Question 1

Organizational Strategic Planning:

Accepted Answer

Mission, SWOT, Establish Goals and Objectives, Form Strategy, Formulate Supporting Functional Strategies, Implement, Evaluate/Reassess

Question 2

Organizational Mission:

Accepted Answer

Core reason of existence, unique, SWOT, internal/external forces, 3-5 year time horizon, determine objectives/formulate strategies

Question 3

VUCA:

Accepted Answer

Volatile (unexpected), Uncertain (unknown), Complex (dynamic), Ambiguous (unfamiliar)

Question 4

Triple Bottom Line:

Accepted Answer

Considers the organization’s impact on three major areas-economic, social, and environmental

Question 5

Strategic HRM:

Accepted Answer

Appropriate use of HR management practices to gain or keep a competitive advantage

Question 6

Offshoring:

Accepted Answer

relocation of a business process or operation from one country to another, to respond to global labor condition

Question 7

HR Planning:

Accepted Answer

Ensures the right number of people with the right capabilities at the right times and in the right places

Question 8

HR Planning Process:

Accepted Answer

Review Environmental Analysis, Assess Internal/External Workforce, Forecast, Develop HR Staffing Plans and Activities

Question 9

Environmental Scanning:

Accepted Answer

Assesses external and internal environmental conditions that affect the organization

Question 10

External Environment:

Accepted Answer

Economic, political, and competitive forces

Question 11

Internal Environment:

Accepted Answer

Talent quality/quantity, organizational culture, talent pipeline/leadership strength (KSA's)

Question 12

Succession Planning:

Accepted Answer

Process of identifying a plan for the orderly replacement of key employees

Question 13

Employee/Organizational Capabilities Inventory:

Accepted Answer

Demographics, KSA's, career progression, performance data

Question 14

Forecasting:

Accepted Answer

Using information from the past and present to predict future conditions; subject to error and changing condition

Question 15

Short-range forecasting:

Accepted Answer

forecasts for the immediate HR needs of an organization

Question 16

Intermediate-range forecasting:

Accepted Answer

plans projecting one to three years into the future

Question 17

Long-range forecasting:

Accepted Answer

plans extending beyond three years

Question 18

Managing a talent surplus:

Accepted Answer

Reduce work hours/compensation, hiring freezes, attrition, etc.

Question 19

Managing a talent shortage:

Accepted Answer

Overtime, outsourcing, reducing turnover, etc.

Question 20

Severance Benefits:

Accepted Answer

Temporary payments made to laid-off employees to ease the financial burden of unemployment

Question 21

Outplacement Services:

Accepted Answer

Give displaced employees support and assistance

Question 22

HR Metrics:

Accepted Answer

Specific measures of HR practices

Question 23

HR Analytics:

Accepted Answer

An evidence-based approach to making HR decisions on the basis of quantitative tools and models

Question 24

Effectiveness or HR and Human Capital:

Accepted Answer

HR Staff and Expenses (total HR staff), Staffing (time to fill), Compensation (wage increase), Training, Retention and Quality (tenure), Development

Question 25

Benchmarking:

Accepted Answer

Process of comparing an organization’s business results to industry standards or best practices

Question 26

Balanced Scorecard:

Accepted Answer

A framework that organizations use to report on a diverse set of performance measures

Question 27

Vision and Strategy:

Accepted Answer

Internal Business Processes (operational effectiveness), Customer Relations (loyalty), Learning and Growth Activities, Financial Measures (capital use)

Question 28

HRM and Strategy:

Accepted Answer

recruiting the right talent, proper placement, providing fair rewards; aligning with future goals, prioritizing objectives, tracking key performance measures

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HRM Exam 1 (pt 2)