blake-Mouton under the Behavioral School theory?

Answer 37

Impoverished - low concern for people and production Country club - high concern for people, low for production Produce or Perish - high concern for production, low for people Middle-of-the-road - some concern for both people and production Team - high concern for both Opportunistic - adopt whatever benefits them Paternalistic - praise and support but discourage challenges to their thinking

Question 38

The Hershey-Blanchard situational leadership theory rests on what 2 fundamental concepts?

Answer 38

Leadership style Individual or group's maturity level

Question 39

What are the 4 levels of maturity identified in the Hersey-Blanchard situational leadership theory?

Answer 39

M1 - employees lack skills and unable to unwilling to do the job (Telling) M2- employees unable to take on responsibility for the job but are willing (Selling) M3 - have skills to do the job but unwilling (Participating) M4 - able and willing (Delegating)

Question 40

Five primary dimensions to differentiate cultures.

Answer 40

Power distance Individualism Uncertainty avoidance Masculinity Long-term orientation

Question 41

What are the 3 most common negotiation methods?

Answer 41

Soft - focus on value of relationship Hard - focus on win over lose at all costs Principled - focus on mutual gain

Question 42

The departure of educated or professional people away from an employer to another one for better pay or conditions.

Answer 42

Brain Drain

Question 43

What are the 5 employee lifecycles?

Answer 43

Recruitment and selection Onboarding and orientation Training and development Performance management Transition

Question 44

Cost of Hire Formula - determines overall cost per person hired during any given time period

Answer 44

Cost per Hire = (External Costs) + (Internal Costs)/(Total # of Hires in Time Period)

Question 45

Recruitment Cost Ratio (RCR) Formula - tells you how much you spent recruiting for every dollar of 1st year compensation paid to new hires. Lower the percentage, the better.

Answer 45

Recruitment Cost Ratio= (External Costs + Internal Costs)/Total 1st Year Compensation of Hires in Time Period)

Question 46

Recruitment Yield Ratio (RYR) Formula

Answer 46

RYR = # of hires/# of interviews

Question 47

Types of Interview Biases

Answer 47

Stereotyping Inconsistency in questioning First-impression error Negative emphasis Halo/horn effect Nonverbal Bias Contrast effect Similar-to-me error Cultural noise

Question 48

What are the 3 types of professional HR engagement?

Answer 48

Trait engagement (personality) Stage engagement (workplace environment) Behavioral engagement (individual effort)

Question 49

This theory by Herzberg asserts that employees have 2 categories of needs.

Answer 49

Herzberg's Motivation-Hygiene Theory Motivation - Intrinsic Hygiene - Extrinsic

Question 50

What are the 5 basic human needs in Maslow's Hierarchy of Needs?

Answer 50

Physiological Safety Belonging and love Esteem Self-actualization

Question 51

What are the 4 intervention strategies in Skinner's Behavioral Reinforcement Theory?

Answer 51

Positive reinforcement Negative reinforcement Punishment Extinction

Question 52

This type of appraisal involves multiple people (peers, management, colleagues).

Answer 52

360-degree

Question 53

Three types of category rating scales?

Answer 53

Graphic scale Checklist Forced choice

Question 54

Four types of narrative evaluations?

Answer 54

Essay format Critical incident Behaviorally anchored rating scale (BARS) Self-assessment

Question 55

Errors in Performance Appraisal

Answer 55

Halo/Horn Bias Recency Primacy Strictness Leniency Central Contrast (these can be avoided with narrative methods)

Question 56

Three obstacles for adult learners

Answer 56

Situational (environment) Institutional (practices/procedures that discourage adults from learning) Dispositional (attitudes/self-perception)

Question 57

Kirkpatrick's Four Levels of evaluation of trainings

Answer 57

Reaction Learning Behavior Results

Question 58

What does ADDIE stand for?

Answer 58

Analyze Design Develop Implement Evaluate

Question 59

What are the 4 roles for managers in career development?

Answer 59

Coach (listen) Appraiser (feedback) Advisor (suggestions/recommendations) Referral agent (consulting/linking to resources)

Question 60

What 6 elements are included in Total Rewards?

Answer 60

Compensation Benefits Work-life effectiveness Recognition Performance management Talent Development

Question 61

Equal pay for different but equivalent work

Answer 61

Pay Equity

Question 62

Performance fairly determines the pay for everyone with a certain job or that relative difficulty results in appropriate differences in pay rates between jobs.

Answer 62

Internal Equity

Question 63

Comparisons with other competitive pay structures.

Answer 63

External Equity

Question 64

Perlmutter's 4 GLOBAL Headquarters Orientation strategies

Answer 64

Ethnocentric Polycentric Regiocentric Geocentric

Question 65

Tight control of international operations, benefits developed at headquarters and rolled out globally. Believes home country is best.

Answer 65

Ethnocentric

Question 66

Subsidiaries treated as its own entity, local policies and practices. Believes businesses best run locally.

Answer 66

Polycentric

Question 67

Operations managed regionally (like Africa). High communication within regions but less outside of it.

Answer 67

Regiocentric

Question 68

Organization seen as single enterprise. Strategic plan that is global in operation.

Answer 68

Geocentric

Question 69

The process of collecting and tabulating data.

Answer 69

Measures

Question 70

Performance parameters based on the relationship between 2 or more measures.

Answer 70

Metrics

Question 71

Converting a metric into a decision-supporting insight.

Answer 71

Analytics

Question 72

The process of collecting information about a job.

Answer 72

Job Analysis

Question 73

The systematic determination of the relative worth of jobs in an organization.

Answer 73

Job Evaluation

Question 74

What are 2 methods of quantitative job evaluation?

Answer 74

Point-factor and factor comparison (often used in union negotiations)

Question 75

What are 2 methods of non-quantitative job evaluations?

Answer 75

Job ranking and job classification

Question 76

What are 3 ways to make survey date more accurate?

Answer 76

Aging Leveling Geography

Question 77

A listing of grouped data from lowest to highest.

Answer 77

Frequency distribution

Question 78

Range Spread Calculation

Answer 78

Maximum - Minimum/Minimum

Question 79

Compa-Ratio

Answer 79

Indicators of how wages match, lead, or lag the midpoint - reflects market value. Compa-ratio = Pay rate/Midpoint

Question 80

Base Pay Compensation Systems

Answer 80

Single or Flat-Rate (everyone paid the same) Time-Based Step Rate (seniority) Automatic Step Rate (public sector/union) Step Rate w/variability (performance considered) Combo of Step Rate & Performance (anything above step rate requires superior performance) Performance-Based Merit

Question 81

Productivity-Based Compensation Systems

Answer 81

Straight Piece Rate (base rate of pay and awarded additional for output) Differential Piece Rate (base rate up to production standard and higher rate when standard is exceeded)

Question 82

Person-Based Compensation Systems

Answer 82

Knowledge-based (lawyers) Skill-based (heavy equip operators) Competency-based

Question 83

A retirement plan in which the company contributes to the plan either its stock or money to buy its stock for the benefit of the company's employees. Shares vest over time and employees never buys or holds the stock until terminated.

Answer 83

ESOP - Employee stock ownership plan

Question 84

The right to purchase a share of stock in the future at a price predetermined at the grant.

Answer 84

ISO - Incentive Stock Options

Question 85

A company-run program in which participating employees can purchase company shares at a discounted price and contribute through payroll deductions.

Answer 85

ESPPs - Employee stock purchase plans

Question 86

An employee benefit plan that gives selected employees (sr. mgt.) many of the benefits of stock ownership w/o actually giving them stock.

Answer 86

Phantom stock plan (shadow stock)

Question 87

Compensation offered by an employer to an employee in the form of company stock and receives it on a vesting schedule after achieving required performance/length milestones.

Answer 87

RSU - Restricted stock unit

Question 88

Public companies can benefit from linking stock-based compensation to organizational performance.

Answer 88

Performance grants

Question 89

Total company compensation expense formula

Answer 89

Pay + OT + Benefits + Bonuses/Total Costs

Question 90

Four types of workers' compensation wage replacement benefits

Answer 90

Income Medical Death Burial

Question 91

Two types of retirement plans

Answer 91

Defined benefit plan (DBP) Defined contribution plan (DCP)