Chap 1: Gaining Competitive Advantage Flashcards
Competitiveness
a company’s ability to maintain and gain market share in its industry
Human Resource Management (HRM)
the policies, practices, and systems that influence employees’ behavior, attitudes, and performance
Shared service model
a way to organize the HR function that includes centers of expertise or excellence, service centers, and business partners.
Self-service
giving employees online access to, or apps that provide, information about HR issues such as training, benefits, compensation, and contracts; enrolling online in programs
and services; and completing online attitude surveys.
Outsourcing
the practice of having another company (a vendor, third party, or consultant) provide services.
Evidence-Based HR
the demonstration that HR practices have a positive influence on the company’s bottom line or key stakeholders (employees, customers, community, shareholders).
HR/Workforce Analytics
the practice of using quantitative methods and scientific
methods to analyze data (often big data) to understand the role of talent in executing the business strategy and achieving business goals
Big Data
information merged from HR databases, corporate financial statements, employee surveys, and other data sources to make evidence-based HR decisions and show that
HR practices influence the organization’s bottom line, including profits and costs.
Sustainability
the company’s ability to meet its needs without sacrificing the ability of future generations to meet their needs.
Stakeholders
shareholders, the community, customers, employees, and all of the other parties that have an interest in seeing that the company succeeds.
Intangible Assets
human capital, customer capital, social capital, and intellectual capital. Intangible assets are equally or even more valuable than financial and physical assets, but they
are difficult to duplicate or imitate
Empowering
giving employees responsibility and authority Page 24 to make decisions regarding all aspects of product development or customer service.
Learning Organization
embraces a culture of lifelong learning, enabling all employees to continually acquire and share knowledge. Improvements in product or service quality do not
stop when formal training is completed
Agility
anticipating and causing, adapting, and taking specific actions to support change.
Employee Engagement
the degree to which employees are fully involved in their work and the strength of their commitment to their job and the company.
Employee Experience
everything that influences employees daily life both inside and outside of the workplace.
Employee Value Proposition (EVP)
a strategic statement that communicates the company values, how they affect employees, and how the employee experience reflects the values.
Talent Management
the systematic planned strategic effort by a company to use bundles of HRM practices—including acquiring and assessing employees, learning and development, performance management, and compensation—to attract, retain, develop, and motivate highly skilled employees and managers
Nontraditional Employement
the use of independent contractors, freelancers, on-call
workers, temporary workers, and contract company workers.
Balanced Scorecard
gives managers an indication of the performance of a company based on the degree to which stakeholder needs are satisfied; it depicts the company from the
perspective of internal and external customers, employees, and shareholders.
Total Quality Management (TQM)
a companywide effort to continuously improve the way people, machines, and systems accomplish work.
Six Sigma Process
process of measuring, analyzing, improving, and then
controlling processes once they have been brought within the narrow Six Sigma quality tolerances or standards.
Lean Thinkning
a way to do more with less effort, time, equipment, and space, but still provide customers what they need and want.
Labor Force
the internal labor force . Employers identify and select new employees from the external labor market through recruiting and selection. The external labor market includes persons actively seeking employment.
