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startegy Flashcards

1
Q

compensation

A

how employees are paid/rewarded

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2
Q

performance appraisal

A

assessing contributions and providing feedback

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3
Q

training

A

interventions to improve knowledge skills and abilities

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4
Q

personnel selection

A

deciding whom to hire

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5
Q

job design

A

deciding which employee/job does which task

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6
Q

career development

A

planning experiences to build employees career qualifications

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7
Q

termination/retention

A

deciding whom to fire/keep and how

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8
Q

Steps to strategy and human resource planning

A

Mission, vision, and values
external analysis
internal analysis
formulating strategy
strategy implementation
Evaluation and assessment

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9
Q

What does human resource managment do?

A
  • Planning
  • Job design
  • Recruitment
  • Staffing
  • Training and
    development
  • Appraisal
  • Communications
  • Compensation
  • Benefits
  • Labour relations
  • International HR
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10
Q

What did HRM do during COVID?

A

include creating business continuity plans , administrating flexible work arrangements , handling employee communication , supporting
employees with issues pertaining to workplace policies , execution
of preventive measures , and revisiting preexisting welfare policies

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11
Q

Mission

A

Basic purpose of organization as well as its scope of operations

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12
Q

Strategic Vision

A

Statement about where company is going and what it can become in the future (Clarifies long-term direction of company and its strategic intent)

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13
Q

Core Values

A

Strong and enduring beliefs and principles that company uses as a foundation for its decisions

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14
Q

globalization

A

The trend to opening up foreign markets to
international trade and investment

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15
Q

reactive changes

A

Changes that occur after external forces
have already affected performance

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16
Q

proactive change

A

Change initiated to take advantage of targeted opportunities

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17
Q

Strategic Planning

A

Procedures for making decisions about the organization’s long-term goals and strategies (Long-term survival, create value and grow)

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18
Q

Human Resource Planning (HRP)

A

Process of anticipating and providing for the movement of people into, within, and out of an organization

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19
Q

Strategic Human Resource Planning (SHRP)

A

Pattern of human resources deployed and activities that enable an organization to achieve its strategic goals

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20
Q

High Performance Work Systems (HPWS)

A

Group of human resource practices that have been proven to increase an organization’s ability to attract, select, hire, develop, and retain high performing employees
Employee involved, culture of commitment not control
Employees are highly qualified, competent and engaged in improving the organization

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21
Q

furloughing

A

A situation in which an organization asks or requires employees to take time off for either no pay or reduced pay, alt to downsizing

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22
Q

how do firms increase productivity?

A

organizations can increase their productivity either by reducing their inputs (the cost approach)
or
by increasing the amount that employees produce by adding more human and/or
physical capital to the process (the investment approach).

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23
Q

External analysis is what step? what do they analyze?

A

step 2
check business environment(tech, demography, legal, economy, social attitudes)
competition enviroment (customers, rivals, suppliers, stakeholders)
and external labour supply (local or remote)

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24
Q

Subsytems of HPWS (high performace work systems)

A
  1. engage employees in decision making
    2.developing talent through referall incentives and employee branding
  2. employee empowerment, creating policies to create a voice for employees
  3. aligning leaders that can support growth through traing and assesment
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25
pros of HPWS
info exchange, motivates creativity, increases commitment, reduces job strain, feel supported by managers
26
strategic formulation
step 4 formulation process in terms of what is possible; that is, whether a firm has the types and numbers of people available to pursue a given strategy.
27
strategy implementation
step 5 executives must make resource allocation decisions to implement that strategy includes decisions related to the firm’s structure, processes, and human capital
28
evaluation
step 6 Evaluate benchmarking efforts * Ensure alignment is achieved * Encourage workforce agility and flexibility
29
strategic vision
A statement about where the company is going and what it can become in the future; clarifies the long-term direction of the company and its strategic intent
30
31
questions to ask to develop a mission statement
What is my organization’s reason for being? What need do we fulfill that isn’t already being met by another firm or could be better met? ● For whom would the firm fulfill the need? Who are our customers? ● How do we fulfill, or better fulfill, the need? ● Where is our market and our customers? Where will we operate? Locally, geographically, or globally? ● What core values do the people in my organization share and will continue to embrace as part of our mission? How do these values differentiate us from other companies?
32
Core Capabilities
Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers
33
Competitive Environment
More narrow than remote environment, gives firms greater ability to affect it (The more power each force has, the less profitable and less attractive the industry will be) Customers Rival firms New entrants (New companies, entry barriers) Substitutes Suppliers Stakeholders
34
Business Environment
External forces a firm can not directly control but can affect its strategy: Economic and ecological changes Technological changes Demographic changes Social changes Legal and regulatory changes
35
Environmental Scanning
Systemic monitoring of the major external forces influencing the organization (Business, remote and competitive environments)
36
Labour
Conduct labour market analysis to learn more about external forces influencing currently, in order to help firm adjust hiring plans while still getting the human capital they need
37
Core Capabilities are a Combination of 3 Resources
Processes (Standard routines for how work is done and what results will be accomplished) Systems (Info systems, databases, proprietary tech) People (Knowledge, skills, and abilities of employees)
38
Forecasting demand
quantative (stats) and qualitative (general trends)
39
Forecasting Supply
Skill inventories Succession planning
40
Cultural Audits
Audits of the culture and quality of work life in an organization
41
Types of Corporate Cultures
Clan: Employees are closely knit and exhibit great concern for one another and their customers, and loyalty and cohesion are highly valued Advocacy: Risk taking, innovation, entrepreneurship Market: Encourages competition, result-oriented behaviours Hierarchical: Formal structures and procedures where efficiency and stability are greatly valued
42
Markov analysis
model employee movement within an organization—how employees transition between different roles, departments, or statuses (e.g., promotions, retirements, resignations, or terminations) shown thru transition matrix (rows and columns ) states: status of employee, rank of employee transition probability(data within x,y) : prob of junior to senior 30%
43
pros and cons of amrkov analysis
Pro: predective, optimizations, datat driven cons: reqs accurate data, assumes transition depends on current state and not past, probabilities could change
44
Skill Inventories
Files of personal education, experience, interests, and skills that allow managers to quickly match job openings with employee backgrounds
45
replacement charts
Listing of current jobholders and people who are potential replacements
46
succession planning
The process of identifying, developing, and tracking key individuals for executive positions
47
human capital readiness
The process of evaluating the availability of critical talent in a company and comparing it to the firm’s supply
48
corporate strategy: growth
Increased employee productivity Greater number of employees Employees developing/acquiring new skills
49
gap analysis
Any difference between the quantity and quality of employees required versus the quantity and quality of employees available
50
Corporate Strategy
Includes the markets it will compete in, against who and how
51
Corporate Strategy: diversification
Range of products, markets, and industries the company expands too
52
Corporate Strategy: Mergers and Acquisitions
Many end up failing because of different core values, HRP prior to and during the merger process is very important to prevent that for happening
53
corp strat: Strategic Alliances and Joint Ventures
HR assess the compatibility and potential problems, selects executives and develops teamwork
54
Business Strategy
Focused on how the company will compete against rival forms to create value for customers
55
Low-Cost Strategy
Business strat - Keeping costs low enough that you can offer an attractive price to customers - Efficiency, productivity, minimizing waste - Big companies trying to exploit economics of scale in production and distribution -Has been found to decrease positive relationship between HPWS and employee performance, human resources performance and organizational performance
56
Differentiation Strategy
Business strat - High product quality, innovative features, speed to market or superior service - Need to identify and support ways to empower employees to keep high quality - Entrepreneurial orientation-firm performance relationship
57
Labour orientation
Internal (Long-term) External (Short-term)
58
Functional strat: Vertical Alignment
focuses on the connection between the business objectives and the major initiatives in HR. ex: bus obj- low cost hr- prioritize efficiency and productivity
59
Func Strat:Horizontal Fit/Alignment
alignment). The entire range of the firm’s HR practices—from its job design, staffing, training, performance appraisal, and compensation—needs to focus on the same workforce objectives.
60
7-S Model strat implementation
Hard Ss: Strategy: Lays route that organization will take in future Structure: Framework in which the activities of the organization members are coordinated Systems: Formal and informal procedures that govern everyday activities Soft Ss: Shared Values: Core values Style: Leadership approach of top managers and the way in which employees present themselves to the outside world Skills and Staff: Reconcile human resources demanded and human resources available
61
ways to Dealing with Surplus Employees
termination, demotion, layoff based on seniority, transfers, job sharing, attrition and hiring freeze, early retirement, retraining
62
attrition
Employee departures (quits, retirements, deaths) can be managed with a hiring freeze or incentivized exits, though skilled workers may leave for better opportunities.
63
Benchmarking
Process of measuring one's own services and practice against the recognized leaders to identify areas for improvement (Target company doesn't have to be a competitor)
64
Balanced Scorecard (BSC)
Measurement framework that helps managers translate strategic goals into operational objectives Cells: Financial Customer Processes Learning Measuring Horizontal Fit: Identify key workforce objectives hope to achieve Identify each HR practice used to elicit or reinforce those workforce objectives Evaluate each HR practice on scale of -5 to 5 Helps identify which HR practices are working together to achieve workforce objectives and which are not
65
severance pay
A lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination
66
Competitive advantage
to the ability of an organization to attract, develop, and retain talent more effectively than its competitors

Int HR (5 decks)

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