Business Management (20%) Flashcards
4 basic goals of HRM
- Enhancing Quality and Productivity
- Complying with Legal and Social Obligations
- Promoting Individual Growth and Development
- Improving Organizational Efficiency
What are SMART Goals?
S - Specific. You should be able to say how you will know when a goal has been accomplished and how you might go about reaching it.
M - Measurable. If a goal is measurable, then you’ll have a sense of how close you are to reaching it, and it will be obvious when you have met it.
A - Attainable. Setting unrealistic goals in demoralizing and ultimately a waste of time.
R - Relevant to an organization’s long-term aspirations
T - Time bound. When identifying goals, realistic time constraints should be used.
What are Intermediate Steps to SMART goals?
Planned out short-term steps created to reach the bigger/long term goal.
What is the role of the Line Manager in HR Mgmt?
Line managers need to fully understand HR policies and procedures of their organization. They are the “face of the company” when it comes to dealing with employees.
What are 3 responsibilities of the line manager?
- Implementing the org’s HR programs for their direct reports, where required, which may include advising employees about their rights, requirements, etc. Included are links like appraising the performance of employees, recommending merit increases/promotions/disciplines/discharge
- Employing HR Programs to motivate and reward people as a way to advance the performance of the dept.
- Contributing suggestions to HR staff for improvement of policies and procedures, to point out what works and what doesn’t
Strategic Planning
An assessment of those attributes an organization may have or would like to have to compete and differentiate itself from tis rivals
Lobbying
The process by which a company or interest group tries to influence legislation and persuade legislators to support its cause.
Organizational Audit assess 6 significant organizational characteristics (according to David Ulrich)
- Shared Mindset
- Competence (knowledge, skills, ability)
- Consequence (performance management)
- Governance (org structure, comm systems, policies)
- Work process/Capacity for change (ability to improve, change and learn)
- Leadership
2 Internal Types of Attributes
- SWOT Analysis
2. Porter’s Five Forces
SWOT Analysis
A strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats facing an organization
Porter’s Five Forces
Theory that five basic forces determine the competitive dynamics in an industry:
- Threat of new entrants
- Threat of substitutes
- The bargaining power of customers
- The bargaining power of suppliers
- Industry rivalry
3 ways HR can augment the competitive advantage of the org:
- Organizational Design and Development: What should be the organization’s new overall strategic direction? How does HR fit?
- Staffing and Recruiting: Can existing staff carry out the strategic direction? Will new staff be needed? Or should HR recommend a functional department be outsourced? Offshored?
- Learning and Development, Performance and Reward: What strategic steps should be taken at the various levels of the organization, including HR, in terms of training, benchmarks, and incentives for employees? Will these strategic steps be implemented?
PEST Analysis
Often performed as part of a SWOT analysis. Political, economic, social and technical. Factors that determine what threats and opportunities an org faces.
Mission and Vision Statements
Prepared by executives within org that reflect ideas about what the org is, what sets it apart, and where it is going
Vision Statement
Concise assertation of what the company is, who it services, and where it is going. Inspiring piece that provides insight on the org’s future
Mission Statement
Elaborate on the vision statement by providing additional details about how the org plans to achieve it’s vision of the future. Differentiate an org from its competitors. Long-term direction of the company
Core Competencies
A specific function that a firm regards as central to its success and is something difficult for competitors to imitate (tech, production, culture and community, knowledge, or combo).
Corporate Values Statement
Issued by execs at org to employees that indicate how business should be conducted. Stable and general. Ex: Integrity, respect, product and service excellence, teamwork
Filibuster
Use of the Senate’s tradition of unlimited debate on legislation on a stall tactic to block a bill
Lobbying
The process by which a company or interest group tries to influence legislation and persuade legislators to support its cause.
Legislation - House of Reps
All tax bills originate in this chamber.
Debate is strictly limited.
The Rules Committee sets the schedule for debating and voting on bills.
Amendments must be “germane.”
Organization or Group Factors Resistance to Change
- Structural Inertia
- Resource Allocation
- Narrow focus of change
- Threatened power
- Threatened expertise
Individual Factors Resistance to Change
- Habit
- Fear of the unknown
- Social factors
- Security
- Economic factors
Legislation - United States Senate
Debate is unlimited, unless members vote otherwise.
The majority leader sets the schedule for debating and voting on bills.
No limit on amendments.
Members have the right to filibuster a bill.
Legislation - Both chambers
Legislation is referred to a committee.
Committees revise and amend bills during markup.
May request a conference to resolve differences with the other chamber.
Needs a two-thirds majority to override the President’s veto.
Ethics: Advocate
Fair and ethical treatment of employees. Do the right thing ethically and financially.
