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SHRM > People (from LinkedIn) > Flashcards

People (from LinkedIn) Flashcards

1
Q

Growth Strategy Options: Brownfield operation

A

repurposing a facility that was previously unused

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2
Q

Growth Strategy Options: contract manufacturing

A

local company makes product in order to lower labor cost

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3
Q

Growth Strategy Options: equity partnership

A

one company has partial ownership in another company with a partnership agreement in place that defines the extent of each companies control

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4
Q

Growth Strategy Options: franchising

A

investor pays a fee to use a trademark, product, or service

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5
Q

Growth Strategy Options: greenfield operation

A

erecting a brand-new operation, which requires a significant investment in human resources

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6
Q

Growth Strategy Options: growth strategy

A

how the organization chooses to grow

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7
Q

Growth Strategy Options: joint venture

A

two ore more companies merge to form a new company owned by all the owners of the prior individual companies

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8
Q

Growth Strategy Options: licensing

A

granted the right to produce a product or service and sell it

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9
Q

Growth Strategy Options: management contract

A

agreement with a company to manage the daily operations of another company

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10
Q

Growth Strategy Options: merger/acquisition

A

transactions in which the ownership of companies, other business organizations, or their operating units are transferred or combined

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11
Q

Growth Strategy Options: strategic alliance

A

companies share assets to create economies of scale

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12
Q

Growth Strategy Options: turnkey operation

A

a facility that has everything needed to begin operations immediately

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13
Q

Mission statement

A

establishes the company’s purpose.

Short, simple declaration that likely never changes throughout the life of the company.

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14
Q

vision statement

A

Evolves over time depending on the shifting strategic focus of a company in response to market drivers

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15
Q

SMARTER Goals

A

Specific: focused
Measurable: objective measurement
Attainable: can be achieved with the right tools and support
Relevant: useful outcomes
Time-bound: defined time frame
Evaluated: continual assessments or pulse checks
Revised: incorporates lessons learned

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16
Q

Performance Appraisal Methods: Comparison

A

− Compares employees to each other

− Ranked: evaluator ranks employees from highest to lowest

− Paired comparison: evaluator compares employees to the other employees in the group

− Forced distribution: evaluator uses a bell curve resulting in a few high performers, few low performers, and mostly average performance

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17
Q

Performance Appraisal Methods: Narrative

A

• Uses a Likert scale (1–5 point)
• May be subjective

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18
Q

Performance Appraisal Methods: Behaviorally Anchored Ratings Scales (BARS)

A

• Evaluator ranks anchored statements
• Must be customized by job and built from the job description

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19
Q

Performance Appraisal Methods: Checklist

A

• Evaluator checks off which behaviors were observed and to what degree throughout the performance year
• Does not provide meaningful feedback

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20
Q

Performance Appraisal Methods: Management by Objectives (MBO)

A

• Evaluator uses mutually set goals to rate employees

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21
Q

Performance Appraisal Methods: 360-Degree Feedback

A

• Performance data is gathered from suppliers, vendors, subordinates, and superiors

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22
Q

Performance Appraisal Methods: self-assessment

A

• Employees evaluate themselves
• Typically, the first step in a multiple-step review process

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23
Q

Common Performance Appraisal Errors: Central tendency/leniency/strictness

A

Rating every employee about average

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24
Q

Common Performance Appraisal Errors: cultural noise

A

not recognizing when the candidate answers questions based on what the candidate believes the interviewer wants to hear

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25
Q

Common Performance Appraisal Errors: contrast effect

A

comparing all statements against all other statements

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26
Q

Common Performance Appraisal Errors: first-impression effect

A

forming opinions based on first impression rather than the objective data collected

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27
Q

Common Performance Appraisal Errors: Halo effect/horn effect

A

emphasizing either a positive trait (halo) or a negative trait (horn) over all other traits the employee displays

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28
Q

Common Performance Appraisal Errors: inconsistency

A

manipulating data to draw selective rather than representative conclusions

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29
Q

Common Performance Appraisal Errors: negative emphasis

A

placing the most emphasis on a small amount of negative and irrelevant information

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30
Q

Common Performance Appraisal Errors: nonverbal bias

A

placing too much emphasis on body language and other nonverbal cues

31
Q

Common Performance Appraisal Errors: primacy error

A

forming an opinion based on a first impression

32
Q

Common Performance Appraisal Errors: recency error

A

treating employees’ most recent behavior as reflective of the entire review period

33
Q

Common Performance Appraisal Errors: similar-to-me/different-than-me error

A

being influenced by shared personal characteristics

34
Q

Common Performance Appraisal Errors: stereotyping

A

using personally held beliefs about groups of people to draw conclusions about a specific situation

35
Q

Maximizing Each Stage of the Employee Life Cycle: attraction stage

A

test the strength of your employer brand at this stage

36
Q

Maximizing Each Stage of the Employee Life Cycle: recruitment stage

A

test the strength of your Total Rewards package. Modify, if necessary, based on feedback from candidates who accept and reject your offer.

37
Q

Maximizing Each Stage of the Employee Life Cycle: onboarding stage

A

test the strength of management’s ability to model behaviors aligned to organizational culture and reinforce the employee value proposition

38
Q

Maximizing Each Stage of the Employee Life Cycle: development stage

A

test the strength of your career development, professional development, and succession planning programs

39
Q

Maximizing Each Stage of the Employee Life Cycle: retention stage

A

Use feedback from prior stages to strengthen company culture, introduce development opportunities that increase employee motivation, and promote creativity and innovation initiatives that support better employee engagement.

40
Q

Maximizing Each Stage of the Employee Life Cycle: separation stage

A

get feedback from the employee via the exit survey. Use the information to adjust organizational practices and train managers.

41
Q

Maximizing Each Stage of the Employee Life Cycle: Alumni Stage

A

leverage alumni networks for employee referrals for potential employees or new customers

42
Q

Employee Life Cycle

A
  • Attraction
  • Recruitment
  • Onboarding
  • Development
  • Retention
  • Separation
  • Alumni
43
Q

Steps for Building Your Employer Brand: Research

A

− Conduct both internal and external research on the perception of your company in the market.

44
Q

Steps for Building Your Employer Brand: Define the employee value proposition

A

− Ensure your branding message is aligned to your organization’s mission, values, and culture.
− Highlight what is special about your company.

45
Q

Steps for Building Your Employer Brand: Develop a marketing strategy and share it.

A

− Work with the marketing team to develop a holistic approach.
− Share the message with prospective employees through your company’s career page, social
media, and various recruiting sites.
− Share with current employees as often as possible. For example, at staff meetings, displays
throughout the organization, or the company intranet.
− Gather testimonials to reinforce the message.

46
Q

Steps for Building Your Employer Brand: emphasize with leadership the importance of modeling the brand

A

− Managers should behave in a manner consistent with the branding message. For example, if your company promotes that they invest heavily in professional development, then manners should encourage and support employee interest in training and development opportunities.

47
Q

Steps for Building Your Employer Brand: measure the impact of the brand strategy

A

− At this stage, you are asking the question “Is the brand strategy working?”
− Track metrics, such as quality of hire, employee referrals, and employee engagement.
− Modify strategy, as needed.

48
Q

Cost per hire

A

This metric measures the money spent to move a candidate through the recruiting process.

Total recruiting costs include internal recruiters, external recruiters, social media accounts like LinkedIn, and job fairs, which are divided by the number of hires in a time period.

This can be measured by month, quarter, or year and by division, department, team, or company.

49
Q

Application completion rates

A

This is the number of applications started versus the number completed. This helps a company identify where in the application process people are stopping and where the application process may be too long or too complex. If a company wants quality candidates, they will need to simplify the process.

50
Q

Candidate withdrawal reasons

A

This metric is useful because it helps identify (1) if there is a challenge in the recruiting process that causes candidates to disengage or (2) if competitors are hiring at a faster rate or for more money or benefits than your company. It is measured by tallying the number of candidates who left the process and the reasons they gave.

51
Q

Source of application

A

the percentage of total applications that came from a particular source, such as job boards or referrals.

52
Q

Source of hire

A

percentage of total hires that came from particular source, such as the company career site or referrals.

53
Q

Time in workflow

A

This is a measure of the strength and efficiency of your company’s recruiting process. It is measured by tracking when a candidate applies to a job and the number of days spent in each step of your recruiting process. This helps you identify bottlenecks in the process and opportunities for improved efficiencies.

54
Q

Quality of hire

A

This metric may be somewhat subjective, but it is still important to track. Each time a new hire is formally evaluated that is a measure of how much value they bring to the organization. This should be tracked for all new hires for at least two years to get a benchmark for your company as to what their quality of hire trends are.

55
Q

Retention rates

A

How long a new hire stays with your company is a measure of how well the job they were so excited to get met or exceeded their expectations. You can measure this by dividing the number of new hires who leave in the first year by the number of total new hires for that year.

56
Q

Satisfaction rates

A

You are able to track quality, though somewhat subjective, based on both candidate satisfaction and hiring manager satisfaction. You may measure this using qualitative data that you gather from interviewing managers and new employees with a standard set of questions personalized for both groups.

57
Q

Career development tools: self-assessment

A

a review of the skills the employee needs to develop from the employee’s perspective

58
Q

Career development tools: apprenticeship

A

an on-the-job experience geared at developing a specific technical skill

59
Q

Career development tools: job rotation

A

a plan for employees to move from job to job with the goal of building competencies in new areas

60
Q

Career development tools: job enlargement

A

giving employees more tasks to do that are still within the scope of their current job to provide them with variety in their work

61
Q

Career development tools: job enrichment

A

adding increased responsibilities to a job role

62
Q

Career development tools: project team participation

A

used as a developmental exercise to give an employee the opportunity to gain exposure to other parts of the organization and to build cross-cultural skills

63
Q

Career development tools: internal mobility

A

career development through promotion, demotion, transfer, or relocation; demotions are not usually seen as a development tool—however, when an employee is placed into a more suitable role, they are more likely to excel and develop new competencies that can take them to the next level

64
Q

Career development tools: dual career ladders

A

two formal career paths for professional and technical employees: one path includes managerial roles as the employee grows in their career and the other path does not require managerial roles to increase scope and compensation for work

65
Q

Career development tools: coaching

A

a relationship formed for a specific period of time to address a developmental issue

66
Q

Career development tools: mentoring

A

an ongoing relationship between a mentor and mentee, which can be formal or informal, and is focused on developing skills the mentee desires to grow

67
Q

Competency assessment options: self-assessment

A

an evaluation of the skills the employee needs to develop from the employee’s perspective against a list of skills needed for positions the employee desires to fill in the future

68
Q

Competency assessment options: manager assessment

A

an evaluation of the skills the employee needs to be successful in their current job or future roles

69
Q

Competency assessment options: competency-based interview

A

interview where questions are designed to measure candidate’s ability against specific qualities

70
Q

Competency assessment options: skills gap analysis

A

used to identify gaps between employee skills and current or future competencies needed to be successful

71
Q

Competency assessment options: 360-degree assessment

A

rating of employee’s skills from subordinates, peers, superiors, and clients

72
Q

Competency assessment options: 180-degree assessment

A

rating of employee’s skills from peers and superiors

73
Q

Competency assessment options: assessment center

A

interview that uses simulated exercises and role plays to provide a holistic measure of a candidate’s competencies against a particular role

SHRM (18 decks)

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