People (from LinkedIn) Flashcards
Growth Strategy Options: Brownfield operation
repurposing a facility that was previously unused
Growth Strategy Options: contract manufacturing
local company makes product in order to lower labor cost
Growth Strategy Options: equity partnership
one company has partial ownership in another company with a partnership agreement in place that defines the extent of each companies control
Growth Strategy Options: franchising
investor pays a fee to use a trademark, product, or service
Growth Strategy Options: greenfield operation
erecting a brand-new operation, which requires a significant investment in human resources
Growth Strategy Options: growth strategy
how the organization chooses to grow
Growth Strategy Options: joint venture
two ore more companies merge to form a new company owned by all the owners of the prior individual companies
Growth Strategy Options: licensing
granted the right to produce a product or service and sell it
Growth Strategy Options: management contract
agreement with a company to manage the daily operations of another company
Growth Strategy Options: merger/acquisition
transactions in which the ownership of companies, other business organizations, or their operating units are transferred or combined
Growth Strategy Options: strategic alliance
companies share assets to create economies of scale
Growth Strategy Options: turnkey operation
a facility that has everything needed to begin operations immediately
Mission statement
establishes the company’s purpose.
Short, simple declaration that likely never changes throughout the life of the company.
vision statement
Evolves over time depending on the shifting strategic focus of a company in response to market drivers
SMARTER Goals
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
Performance Appraisal Methods: Comparison
− 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
Performance Appraisal Methods: Narrative
• Uses a Likert scale (1–5 point)
• May be subjective
Performance Appraisal Methods: Behaviorally Anchored Ratings Scales (BARS)
• Evaluator ranks anchored statements
• Must be customized by job and built from the job description
Performance Appraisal Methods: Checklist
• Evaluator checks off which behaviors were observed and to what degree throughout the performance year
• Does not provide meaningful feedback
Performance Appraisal Methods: Management by Objectives (MBO)
• Evaluator uses mutually set goals to rate employees
Performance Appraisal Methods: 360-Degree Feedback
• Performance data is gathered from suppliers, vendors, subordinates, and superiors
Performance Appraisal Methods: self-assessment
• Employees evaluate themselves
• Typically, the first step in a multiple-step review process
Common Performance Appraisal Errors: Central tendency/leniency/strictness
Rating every employee about average
Common Performance Appraisal Errors: cultural noise
not recognizing when the candidate answers questions based on what the candidate believes the interviewer wants to hear
Common Performance Appraisal Errors: contrast effect
comparing all statements against all other statements
Common Performance Appraisal Errors: first-impression effect
forming opinions based on first impression rather than the objective data collected
Common Performance Appraisal Errors: Halo effect/horn effect
emphasizing either a positive trait (halo) or a negative trait (horn) over all other traits the employee displays
Common Performance Appraisal Errors: inconsistency
manipulating data to draw selective rather than representative conclusions
Common Performance Appraisal Errors: negative emphasis
placing the most emphasis on a small amount of negative and irrelevant information
Common Performance Appraisal Errors: nonverbal bias
placing too much emphasis on body language and other nonverbal cues
Common Performance Appraisal Errors: primacy error
forming an opinion based on a first impression
Common Performance Appraisal Errors: recency error
treating employees’ most recent behavior as reflective of the entire review period
Common Performance Appraisal Errors: similar-to-me/different-than-me error
being influenced by shared personal characteristics
Common Performance Appraisal Errors: stereotyping
using personally held beliefs about groups of people to draw conclusions about a specific situation
Maximizing Each Stage of the Employee Life Cycle: attraction stage
test the strength of your employer brand at this stage
Maximizing Each Stage of the Employee Life Cycle: recruitment stage
test the strength of your Total Rewards package. Modify, if necessary, based on feedback from candidates who accept and reject your offer.
Maximizing Each Stage of the Employee Life Cycle: onboarding stage
test the strength of management’s ability to model behaviors aligned to organizational culture and reinforce the employee value proposition
Maximizing Each Stage of the Employee Life Cycle: development stage
test the strength of your career development, professional development, and succession planning programs
Maximizing Each Stage of the Employee Life Cycle: retention stage
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.
Maximizing Each Stage of the Employee Life Cycle: separation stage
get feedback from the employee via the exit survey. Use the information to adjust organizational practices and train managers.
Maximizing Each Stage of the Employee Life Cycle: Alumni Stage
leverage alumni networks for employee referrals for potential employees or new customers
Employee Life Cycle
- Attraction
- Recruitment
- Onboarding
- Development
- Retention
- Separation
- Alumni
Steps for Building Your Employer Brand: Research
− Conduct both internal and external research on the perception of your company in the market.
Steps for Building Your Employer Brand: Define the employee value proposition
− Ensure your branding message is aligned to your organization’s mission, values, and culture.
− Highlight what is special about your company.
Steps for Building Your Employer Brand: Develop a marketing strategy and share it.
− 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.
Steps for Building Your Employer Brand: emphasize with leadership the importance of modeling the brand
− 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.
Steps for Building Your Employer Brand: measure the impact of the brand strategy
− 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.
Cost per hire
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.
Application completion rates
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.
Candidate withdrawal reasons
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.
Source of application
the percentage of total applications that came from a particular source, such as job boards or referrals.
Source of hire
percentage of total hires that came from particular source, such as the company career site or referrals.
Time in workflow
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.
Quality of hire
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.
Retention rates
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.
Satisfaction rates
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.
Career development tools: self-assessment
a review of the skills the employee needs to develop from the employee’s perspective
Career development tools: apprenticeship
an on-the-job experience geared at developing a specific technical skill
Career development tools: job rotation
a plan for employees to move from job to job with the goal of building competencies in new areas
Career development tools: job enlargement
giving employees more tasks to do that are still within the scope of their current job to provide them with variety in their work
Career development tools: job enrichment
adding increased responsibilities to a job role
Career development tools: project team participation
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
Career development tools: internal mobility
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
Career development tools: dual career ladders
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
Career development tools: coaching
a relationship formed for a specific period of time to address a developmental issue
Career development tools: mentoring
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
Competency assessment options: self-assessment
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
Competency assessment options: manager assessment
an evaluation of the skills the employee needs to be successful in their current job or future roles
Competency assessment options: competency-based interview
interview where questions are designed to measure candidate’s ability against specific qualities
Competency assessment options: skills gap analysis
used to identify gaps between employee skills and current or future competencies needed to be successful
Competency assessment options: 360-degree assessment
rating of employee’s skills from subordinates, peers, superiors, and clients
Competency assessment options: 180-degree assessment
rating of employee’s skills from peers and superiors
Competency assessment options: assessment center
interview that uses simulated exercises and role plays to provide a holistic measure of a candidate’s competencies against a particular role
