Chapter 1 - HR485
Terms
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- Core competencies
- what a company does best and the essence of its business
- Human resource management
- personnel policies and managerial practices and systems that influence the workforce
- “perspective†challenge
- Does management fully understand how workforce behaviours affect strategy execution?
- “metrics†challenge
- Has the organization identified and collected the right measures of success?
- “execution†challenge
- Does management have access to the data and the motivation to use the date in decision making?
- Two major principles relative to competitive advantage
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customer service
uniqueness - Financial or economic capability
- advantage related to costs; when a business is able to produce a good or service cheaper than someone else.
- Strategic or product capability
- businesses need to offer a product or service that differentiates it from other products or services
- Technological or operational capability
- businesses can have a distinctive way of building or delivering its product or service. (Google)
- Organizational capability
- business’s ability to manage organizational systems and people in order to match customer and strategic needs.
- customer value
- customers perceive that they receive more value for their transaction from an organization that that of its competitors
- diversity
- in context of this chapter, referes to growing number of women and minorities entering the workforce
- Effectiveness
- meeting or exceeding customer requirements
- efficiency
- in context of this chapter referes to meeting customer requirment at lowest cost possible
- employee training and organizational development
- programs concerne with fostering and maintaining employee skills based on organizational and employee needs
- high performance work systems
- HR practices that are correlated with financial performance
- lagging indicators
- traditional performance measures such as ROE, stock price, and ROI
- leading indicators
- indicators shown to predict lagging indicators
- organizational design
- involves the arrangement of work tasks based onthe interaction of people, tech, and the tasks to be performed inthe context of the mission, goals ad strategic plan of the organization
- performance appraisial and management
- iclude assessments of individual, unit, or other aggregated levels of performance tomeasure and improve work performance
- reward systems and benefits
- referes to type of rewards or benefits that may be available to employees
- staffing
- hoas to do with flow of people into, through and out of organization