Chapter 2 - HR Strategy and Planning Flashcards
(38 cards)
Define “Strategy”.
-A plan an organization follows for how to compete successfully, survive, and grow.
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Define “Strategic Planning.”
-The process of defining organizational strategy, or direction, and allocating resources toward its achievements.
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Define “Organizational Mission”.
-The core reason for the existence of the organization and what makes it unique.
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Define “Organizational Core Values”.
-Principles that create the operating philosophy for organizational decisions.
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Define the acronym “VUCA”.
-Volatile
-Uncertain
-Complex
-Ambiguous
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Define “Triple Bottom Line”.
It considers the organization’s impact on three major areas: -economic -social -environmental Page 37
Define “Strategic HR Management”.
-The appropriate use of HR management practices to gain or keep a competitive advantage.
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Define “Multinational Corporation” (MNC).
-An organization that has facilities and other assets in at least one country other than its home country.
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Define “Offshoring”.
-A company’s relocation of a business process or operation from one country to another.
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Define “Human Resource Planning”.
-The process of analyzing and identifying the need for and availability of people so that the organization can meet its strategic objectives.
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Define “Environmental Scanning”.
-The assessment of external and internal environmental conditions that affect the organization.
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Define “Succession Planning”.
-The process of identifying a plan for the orderly replacement of key employees.
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Define “Forecasting”.
-Using information from the past and present to predict future conditions.
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What are the lengths of time for short range, intermediate range, and long range forecasting plans?
-Short range: 6-12 months
-Intermediate range: 1-3 years
-Long rang: over 3 years
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What are the two types of forecasting methods?
-Qualitative and quantitative
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What are five effective ways that can make layoffs effective?
- Identify core jobs
- Identify KSAs needed for business strategy
- Protect bottom line and corporate brand
- Constantly communicate with employees
- Pay attention to the survivors
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Define “Severance Benefits”.
-Temporary payments made to laid-off employees to ease the financial burden of unemployment.
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Define “Outsourcing”.
-Transferring the management and performance of business function to an external service provider.
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Define “Alternative Work Arrangements”.
-Nontraditional schedules that provide flexibility to employees.
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What does the abbreviation “M&A” stand for?
-Mergers and Acquisitions
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Define “Due Diligence”.
-A comprehensive assessment of all aspects of the business being acquired.
During M&A integration, what are four important factors in changing culture?
- Define the desired behavior
- Deploy role models
- Provide meaningful incentives (for role models, etc.)
- Provide clear and consistent messages (Do what you say you’ll do)
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Define “Effectiveness”, with relevance to measuring HR and human capital.
-The ability of a program, project, or task to produce a specific desired effect or result that can be measured.
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Define “Efficiency”.
-The degree to which operations are carried out in an economical manner.
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