Strategy
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| What is the need for Human Resources management? | show 🗑
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| show | the formulation of organizational objectives, competitive scopes and location plans for gaining advantages
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| Define strategic intent | show 🗑
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| Define strategic planing | show 🗑
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| show | the entire process of conceptualizing the mission of an organization, identifying the strategy, and developing long-range performance goals
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| Define strategy implementation | show 🗑
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| show | end goals
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| Define plans | show 🗑
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| Define strategic plan | show 🗑
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| show | broad guideline to action, which establish the parameters or rules
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| Strategic planning requires thinking about _______? and why? | show 🗑
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| show | logical incrementalism/emergent strategy
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| show | the strategy that was planned and formulated
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| show | what actually ended up happening and implemented
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| What are the three strategy types? | show 🗑
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| Explain the strategy type: Growth | show 🗑
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| show | company chooses not to change what it is currently doing
Company is already stretched to its limits and expansion could pose a significant risk
During significant market and industry change, a “sit and watch” approach sometimes works best
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| show | company is in serious trouble and must address its weaknesses
Retrenchment:
Short term strategy
Cost cutting, workforce reduction, closing plants/departments, reducing product lines, etc.
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| show | turnaround strategy, divestiture strategy, liquidation strategy, bankruptcy
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| Explain corporate strategy | show 🗑
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| show | identifies how a division or strategic business unit will compete in products or services
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| Explain functional strategy | show 🗑
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| What is the strategic planning process? Explain it. | show 🗑
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| show | umbrella term for hr philosophies that specify values that inform an organizations policies and practices
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| show | Whether the advantage is valuable, difficult to imitate, rare, and hard to substitute
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| What is the contingency perspective ? | show 🗑
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| Within behavioural theory, different ____ require varied ____ from employees and thus different ___ ____ | show 🗑
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| show | start with organizational strategy and then create hR strategy
start with HR competencies and then craft corporate strategies based on these competencies
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| show | capitalizes on the distinctive competencies of the organization and to add value through the effective use of human resources
external fit: fit hr strategy to organization strategy
internal fit: linking the various hr programs to other functional areas
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| define environmental scanning | show 🗑
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| what are the stages in the analysis of the external environment | show 🗑
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| When developing strategies and determine their likely impact on an organization, HR professionals rely on many sources of information such as: | show 🗑
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| show | trend analysis, Delphi technique, nominal group technique, impact analysis and scenario planning
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| show | A formal approach to obtain information about your competitors
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| what are the environmental factors? | show 🗑
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| show | managers rate the trends from high to low based on: the probability of these occurring and the likely impact on each of these trees on the organization (Issue Priority matrix)
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| Strategic importance of HR forecasting? | show 🗑
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| show | planning ahead and predicting future based on environmental factors reduces the costly inconvenience of last minute issues to resolve
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| show | forecasting processes help to ensure that the HR strategy does not steer too far away from the organizations objectives
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| Define generic human capital | show 🗑
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| show | competencies, knowledge, skills and abilities that employees possess based on their trait knowledge, and learned from experience and through mentorship in the organization
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| define human capital stock | show 🗑
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| show | the change in the stock of human capital over time. Factors that affect the flow of human capital include terminations, promotions, lateral movements, and demotions
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| what are the two forecasting methods | show 🗑
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| show | Job sharing :When two or more employees perform the duties of one full time position
Attrition: The process of reducing an HR surplus by allowing the size of the workforce to decline naturally from retirements, deaths, and voluntary turnover
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