Flashcards in Chap-2 terms Deck (24):
How a company will compete in it's market place
Be the lowest cost producer for a particular level of product quality
Maximize the efficiency of the manufacturing or product development process to minimize costs
Developing a product or service that has unique characteristics valued by customers
Developing new products or services
Focusing on a narrow market segment or niche and pursuing a differentiation or cost-leadership strategy within that market segment
Delivering unique and customizable products or services that better meet customer's needs and increase customer loyalty
Strategy to expand the company either organically or via acquisitions
System of beliefs about how a firm's employees should be treated
Human Resource Strategy?
Linkage of the entire human resource function with the company's business strategy
Constellation of priorities, policies, and behaviors used to manage the flow of talent into, through, and out of an organization over time
Long-term, regular employees
Temporary, leased, part-time, or contract workers, or independent contractors employed for shorter periods by firms as needed
Internal Talent Focus?
Preference for developing employees and promoting from within to fill job openings
External Talent Focus?
Preference for filling jobs with new employees hired from outside the organization
Done before situations/issues arise
Done in response to situations/issues
Hiring to fill a specific job opening
Talent oriented Staffing?
Recruiting and even hiring without a specific job opening
Situation in which all of an organization's staffing activities are channeled through one unit
Different business units of a company each house their own staffing functions
Combination of centralized and decentralized staffing
Human Capital Advantage?
Acquiring a stock of quality talent that creates a competitive advantage