Chapter 2 Flashcards
Strategic Planning and Human Resources (50 cards)
Strategic Planning
Procedures for making decisions about the organization’s long-term goals and strategies
Human resources planning (HRP)
The process of anticipating and providing for the movement of people into, within, and out of an organization
Strategic human resources management (SHRM)
The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals
High Performance Work Systems
A group of human resource practices that have been proven to increase an organization’s ability to attract, select, hire, develop, and retain high-performing employees.
Strategic Planning and HRP model (list categories)
- Mission, Vision, and Values
- External Analysis
- Internal Analysis
- Strategy Formulation
- Strategy Formulation
- Evaluation
(All have organizational and HR levels)
Mission
The basic purpose of the organization as well as its scope of operations
Strategic Vision
A statement about where the company is going and what it can become in the future; clarifies the long-term direction of the company and its strategic intent
Core values
The strong and enduring beliefs and principles that the company uses as a foundation for its decisions
Questions to ask when crafting mission statement
- What is my organization’s reason for being? What need do we fulfill that isn’t already being met by another firm or could be better met?
- For whom would the firm fulfill the need? Who are our customers?
- How do we fulfill, or better fulfill, the need?
- Where is our market and our customers? Where will we operate? Locally, geographically, or globally?
- What core values do the people in my organization share and will continue to embrace as part of our mission? How do these values differentiate us from other companies?
Environmental scanning
Systematic monitoring of the major external forces influencing the organization
Five Forces Framework
Around:
- New Entrants
- Suppliers
- Substitutes
- Customers
Center:
- Rival Firms
Stakeholders
Key people and groups that have an interest in a firm’s activities and that can either affect them or be affected by them
Core capabilities
Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers
Value creation
What the firm adds to a product or service by virtue of making it; the amount of benefits provided by the product or service once the costs of making it are subtracted
Core capabilities (the three resources)
- processes,
- systems (technologies), and
- people.
Why would managers contract externally?
managers often consider contracting externally (or outsourcing) skill areas that are not central to the firm’s core competence
Cultural audits
Audits of the culture and quality of work life in an organization
Four distinct type of corporate cultures
- The “clan” culture, in which employees are closely knit and exhibit great concern for one another and their customers, and loyalty and cohesion are highly valued.
- The “adhocracy” culture, which is a culture characterized by risk taking, innovation, and a spirit of entrepreneurship.
- The “market” culture, which encourages competitive, result-oriented behaviours.
- The “hierarchical” culture, which is characterized by formal structures and procedures and in which efficiency and stability are greatly valued.
Model for HR Forecasting (functions)
- forecasting the demand for labour,
- forecasting the supply of labour
- balancing supply and demand considerations.
Forecasting Demand (Considerations & Techniques)
Considerations:
- Product/service demand
- Economics
- Technology
- Financial resources
- Absenteeism/turnover
- Organizational growth
- Management philosophy
Techniques:
- Trend analysis
- Managerial estimates
- Delphi technique
Delphi technique
A qualitative forecasting method. It is more subjective and holistic.
It attempts to decrease the subjectivity of forecasts by soliciting and summarizing the judgments of a preselected group of individuals.
Trend analysis
A quantitative approach to forecasting labour demand based on an organizational index such as sales
Forecasting Supply (Techniques and External Considerations)
External Considerations:
- Demographic changes
- Education of workforce
- Labour mobility
- Government policies
- Unemployment rate
Techniques:
- Staffing tables
- Markov analysis
- Skills inventories
- Management inventories
- Replacement charts
- Succession planning
Balancing supply and demand (shortage and surplus)
Shortage:
- Utilize overtime
- Add full-time workers
- Employ contract workers
- Recall employees
- Outsource work
- Reduce employee turnover
Surplus:
- Reduce employees’ work hours
- Implement a hiring freeze
- Offer employees early retirement
