Strategy
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| What is the need for Human Resources management? | it helps to make efficient plans and policies for an organization. They help to ensure that a organizations strategies are all aligned with one another and with the objectives of the organization.
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| Define strategy | the formulation of organizational objectives, competitive scopes and location plans for gaining advantages
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| Define strategic intent | a tangible corporate goal; point of view about the competitive positions a company hopes to build over a decade
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| Define strategic planing | the systematic determination of goals and the plans to achieve them
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| Define strategic formulation | 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 | those activities that employees and managers of an organization undertake to enact the strategic plan and achieve the performance goals
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| Define objectives | end goals
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| Define plans | the product of strategy, the means to the end
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| Define strategic plan | a written statement that outlines the future goals of an organization, including long-term performance goals
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| Define policies | broad guideline to action, which establish the parameters or rules
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| Strategic planning requires thinking about _______? and why? | Future
Strategic planning is constantly changing based on changes in the environment. Thus all plans are created with the flexibility to adapt and change at any moment.
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| What is the act of subtly redirecting strategy to accommodate environmental changes known as? | logical incrementalism/emergent strategy
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| Define intended strategy | the strategy that was planned and formulated
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| Define realized strategy | what actually ended up happening and implemented
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| What are the three strategy types? | Growth, Renewal, and Stability
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| Explain the strategy type: Growth | company grows by expanding its product/service offering (incremental growth) or by entering new markets (international growth). Mergers and acquisitions: buying a company or merging two together
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| Explain the strategy type: stability | 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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| Explain the strategy: renewal | 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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| When a company is not achieving its goals, what strategies can be used? | turnaround strategy, divestiture strategy, liquidation strategy, bankruptcy
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| Explain corporate strategy | sets long-term direction for the total enterprise
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| Explain business strategy | identifies how a division or strategic business unit will compete in products or services
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| Explain functional strategy | guides activities within one specific area of operations
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| What is the strategic planning process? Explain it. | Establish the mission, vision, and values
develop objectives
analyze the external environment
identify competitive advantage
determine the competitive position
implement strategy
evaluate strategy
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| what is strategic Human Resources | umbrella term for hr philosophies that specify values that inform an organizations policies and practices
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| What does competitive advantage come from? | Whether the advantage is valuable, difficult to imitate, rare, and hard to substitute
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| What is the contingency perspective ? | the way you advertise and uphold your organization (values) is the type of employee's you'll attract. ex. Ritz Carlton vs Comfort Inn
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| Within behavioural theory, different ____ require varied ____ from employees and thus different ___ ____ | strategies, behaviours, hr practice. ex. Google and innovative behaviours
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| two ways to align HR strategy with business strategy? | 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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| characteristics of an effective HRM strategy? | 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 | systematic monitoring of trends affecting the organization which thus affect the implementation and formulations of hr strategies
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| what are the stages in the analysis of the external environment | scanning, monitoring, forecasting, assessing
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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: | Publications, professional association, conferences and seminars, professional consultants
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| methods of forecasting: competitive intelligence | trend analysis, Delphi technique, nominal group technique, impact analysis and scenario planning
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| define competitive intelligence: | A formal approach to obtain information about your competitors
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| what are the environmental factors? | economic climate, globalization, political and legislative factors, technological factors, demographic factor, social and cultural factors, customers, suppliers, governments, regulatory agencies, the public, NGO's
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| how do we respond to external factors? | 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? | it is most beneficial when demand is high for jobs, particularly specialized jobs.
ensure that necessary human capital is available to the firm, despite its scarcity in the labour market (hr gaps/surplus)
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| How does hr forecasting reduce hr cost? | planning ahead and predicting future based on environmental factors reduces the costly inconvenience of last minute issues to resolve
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| explain strategic panning linkage to macro business forecasting | 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 | competencies, knowledge, skills, and abilities that are held by individual employees and that are useful to the firm
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| define firm specific human capital | 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 | the amount of any specific form of human capital that is available to the firm at any given time
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| define human capital flow | 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 | Demand forecasting: the process of determining the organizations requirement for specific forms of human capital
Supply forecasting: the process of determining the source or sources of human capital to satisfy the organizations demand
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| What are the two Institute HR programs and policies | 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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