Term
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Definition
Must adapt to mgmt via the internet:
Must:
-Predicated on change
-Organize around networks
-Build on shifting partnerships & alliances.
-construct on technological advances.
NOT:
-stability
-rigid hierarchies
-self-sufficiency
-bricks and mortar
- |
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Term
| Difference of corporation in a century |
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Definition
20th century:
-Pyramid
-Internal
-structured
-Stability
-self-sufficiency
-mass production
-domestic
-Top-down
-Security
21st century:
-Web
-External
-Flexible
-Change
-Interdependencies
-Mass customization
-Global
-Bottom-up
-Personal growth |
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Term
| Intellectual capital is critical |
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Definition
| Breakthrough products are short-lived because competitors can instantly reproduce. Therefore co's need to build talent and intellectual capital. Retain the best thinkers. Old command and control hierarchies are long gone and organizations now favor rewarding employees and keeping their minds engaged. |
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Term
| Managing people: critical role in the following 5 activities: |
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Definition
1) Staffing
-identifying work requirements
-determining # of ppl. and skills mix
-recuriting, selecting, and promoting
2)Retention
-reward employees
-ensure harmonious working relations between employees & managers
-safe, healthy work environment
3)Development
-preserve and enhance competencies in their jobs to improve knowledge, skills, & abilities
4) Adjustment
-activity intended to maintain compliance with the org's policies and business strategies.
5)Managing change
-ongoing process whose objective is to enhance the ability of an organization to anticipate and respond to developments.
ALL = HRM system |
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Term
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Definition
| The organizationally granted right to influence the actions and behavior of the workers they manage. |
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Term
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Definition
1) Attracting people : planning, recruiting, and selection
2) Developing ppl: training, performance evaluation, and career mgmt.
3) Keeping ppl: compnsation & benefits, labor, health, and safety |
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Term
| Why does effective HRM matter? |
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Definition
| study shows that adoption of high performance work practices can have an economically significant effect on the market value of a firm. Also, on the productivity and quality of work life of the ppl. in them. |
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Term
| Broad Objective vs. Special objective of HRM |
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Definition
Broad objective: optimize usefulness or productivity of workers.
Special Objective: help managers manage workers more effectively. |
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Term
| 4 features of the competitive buisness environment |
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Definition
1) Globalization
2) Technology
3) E-commerce
4) Demographic changes |
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Term
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Definition
Globalization: free movement of capital, goods, services, and ppl. across national boundaries.
Backlash of globalization: workers in teh west are not equipped for today's pace of change in which jobs come and go.
Captial, technology, raw materials and info are FUNGIBLE but workforce is unique. |
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Term
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Definition
| Human resources information system (HRIS)- transforming from storing/retrieving info into strategic planning, career planning, and evaluating HR policies and practices. |
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Term
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Definition
| using internet to purchase. Made from knowledgable workers ex: GOOGLE selling advertisments. |
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Term
4. Demographic changes
Manager's job? |
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Definition
Prime-age employees (college-educated) are shrinking in the workforce and there will be more diversity.
This means...managers job:
1) The reduced supply of workers (in some fields) will make finding and keeping employees a top priority.
2) The task of managing a culturally diverse workforce will be a continuing challenge. |
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Term
| Responses of firms to the new competitive realities: |
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Definition
1. decline of routine work to more complex, flexible, crateive and ability to work with ppl.
2. Product to providing a service
3. Outsourcing activities that are not core competencies of a firm
4. Redefining work: no more 9 to 5 mentality..more constant learning and higher order thinking. |
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Term
| In response to the changes of the firms due to competitive realities..... |
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Definition
Many firms are....
1. developing new forms of organization
2. restructuring
3. adopting quality-mgmt programs
4. reengineering work processes
5. building flexibility into work schedules and rules. |
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Term
New forms of organization:
Virtual organization |
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Definition
| teams of specialists come together to work on a project then disband when finished...multisite/multiorg/dynamic |
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Term
New forms of organization:
Virtual workplace |
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Definition
| New organizational form based on the idea of working anytime, anywhere..in real space or cyberspace. (teleconferencing or email) |
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Term
New forms of organization:
Modular corporation |
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Definition
| A new org. form in which the basic idea is to focus on afew core competencies (those a co. does best) and to outsource everything else to a network of suppliers. |
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Term
New forms of organization:
Restructuring |
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Definition
| the process of changing a company by selling or buying plants or lines of businesses, or laying off employees. |
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Term
New forms of organization:
Downsizing |
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Definition
planned elimination of jobs
Study: Downsizers generated lower returns on assets than stable employers or upsizers.
Upsizers: stock returns are increased.
* Don't shrink your way to prosperity, instead the best way to prosperity is to grow your business. |
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Term
New forms of organization:
Restructuring |
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Definition
| the process of changing a company by selling or buying plants or lines of businesses, or laying off employees. |
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Term
New forms of organization:
Downsizing |
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Definition
Planned elimination of jobs
Study: Downsizers generate lower returns on assets than stable employers.
Upsizers have increased stock returns
*Don't shrink your way to prosperity, instead the best way to prosperity is to grow your business. |
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Term
Quality Managment Programs:
Six Sigma and 5 steps |
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Definition
Six Sigma originated at Motorola in 1986. Goal is to reduce variability from a process to avoid errors/defects and increase predictability.
5 steps (DMAIC):
1. Define
2. Measure
3. Analyze
4. Improve
5. Control
*useful to co. such as BOA and Dupont but less appropriate for creative economy such as Google or 3M. |
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Term
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Definition
Fundamental rethinking and radical redesign of buisness processes to achieve dramatic improvements in cost, quality, and speed.
*Reengineering an environment and org. culture that embraces change. |
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Term
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Definition
| collection of activities that takes one ore more kinds of input and creates an output valuable to a customer. |
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Term
| Flexibility (3 key features) |
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Definition
flexibility in schedules is key to retaining talented workers.
3 key features to increase flexibility:
1. talent mgmnt
2. human capital outcomes
3. finacial, operational, and business outcomes |
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Term
| Productivity (how it benefits..) |
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Definition
Measure of the output of goods and services relative to the input of labor, capital, and equipment.
*greater productivity benefits org's DIRECTLY and improves competitive position.
Benefits workers INDIRECTLY (higher pay and improved purchasing power). |
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Term
| Quality of worklife (QWL) |
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Definition
Giving workers opportunity to make decisions about the design of their jobs and workplaces.
Two ways of looking at QWL:
1. Set of objective organizational conditions and practices.
2. Employee perceptions of safety and the ability to grow and develop |
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Term
| Effective HR professionals play 6 key roles: |
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Definition
1. credible activists
2. cultural stewards
3. talent managers
4. strategy architects
5. business allies
5. operational executors |
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Term
| Lecture: HR has changed... |
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Definition
HR must justify its existence through measurable business results.
-HR budgets are moving to zero-based budgeting, where there are no guarentees, especially in a recession.
-HR has evolved..today u are a business partner or you don't get to play....Payroll, file mgmt is outsourced. |
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Term
| Lecture: Major structural changes in HR |
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Definition
-Most co's are moving to outsource many traditional HR activities (benefits, EAP, employee surveys, recruiting)
-most co's are moving to a self-service modeld to eliminate adminstrative work
-most co's are realizing that line managers, not HR, recruit, develop and retain talents
-HR must now ASSIST line managers |
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Term
| Book lists 5 core functions of HRM but... |
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Definition
| Adjustment and Managing change can go under DEVELOPING |
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Term
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Definition
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Term
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Definition
-must justify existence thru measurable business results, just like other depts.
-co's are outsourcing traditional HR acivities such as benefits, EAP, surveys etc.
-moving to a self-service model to eliminate admin work.
-realize line managers, not HR, recruit, develop, & retain talent
-MUST ASSIST LINE MANAGERS |
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Term
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Definition
-why it's hated: intangible (cannot be measured, assessed)
-need to transform into strategic business partners
-"I like ppl." won't cut it.
-HR today is stuck. Need to speak business |
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Term
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Definition
| Profits: Labor, capital, equip. ---> more productive org's----> MORE GOODS AND SERVICES outputs |
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Term
| Top 25% (Profitable companies) |
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Definition
Annual return to shareholders: 9.4 compared to 6.5 at bottome 25%
Gross Return on Capital: 11.3 compared to 3.7 |
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