Strategic Human Resource Management Ch 1 Flashcards
Business Strategy
Defines how the firm will compete in its marketplace
Six Functions of Human Resource Management
Staffing
training & development
Performance Management
Rewards and Benefits
Health and Safety
Employee Management Relations
Total Rewards
The sum of all the rewards employees receive in exchange for their time, efforts and performance
Compliance Risk
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.
Non financial compensation
rewards and incentives given to employees that are not financial in nature including intrinsic rewards received from the job itself or from work environment
Business Strategy
Defines how the firm will compete in its marketplace
Talent Philosophy
A system of beliefs about how its employees should be treated
Human Resource Management
The organizational function responsible for attracting, hiring, developing rewarding and retaining talent
total rewards
The sum of all the rewards employees receive in exchange for their time, efforts and performance
direct financial Compensation
Compensation received in the form of salary wages commissions, stock options or bonuses
Human Resource Strategy
links the entire human resource function with the firms business strategy
indirect financial compensation
all the tangible and financially valued rewards that are not included in direct compensation, including free meals, vacation time and health insurance.
Operational Risk
risk related to the speed and the effectiveness of talent acquisition, development of employees skills, and the identification and retention of top performers
health and safety
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.
Staffing
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
performance management
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.
Competitive advantage
Doing something differently from the competition that leads to outperformance and success
rewards and benefits
The HR function that refers to the sum of all the rewards employees receive in exchange for their time efforts and performance
Employee Management Relations
The HR function that refers to industrial relations, more commonly know as unionized employment situation.
Employee Handbooks
print or online materials that document the organizations HRM policies and procedures
Strategic Risk
Risk related to talent strategy, company culture, ethics, investments in people and the implementation of change initiatives
financial risk
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
Training and development
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.
