Show
Terms in this set (57)SMART goals set by managers are ________. Sets with similar termsSets found in the same folderOther sets by this creatorRecommended textbook solutions
Other Quizlet setsRelated questionsUpgrade to remove ads Only ₩37,125/year
Terms in this set (68)The Strategic Management Process the process of identifying and executing the organization's strategic plan by matching the company's capabilities with the demands of the environment. The Management Planning Process The
Hierarchy of Goals The Management Process The basic management planning process consists of five steps: setting objectives, making basic planning forecasts, reviewing alternative courses of action, evaluating which options are best, and then choosing and implementing your plan. The Hierarchy of Goals In companies, it is traditional to view the goals from the top of the firm down to front-line employees as a chain or hierarchy of goals. Figure 3-1 illustrates this. Figure 3-1 (picture). At the top, the president sets long-term or "strategic" goals (such as "double sales revenue to $16 million in fiscal year 2017"). His or her vice presidents then set goals for their units that flow from, and make sense in terms of accomplishing, the president's goal. Then their own subordinates set goals, and so on down the chain. Policies and Procedures - Policies provide day-to-day guidance employees need to do their jobs in a manner that is consistent with the company's plans and goals. Policies set broad guidelines delineating how employees should proceed. Policies set broad guidelines delineating how employees should proceed. For example "It is the policy of this company to comply with all laws, regulations, and principles of ethical conduct." Procedures spell out what to do if a specific situation arises. strategic plan the company's overall plan for how it will match its internal strengths and weaknesses with its external opportunities and threats in order to maintain a competitive position. The strategic planner asks, "Where are we now as a business, and where do we want to be?" He or she then formulates a strategic plan to help guide the company to the desired destination. Figure 3-2 summarizes the strategic
management process. Asking, "Where are we now as a business?" In practice, managers engage in three types of strategies, including: Corporate Strategy Corporate Strategy Identifies the portfolio of businesses that, in total, comprise the company and how these businesses relate to each other For any business, the corporate strategy answers the question "What businesses will we be in?" A company's corporate-level strategy identifies the portfolio of businesses that, in total, comprise the company and how these businesses relate to each other. Corporate-level Strategies Concentration A company's corporate-level strategy identifies the portfolio of businesses that, in total, comprise the company and how these businesses relate to each other. Concentration (single-business) Corporate strategy; where the company offers one product or product line, usually in
one market. Concentration (single-business) example The WD-40 Company is one example. With one spray lubricant, its product scope is narrow Diversification Corporate strategy means the firm will expand by adding new product lines. Diversification example PepsiCo is diversified. Thus, PepsiCo added Frito-Lay chips and Quaker Oats to its business portfolio. Here, the product scope is wider Vertical integration Corporate strategy means the firm expands by, perhaps, producing its own raw materials, or selling its products directly. Vertical integration - example Apple opened its own Apple stores Consolidation strategy Corporate strategy in which the company reduces its size. Geographic expansion Corporate strategy in which the company grows by entering new territorial markets Geographic expansion - example Corporate strategy in which the company grows by entering new territorial markets, for instance, by taking the business abroad. Competitive Strategy A strategy that identifies how to build and strengthen the business's long-term competitive position in the marketplace, which is also known as business-level competitive strategy. examines the basis on which each business competes. Competitive Strategy. For example, within a company like PepsiCo, each business unit (such as Pepsi and Frito-Lay) needs a business-level competitive strategy. Managers typically adopt one or more of three standard competitive strategies cost leadership, differentiation, or focus—to achieve competitive advantage. The Three Standard Competitive Strategies Cost Leadership Cost leadership This competitive strategy means becoming the low-cost leader in an industry. Differentiation
the firm seeks to be unique in its industry along the dimensions that are widely valued by buyers. Cost leadership example Walmart Differentiation - example Volvo and Papa John's are examples. Volvo stresses the safety of its cars, and Papa John's stresses fresh ingredients. Focusers the company carves out a market niche. Focuses - example Bugatti cars is an example. They offer a product or service that their customers cannot get from generalist competitors, such as Toyota. Functional strategy. identifies the broad activities that each department will pursue in order to help the business accomplish its competitive goals. Manager's Role in Strategic Planning Devising the company's overall strategic plan is top management's responsibility. However, few top executives formulate strategic plans without lower-level managers' input. In practice, devising the firm's overall strategic plan involves frequent discussions among and between top and lower-level managers. The top managers then use this information to hammer out their strategic plan. Strategic Human Resource Management The company's top managers choose overall corporate strategies, and then choose competitive strategies for each of the company's businesses. Departmental managers within each of these businesses formulate functional strategies for their departments. Their aim should be to have functional strategies that will support the competitive strategy and the company-wide strategic aims. For example, the marketing department would have marketing strategies, the production department would have production strategies, and the human resource management department would have human resource management strategies. Strategic human resource management formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims. Sustainability goals - example PepsiCo wants to deliver "Performance with Purpose." This means achieving financial performance while also achieving human sustainability, environmental sustainability, and talent sustainability. Strategic Human Resource Management Tools Strategy map Strategy map Shows the "big picture" of how each department's performance contributes to achieving the company's overall strategic goals. It also summarizes how each department's performance contributes to achieving the company's overall strategic goals. It helps the manager and each employee visualize and understand the role his or her department plays in achieving the company's strategic plan. The Human Resource Scorecard - scorecard refers to a process for assigning financial and nonfinancial goals or metrics to important human resource management-related chain of activities. That chain is required in order to achieve the company's strategic aims and for monitoring results. Many employers quantify and computerize the strategy map's activities by utilizing the Human Resource Scorecard. Digital Dashboard Presents the manager with desktop graphics and charts, showing a computerized picture of how the company is doing on all the metrics from the Human Resource Scorecard process. Human Resource Metrics The quantitative gauge of a human resource management activity, such as employee turnover, hours of training per employee, or qualified applicants per position. Benchmarking Comparing the practices of high-performing companies results to your own, in order to understand what they do that makes them better. Data Analytics Using statistical and mathematical analysis and algorithms to find relationships and make predictions Benchmarking Comparing the practices of high-performing companies results to your own, in order to understand what they do that makes them better. Just measuring how one is doing (for instance, in terms of employee productivity) is rarely enough for deciding what (if anything) to change. Instead, most managers want to know, How are we doing?" in relation to something. For example, a manager may ask staff, "Are our accident rates rising or falling?" To understand the relationship between the accident rates of the company and accident rates of other companies, the manager may want to benchmark the results. Organizational Data Revenue Employment Data Number of Positions Filled Human Resource Department Data Total Human Resource Staff Expectations for Revenue and Organizational Hiring Percentage of Organizations Expecting Changes in Revenue in current year compared to prior year Strategy-based metrics Specifically focus on measuring the activities that contribute to achieving a company's strategic aims Benchmarking provides one perspective on how your company's human resource management system is performing. It shows how your human resource management system's performance compares to the competition. However, it may not reveal the extent to which your firm's human resource practices are supporting its strategic goals. Managers use strategy-based metrics to answer such questions. ... The human resource audit generally involves using a checklist to review the company's human resource functions (recruiting, testing, training, and so on), as well as ensuring that the firm is adhering to regulations, laws, and company policies. The human resource auditor may first review payroll data, focusing on what and when each employee was paid. He or she will then turn to whether the human resource records are in order (for instance, are medical records kept separate from resumes). He or she will also review the employer's handbooks and policies, for instance, checking for disability accommodation policies, social media policies, and family and medical leave policies. He or she may also want to benchmark the results to comparable companies'. HR audits vary in scope. ... Data analytics using statistical and mathematical analysis and algorithms to find relationships and make predictions Talent Analytics is a data analytics tool that enables employers (including Walmart) to analyze in new ways employee data both on obvious things (like employee demographics, training, and performance ratings), but also data from new sources (like company internal social media sites, GPS tracking, and e-mail activity). Employers then use talent analytics (data analytics applied to HR issues) to answer questions that in the past they couldn't answer, or couldn't answer as well. evidence-based human resource management which involves using data, facts, analytics, scientific rigor, critical evaluation, and critically evaluated research/case studies to support human resource management proposals, decisions, practices, and conclusions. In gathering evidence, scientists (or managers) first need to be objective experiment a test set up in such a way as to ensure that he or she understands the reasons for the results obtained High-Performance Work Systems is a set of human resource management policies and practices that promote organizational effectiveness. Employee engagement Refers to being psychologically involved in, connected to, and committed to getting one's jobs done. Engaged employees "experience a high level of connectivity with their work tasks," and work hard to accomplish their task-related goals. Employee engagement is important because it drives performance and productivity. What Can Managers Do to Improve Employee Engagement? Provide supportive supervision Sets with similar termsHR Test 1 Ch 340 terms mjrohrer1 HR chapter 317 terms kelseybel Chapter 325 terms morgan_ann8 Chapter 312 terms allieeebell Sets found in the same folder1 - Introduction to Human Resource Management35 terms jessie_aguinaldo ECON 131 Test 128 terms jessie_aguinaldo Chapter 1 Homework20 terms jessie_aguinaldo Exam 1 Ratios14 terms jessie_aguinaldo Other sets by this creatorParallel parking - Reference points3 terms jessie_aguinaldo Stop signs and rr crossings36 terms jessie_aguinaldo Color23 terms jessie_aguinaldo Prismacolor 150 - French18 terms jessie_aguinaldo Recommended textbook solutionsHuman Resource Management15th EditionJohn David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine 249 solutions Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Service Management: Operations, Strategy, and Information Technology7th EditionJames Fitzsimmons, Mona Fitzsimmons 103 solutions
Information Technology Project Management: Providing Measurable Organizational Value5th EditionJack T. Marchewka 346 solutions Other Quizlet setsMGMT EXAM 2 Ch 844 terms quannerss MGMT 425 Exam 1131 terms Joel90716 Management Final Extras12 terms Rayne1299 Quiz 2 - Chapter 3, 4, 536 terms kjohnson0417 Related questionsQUESTION 1. A student nurse who is documenting progress notes in a client's records should: 2 answers QUESTION Which phase of the strategic management process would be most influenced by a farm family's basic values and attitudes about agriculture? 15 answers QUESTION Expert entrepreneurs who engage in deliberate practice are generally more skilled at understanding the meaning of complex patterns. 6 answers
QUESTION Which function is a manager performing when developing the department's annual budget? 15 answers What role does the human resources department play in an organization's strategic planning process?HR is uniquely situated to help organizations with strategic planning because successful strategic plans depend on effective human resource allocation. HR can help other groups in the company identify and clarify their mission, long-term goals and tactics to achieve these goals.
What role does the human resources department play in an organization's strategic planning process quizlet?The HR function helps managers know how to use these resources through strategic hiring, employee development, appropriate use of rewards, and assistance in managing the constant changes and cycles that organizations go through. One of HR's main objectives is to improve productivity.
What is the role of HR strategy in strategic management?Strategic human resource management (strategic HRM) provides a framework linking people management and development practices to long-term business goals and outcomes. It focuses on longer-term resourcing issues within the context of an organisation's goals and the evolving nature of work.
What role does the human resource department plays within an organization?What is an HR department? In simplest terms, the HR (Human Resources) department is a group who is responsible for managing the employee life cycle (i.e., recruiting, hiring, onboarding, training, and firing employees) and administering employee benefits.
|
What role does the human resources department play in an organizations strategic planning process quizlet?
zusammenhängende Posts
Urheberrechte © © 2024 de.apacode Inc.
