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HR Planning Test 1
Strategy
| Question | Answer |
|---|---|
| What is the need for Human Resources management? | it helps to make efficient plans and policies for an organization. They help to ensure that a organizations strategies are all aligned with one another and with the objectives of the organization. |
| Define strategy | the formulation of organizational objectives, competitive scopes and location plans for gaining advantages |
| Define strategic intent | a tangible corporate goal; point of view about the competitive positions a company hopes to build over a decade |
| Define strategic planing | the systematic determination of goals and the plans to achieve them |
| Define strategic formulation | the entire process of conceptualizing the mission of an organization, identifying the strategy, and developing long-range performance goals |
| Define strategy implementation | those activities that employees and managers of an organization undertake to enact the strategic plan and achieve the performance goals |
| Define objectives | end goals |
| Define plans | the product of strategy, the means to the end |
| Define strategic plan | a written statement that outlines the future goals of an organization, including long-term performance goals |
| Define policies | broad guideline to action, which establish the parameters or rules |
| Strategic planning requires thinking about _______? and why? | Future Strategic planning is constantly changing based on changes in the environment. Thus all plans are created with the flexibility to adapt and change at any moment. |
| What is the act of subtly redirecting strategy to accommodate environmental changes known as? | logical incrementalism/emergent strategy |
| Define intended strategy | the strategy that was planned and formulated |
| Define realized strategy | what actually ended up happening and implemented |
| What are the three strategy types? | Growth, Renewal, and Stability |
| Explain the strategy type: Growth | company grows by expanding its product/service offering (incremental growth) or by entering new markets (international growth). Mergers and acquisitions: buying a company or merging two together |
| Explain the strategy type: stability | company chooses not to change what it is currently doing Company is already stretched to its limits and expansion could pose a significant risk During significant market and industry change, a “sit and watch” approach sometimes works best |
| Explain the strategy: renewal | company is in serious trouble and must address its weaknesses Retrenchment: Short term strategy Cost cutting, workforce reduction, closing plants/departments, reducing product lines, etc. |
| When a company is not achieving its goals, what strategies can be used? | turnaround strategy, divestiture strategy, liquidation strategy, bankruptcy |
| Explain corporate strategy | sets long-term direction for the total enterprise |
| Explain business strategy | identifies how a division or strategic business unit will compete in products or services |
| Explain functional strategy | guides activities within one specific area of operations |
| What is the strategic planning process? Explain it. | Establish the mission, vision, and values develop objectives analyze the external environment identify competitive advantage determine the competitive position implement strategy evaluate strategy |
| what is strategic Human Resources | umbrella term for hr philosophies that specify values that inform an organizations policies and practices |
| What does competitive advantage come from? | Whether the advantage is valuable, difficult to imitate, rare, and hard to substitute |
| What is the contingency perspective ? | the way you advertise and uphold your organization (values) is the type of employee's you'll attract. ex. Ritz Carlton vs Comfort Inn |
| Within behavioural theory, different ____ require varied ____ from employees and thus different ___ ____ | strategies, behaviours, hr practice. ex. Google and innovative behaviours |
| two ways to align HR strategy with business strategy? | start with organizational strategy and then create hR strategy start with HR competencies and then craft corporate strategies based on these competencies |
| characteristics of an effective HRM strategy? | capitalizes on the distinctive competencies of the organization and to add value through the effective use of human resources external fit: fit hr strategy to organization strategy internal fit: linking the various hr programs to other functional areas |
| define environmental scanning | systematic monitoring of trends affecting the organization which thus affect the implementation and formulations of hr strategies |
| what are the stages in the analysis of the external environment | scanning, monitoring, forecasting, assessing |
| When developing strategies and determine their likely impact on an organization, HR professionals rely on many sources of information such as: | Publications, professional association, conferences and seminars, professional consultants |
| methods of forecasting: competitive intelligence | trend analysis, Delphi technique, nominal group technique, impact analysis and scenario planning |
| define competitive intelligence: | A formal approach to obtain information about your competitors |
| what are the environmental factors? | economic climate, globalization, political and legislative factors, technological factors, demographic factor, social and cultural factors, customers, suppliers, governments, regulatory agencies, the public, NGO's |
| how do we respond to external factors? | managers rate the trends from high to low based on: the probability of these occurring and the likely impact on each of these trees on the organization (Issue Priority matrix) |
| Strategic importance of HR forecasting? | it is most beneficial when demand is high for jobs, particularly specialized jobs. ensure that necessary human capital is available to the firm, despite its scarcity in the labour market (hr gaps/surplus) |
| How does hr forecasting reduce hr cost? | planning ahead and predicting future based on environmental factors reduces the costly inconvenience of last minute issues to resolve |
| explain strategic panning linkage to macro business forecasting | forecasting processes help to ensure that the HR strategy does not steer too far away from the organizations objectives |
| Define generic human capital | competencies, knowledge, skills, and abilities that are held by individual employees and that are useful to the firm |
| define firm specific human capital | competencies, knowledge, skills and abilities that employees possess based on their trait knowledge, and learned from experience and through mentorship in the organization |
| define human capital stock | the amount of any specific form of human capital that is available to the firm at any given time |
| define human capital flow | the change in the stock of human capital over time. Factors that affect the flow of human capital include terminations, promotions, lateral movements, and demotions |
| what are the two forecasting methods | Demand forecasting: the process of determining the organizations requirement for specific forms of human capital Supply forecasting: the process of determining the source or sources of human capital to satisfy the organizations demand |
| What are the two Institute HR programs and policies | Job sharing :When two or more employees perform the duties of one full time position Attrition: The process of reducing an HR surplus by allowing the size of the workforce to decline naturally from retirements, deaths, and voluntary turnover |
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jodiejasmine
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