Strategic Human Resource Management Ch 1

Question 1

Business Strategy

Answer 1

Defines how the firm will compete in its marketplace

Question 2

Six Functions of Human Resource Management

Answer 2

Staffing
training & development
Performance Management
Rewards and Benefits
Health and Safety
Employee Management Relations

Question 3

Total Rewards

Answer 3

The sum of all the rewards employees receive in exchange for their time, efforts and performance

Question 4

Compliance Risk

Answer 4

Risk related to employment-related decisions that can have legal ramifications, particularly in the areas of diversity, health and safety, union relations, whistleblowers, and harassment.

Question 5

Non financial compensation

Answer 5

rewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or from work environment

Question 6

Business Strategy

Answer 6

Defines how the firm will compete in its marketplace

Question 7

Talent Philosophy

Answer 7

A system of beliefs about how its employees should be treated

Question 8

Human Resource Management

Answer 8

The organizational function responsible for attracting, hiring, developing rewarding and retaining talent

Question 9

total rewards

Answer 9

The sum of all the rewards employees receive in exchange for their time, efforts and performance

Question 10

direct financial Compensation

Answer 10

Compensation received in the form of salary wages commissions, stock options or bonuses

Question 11

Human Resource Strategy

Answer 11

links the entire human resource function with the firms business strategy

Question 12

indirect financial compensation

Answer 12

all the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time and health insurance.

Question 13

Operational Risk

Answer 13

risk related to the speed and the effectiveness of talent acquisition, development of employees skills, and the identification and retention of top performers

Question 14

health and safety

Answer 14

The HR function that refers to topics ranging from wellness fire and food safety ergonomics, injury management disaster preparedness, industrial hygiene, bullying and workplace violence.

Question 15

Staffing

Answer 15

The HR function that refers to the process of planning, acquiring, deploying and retaining employees that enables the organization ot meet its talent needs and execute its business strategy

Question 16

performance management

Answer 16

The HR function that refers to aligning individual employees goals and behaviors with organization goals and strategies, appraising and evaluating past and current behaviors and performance, and providing suggestions for improvement.

Question 17

Competitive advantage

Answer 17

Doing something differently from the competition that leads to outperformance and success

Question 18

rewards and benefits

Answer 18

The HR function that refers to the sum of all the rewards employees receive in exchange for their time efforts and performance

Question 19

Employee Management Relations

Answer 19

The HR function that refers to industrial relations, more commonly know as unionized employment situation.

Question 20

Employee Handbooks

Answer 20

print or online materials that document the organizations HRM policies and procedures

Question 21

Strategic Risk

Answer 21

Risk related to talent strategy, company culture, ethics, investments in people and the implementation of change initiatives

Question 22

financial risk

Answer 22

Risk related to an organizations workforce costs and productivity directly through compensation, benefits, turnover, overtime and time-to-hire and indirectly through errors, accidents, delays and cost production

Question 23

Training and development

Answer 23

The HR function that refers to the growth of an employee capabilities through both formal and informal activities; also includes career planning, organizational development and legal compliance.