HRM- 1 and 2

Question 1

When a company does something differently from the competition that leads to outperformance and success

Answer 1

Competitive Advantage

Question 2

The organizational function responsible for attracting, hiring, developing, rewarding, and retaining talent.

Answer 2

Human Resource Management

Question 3

What are the six main functions of Human Resource Management?

Answer 3

1- staffing
2- training and development
3- rewards and benefits
4- performance management 
5- health and safety 
6- employee-management relations

Question 4

Compensation received in the form of salary, wages, commissions, stock options, or bonuses.

Answer 4

Direct Financial Compensation

Question 5

Any financial rewards not considered direct financial compensation including health insurance, wellness benefits, paid vacations, and free meals.

Answer 5

Indirect Financial Compensation

Question 6

Rewards and incentives given to employees that are not financial in nature, including intrinsic rewards received for the job and/or its environment.

Answer 6

Non-Financial Compensation

Question 7

This type of risk can affect overall business strategy, including talent, company culture, ethics, investments in people, and change initiatives.

Answer 7

Strategic Risks

Question 8

This type of risk can influence the organization’s ability to execute its business strategy, including the speed of talent acquisition, the development of employee’s skills, and the retention of top earners.

Answer 8

Operational Risk

Question 9

This type of risk affects the organization’s workforce costs and productivity directly through compensation, benefits, turnover, and time-to-hire. Indirectly it affects the organization through accidents, delays, and lost production.

Answer 9

Financial Risk

Question 10

This type of risk can have serious legal ramifications, particularly in the areas of health and safety, diversity, and harassment.

Answer 10

Compliance Risk

Question 11

What are the four primary types of Human Resource Management risk?

Answer 11

1- strategic
2- operational
3- financial
4- compliance

Question 12

Defines how a firm will compete in its marketplace.

Answer 12

Business Strategy

Question 13

A firm’s system of beliefs about how its employees should be treated.

Answer 13

Talent Philosophy

Question 14

Links the entire Human Resource function with the firm’s business strategy.

Answer 14

Human Resource Strategy

Question 15

A set of individual attributes that enable a firm to influence individuals, groups, and other firms from diverse backgrounds.

Answer 15

Global Mindset

Question 16

A common way for organizations to achieve growth, expand internationally, and respond to industry regulation.

Answer 16

Mergers and Acquisitions

Question 17

This is the top reason as to why mergers and acquisitions often fail.

Answer 17

Cultural Issues

Question 18

Materials that document the organization’s Human Resource Management policies and procedures.

Answer 18

Employee Handbooks

Question 19

Centralizes routine, transaction-based Human Resource Management activities.

Answer 19

Shared Service Centers

Question 20

The hiring of an external vendor to do work rather than having it done internally.

Answer 20

Outsourcing

Question 21

A company that leases employees to companies that need them.

Answer 21

Professional Employee Organization

Question 22

The norms, values, and assumptions of organizational members that guide their attitudes and behaviors.

Answer 22

Organizational Culture

Question 23

Focuses on hiring, retaining, developing, motivating, and making work assignments based on performance data and results.

Answer 23

Performance Culture

Question 24

High-involvement or high-commitment organizations.

Answer 24

High Performance Work Systems

Question 25

The standards of moral behavior that define socially accepted behaviors that are right as opposed to wrong.

Answer 25

Ethics

Question 26

What are the five types of ethical standards?

Answer 26

``` 1- utilitarian 2- rights 3- fairness 4- common good 5- virtue ```

Question 27

The ethical action that best balances good over harm.

Answer 27

Utilitarian Standard of Ethics

Question 28

The ethical action that best respects and protects the moral rights of everyone affected by an action.

Answer 28

Rights Standard of Ethics

Question 29

The ethical action that treats all people equally, or at least fairly, based on some defensible standard.

Answer 29

Fairness Standard of Ethics

Question 30

The ethical action that shows respect and compassion for all others, especially the most vulnerable.

Answer 30

Common Good Standard of Ethics

Question 31

The ethical action that is consistent with certain ideal virtues including civility and benevolence.

Answer 31

Virtue Standard of Ethics

Question 32

Specify expected and prohibited actions in the workplace and give examples of appropriate behavior.

Answer 32

Codes of Conduct

Question 33

A decision-making guide that describes the highest values to which an organization aspires.

Answer 33

Code of Ethics

Question 34

Businesses showing concern for the common good and valuing human dignity.

Answer 34

Corporate Social Responsibility.

Question 35

Considers the interests and opinions of all people and groups that could be affected by the organization’s actions.

Answer 35

Stakeholder Perspective

Question 36

What are the two most important aspects that employees need to change in order to support an organizational change effort?

Answer 36

Behaviors and Goals. Resistance is futile.

Question 37

What are the five dimensions of global cultural differences that affect Human Resource Management?

Answer 37

``` 1- power distance 2- individualism 3- masculinity 4- uncertainty avoidance 5- long-term orientation ```

Question 38

The power inequality that exists among people with and without power.

Answer 38

Power Distance

Question 39

The strength or lack of strength in the ties people have with others in their community.

Answer 39

Individualism

Question 40

The degree to which a society values and exhibits traditional male and female roles.

Answer 40

Masculinity

Question 41

The degree of anxiety felt in uncertain or unfamiliar situations.

Answer 41

Uncertainty Avoidance

Question 42

Reflects a focus on long-term planning, delivering on social obligations and avoiding “losing face.”

Answer 42

Long-Term Orientation

Question 43

Why do companies acquire other companies?

Answer 43

To acquire talent and skills