Flashcards in SMO414 Deck (38):
what is strategy?
the formulation of the organization's mission, goals, objectives and action plans for how the organization will achieve goals
What are the three parts of a business strategy and explain them
goals - various goals are set based on mission
product markets - what services/products for which markets
competitive premise - is competitive advantage sustainable
What is the Diamond E Model
What is the Organizational Environment made up of?
What is the Human Resource Systems made up of?
Human resource planning, training and selection
training and development
job design and work organization
performance management, compensation and rewards
employee voice and representation
How to manage retention
selection criteria - look at personality and employment history
increase cost of leaving
firm specific training
what are essential skills that employers demand
working with other
what is the ideal employee of the future and how does it affect jobs?
robots - almost 50% of jobs in US are at risk of automation
stats on diversity
becoming increasingly diverse
more of workforce1 is older
a quarter of labour force is immigrants
almost a quarter of labour force are visible minorities
45% of workforce are women
how do you manage diversity?
review recuriting and selection to ensure open and objective
review HR policies for potential barriers
inventory staff and compare to labour force availability
train and educate in diversity issues
what is an adverse impact
occurs when selection rate for a protected group is lower than that for the relevant comparison group
what is the 4/5th rule?
protected group should be passing 80% of non-protect groups
what are the four designated groups?
women, disabilities, first nations, visible minorities
what is employment equity?
the correction of the condition of disadvantage in employment
removal of barriers in working conditions
special measures/accommodations for 4 designated groups in canada
who do the employment equity regulations apply to?
1. federal gov and employees
2. federally regulated employers and federal crown corporations
3. under the federal contractor's program, provincially regulated employers with 100+ employees who wish to bid on $1million+ contracts
what are the steps to employment equity?
1. review HR policies and practices to remove any barriers to employment for protected groups
2. survey international workforce to determine designated group representation
3. collect labour market data
4. compare steps 2 and 3 to determine if significant under representation of designated groups - 4/5th rule
5. set goal and timetable to close gap
what should employers consider when setting the goal and timetable to close the gap
organizational plans and strategy
availability of qualified designated group members internally and in labour force
what does employment equity NOT require employers to do?
dont have to hire unqualified applicants
dont have to establish a quota
dont have to violate established seniority policies or policies under collective agreement
dont have to terminate non designated group members to achieve goals
what is the VRIO model
says when employees are a source of competitive advantage:
Valuable - add value through performance, skills, ability
Rare - skills in short supply
Imitability - hard to easily imitate
Organizational support - systems contribute to success of employee
what are examples of employee involvement mechanisms
employee problem solving groups
self managed teams
labour management committees
what is the cost leader strategy
focus on decreasing costs as much as possible
what are sources of lower cost?
cheaper raw materials and parts
tighter inventory control (ie Just In Time inventory)
economies of scale
what is the risk of cost leader strategy?
risk of being too cheap - still need to maintain level of quality
what are the characteristics of cost leader strategy?
work design - repetitive, simple, specialized on few tasks so worker can get efficient
employee qualifications and selection systems - minimal qualifications, standardize job applications, referral, minimal testing, simple or group interviews
training systems - simple, short, demonstrating basic procedures, video
performance appraisals and feedback - minimal, annually, done by immediate supervisor, use quantitative data, on the job feedback
pay and rewards - minimum wage, employee of month, discount, on the job praise
employee involvement mechanisms - minimal, suggestion systems, turnover isnt bad
what is the differentiator strategy?
offers product or service that is unique and valuable to customers
allows firm to charge premium prices, increase market share and retain customer loyalty
achieved through superior service/quality/customization/unique style and design/proprietary technology, brand image/reputation
what are the characteristics of the differentiator strategy
work design - autonomy, flexible, more complex, greater responsibility
employee qualifications and selection systems - more highly educated, technical/specialized knowledge, related experience, personality characteristics (problem solving. critical thinking), background check, intensive testing and intensive interviews
training systems - more intensive, quality control techniques, ongoing training, developmental
performance appraisals and feedback - top down approach, coworker feedback, customer surveys and feedback, frequent and regular
pay and rewards - higher pay and benefits, bonuses based on success of company (profit share, stock ownership), skill based pay, pay with more schooling and training
employee involvement mechanisms - high employee involvement, two way communication
what is the best cost strategy
give customers value by producing low cost products or services but still add upscale features or maintain high level of quality
what are some ways high quality can reduce cost?
less need for repairs
less waste of raw materials, parts, energy, labour
less delayed deliveries
lower insurance costs
lower warranty costs
lower legal costs
what are the characteristics of best cost strategy?
work design - broaden job descriptions, more responsibilities and duties, more motivated to manage everything
employee qualifications and selection systems - adaptable, precise, accurate, quality conscientious, ability to self manage, work samples, work testing, personality testing
training systems - senior employees conduct training, on the job training, ongoing training, cross training
performance appraisals and feedback - coworkers give appraisals, customer surveys
pay and rewards - lump sum bonuses, performance based pay, gain sharing, profit sharing
employee involvement mechanisms - more employees innvolved, autonomy in workplace, suggestion systems
what is culture
system of shared values and norms
values - whats important
norms - whats appropriate attitudes and behaviours
define emploiyee engagement
heightened emotional and intellectual connection that employee has for their job/org/coworkers that influences employee to apply additional discretionary effort
how can you increase employee engagement
stock ownership and profit shares
managers interact with employees and work on the line
employee voice mechanisms ie suggestion systems
recognition of good performance
cross functional jobs
what is a job analysis
process of gathering info on jobs in org by interviews, questionnaires, observation, logs, electronic monitoring
what are the uses of job analysis
orientation of new employee
recruiting and selection
setting performance standards
what are competencies
knowledge, skills, attitude and behaviour that identifies successful employee
what is a limitation of job analysis information
very present oriented
what are the types of competencies
core - necessary for all jobs
functional - necessary for all jobs in job family
job - necessary for that particular job