BNAD 302 Exam 2

Market culture

1. Focused on the external environment 2. Values stability and control; Profits over employee satisfaction 3. Driven by competition, growth, and a strong desire to deliver results

What are the 3 types of corporate-level strategy?

1. Growth strategy 2. Stability Strategy 3. Defensive strategy

Thinking Strategically

1. Thinking strategically requires you to be forward-thinking and alert for opportunities that may arise. 2. It means seeing the big picture which helps you connect the dots about what needs to get done to complete today tasks and projects that support strategic goals. 3. Strategic thinkers pay attention to what's happening in business and society at large while understanding what may (or may not) be credible information. 4. Strategic thinkers are more likely to have a worldly perspective.

4 principal reasons employees might be transferred

1. To solve organizational problems by using their skills at another location. 2. To broaden their experience in being assigned to a different position. 3. To retain their interest and motivation by being presented with a newchallenge. 4. To solve some employee problems, such as personal differences with their bosses (or peers).

Seven Implementation Principles of Evidence-Based Management

1. Treat your organization as an unfinished prototype. 2. Don't brag, just use facts. 3. See yourself and your organization as outsiders do. 4. Evidence-based management is not just for seniorexecutives. 5. Like everything else, you still need to sell it. 6. If all else fails, slow the spread of bad practice. 7. The best diagnostic question: What happens when people fail?

2 types of interviews

1. Unstructured interviews: -Information is gathered about job candidates "without the use of a fixed set of questions or asystematic scoring procedure". Involves asking probing questions to find out what the applicant is like 2. Structured interviews: -Asking each applicant the same questions and comparing their responses to a standardized set of answers

Impermissible interview questions

1. What is the origin of your name 2. What is your ancestry 3. How old are you 4. What is your date of birth 5. Are you a man or woman 6. What is your race 7. Do you have any physical defects 8. What color are your eyes, hair, etc. 9. How tall are you 9. How much do you weigh 10. What are the names/relationships of those whom you live with 11. Do you have any religious affiliation 12. What type of discharge did you receive 13. Is that a church-affiliated school 14. When did you graduate 15. What are your hobbies 16. Have you ever been arrested 17. Are you a US citizen? 18. Are you married, divorced, single, etc?

Rites and rituals

Activities and ceremonies that celebrate important occasions and accomplishments.

Benefits

Additional non-monetary forms of compensation; e.g., Health insurance, dental insurance, life insurance, disability protection, retirement plans, holidays off, sick and vacation days, recreation options, health club memberships, family leave, discounts on company merchandise, counseling, credit unions, legal advice, and education reimbursement.

Talent Management

An approach to SHRM that matches high-potential employees with an organization's most strategically valuable positions: -Attitudes -Behaviors -Cognitions -Geared toward enhancing and leveraging the human and social capital of specific individuals in the organization.

Hubris

An extreme and inflated sense of pride, certainty, and confidence

Symbols

An object, an act, a quality, or event that conveys meaning to others.

Unity of Command

An old idea in which "an employee should report to no more than one manager to avoid conflicting demands."

Virtual structure

An organization whose members are geographically apart (using information technology to communicate) yet generally appears to be a single, unified organization.

Nonrational models of decision making

Assumes that decision-making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions -Two types are discussed: 1. Bounded Rationality, Hubris, and Satisficing 2. Intuition

Stores of data that are so vast that conventional database management systems cannot handle them, and very sophisticated analysis software and supercomputing-level hardware are required, are known as ________. These data include not only data incorporate databases but also web-browsing data trails, social network communications, sensor data, and surveillance data. A. Cybeage databases B. Big data C. Cloud farms D. Super data

B. Big data

HR Practices

Broadly defined...How the organization manages its talent

Organizational culture

Broadly defined...The shared assumptions that affect how work gets done

Organizational structure

Broadly defined...Who reports to whom and who does what

After establishing the mission, vision, and values, what is the next step in strategic management? A. Maintaining strategic control B. Encouraging new ideas C. Assessing current reality D. Implementing the strategy

C. Assessing current reality

Which level of strategy is concerned with how much to spend on marketing or whether to expand facilities? A. Operational B. Practical C. Business D. Corporate

C. Business

A company dress code and award ceremonies would be part of ________. A. Ethical codes B. A mission statement C. Observable artifacts D. Core values

C. Observable artifacts

In the third step of the strategic management process, managers should: A. Establish the organization's purpose or reason for being B. Conduct an organizational assessment C. Translate the broad mission and vision into a corporate strategy D. Check on possible roadblocks within the organization's structure and culture

C. Translate the broad mission and vision into a corporate strategy

The chain of command is also known as the _________. A. division of labor B. horizontal specialization C. hierarchy of authority D. organizational chart

C. hierarchy of authority

When analyzing the "W" in SWOT analysis,Roberta, the manager might be assessing A. possible challenges in the market. B. competitors' actions. C. high turnover of employees. D. good financial resources of the firm.

C. high turnover of employees.

Organizational Designs

Concerned with designing the optimal structures of accountability and responsibility that an organization uses to execute its strategy

Nondisparagement Agreements

Contract between two parties that prohibits one party from criticizing another.

Strategic-Management Process: Step 2

Current Reality Assessment (or Organizational Assessment) "To look at where the organization stands internally and externally, to determine what's working and what could be different so as to maximize efficiency and effectiveness in achieving the organization's mission."

3. A ________ is a graph of decisions and their possible consequences. A. Corporate hierarchy B. Resolution graph C. Decision-result assessment D. Decision tree

D. Decision tree

Which of the following lists represents the order of levels of strategy from the top of the organization downward? A. executive, functional, practical B. business, operational, corporate C. corporate, practical, business D. corporate, business, functional

D. corporate, business, functional

Applications, résumés, interviews, and employment tests are all________ tools. A. investigation B. sorting C. recruiting D. selection

D. selection

When the two newly hired analysts compared notes, they found that their interviews had been quite different. Each was long and involved, but the content of the questions varied based on previous employment and education. This means the hiring manager used ________ interviews. A. structured B. situational C. behavioral-description D. unstructured

D. unstructured

The horizontal design

Eliminating functional barriers to solve problems

Execution Roadblocks

Execution doesn't always go smoothly because managers may face obstacles to strategic implementation.

Related Diversification

Expansion into businesses that are related to the company's existing portfolio of products or services

The Escalation of Commitment Bias

Feeling overly invested in a decision

Flat Organizations

Few or no levels of middle managers

Exit Interviews

Formal conversation between a representative fromthe organization and a departing employee to find out why he or she isleaving and to learn about potential problems in the organization.

High Performance Work Systems

HPWS is an approach to SHRM that deploys bundles of internally consistent HR practices in order to improve employee ability, motivation, and opportunities across the entire organization: -Geared towards increasing the organization's collective levels of human social capital.

Tolerance for ambiguity

Indicates the extent to which a person has a high need for structure or control in his or her life.

Behaviorally Anchored Rating scale (BARS)

Rates employee gradations in performance according to scales of specific behaviors

Decision-making style

Reflects the combination of how an individual perceives and responds to information

Value orientation

Reflects the extent to which a person focuses on either task and technical concerns or on people and social concerns when making decisions.

Authority

Rights inherent to a managerial position to makedecisions, give orders, and utilize resources

Legally Defensible

Selection device that measures job-related criteria in a way that is free from bias. Should be: 1. Reliable: -The degree to which a selection tool produces consistent scores 2. Valid -The degree to which a selection tool measures what it purports to measure - nothing more and nothing less

The Framing Bias

Shaping the way a problem is presented

Person-Organization Fit

The extent to which the individual's template matches the organization's template

Employment at Will

The governing principle of employment in the great majority of states; means that anyone can be dismissed at any time for any reason at all - or for no reason. -Exceptions: Violations of Public Policy, Whistleblowers, Evidence of an Employment Contract, and Employer Not Acting in Good Faith.

Span of Control

The number of people reporting directly to a manager; Narrow (or Tall) versus Wide (or Flat)

Big data analytics

The process of examining large amounts of data of a variety of types to uncover hidden patterns, unknown correlations, and other useful information

Resources

The productive assets owned by the firm

Imitability

The rate at which a firm's underlying resources, capabilities, or core competencies can be duplicated by others

True or false: According to a recent study the top reason for CEO departures among America's largest companies is unethical behavior.

True

Capabilities

What the firm can do; its skill at using resources to create goods or services

The vertical hierarchy of authority

Who reports to whom

The horizontal specialization

Who specializes in what work

Diversification Strategy

a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

The BCG Matrix

a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market

Retrenchment

curtailment; reduction; retreat to reassess

The Confirmation Bias

seeking information to support your point of view

VRIO

"A framework for analyzing are source or capability to determine its competitive strategic potential by answering four questions about its value, rarity, imitability, and organization"

Benchmarking

"A process by which a company compares its performance with that of high-performing organizations"

SWOT analysis

"A situational analysis in which a company assesses its Strengths, Weaknesses, Opportunities, and Threats." 1. Internal environment: analysis of internal strengths and weaknesses 2. External environment: analysis of external opportunities and threats

Strategic Control

"Monitoring the execution of strategy and making adjustments, if necessary."

Strategy Implementation

"Putting strategic plans into effect."

Strategy Formulation

"The process of choosing among different strategies and altering them to best fit the organization's needs."

Current Reality Assessment

"To look at where the organization stands internally and externally, to determine what's working and what could be different so as to maximize efficiency and effectiveness in achieving the organization's mission"

L&D for Facts

- E.g., work rules or legal matters. Usually through online courses,shared documents, and e-books. Microlearning - short bursts of content that employees can engage with for a few minutes at a time at their convenience.

L&D for Skills

- Interactive techniques, such as role-playing, case analysis, virtual reality, and artificial intelligence

Newer approaches to performance reviews

1 .Frequent feedback is best 2. Good feedback should be future oriented.

Drawbacks of AI

1. AI implementation 2. Data issues 3. Cost 4. Weaponization potential 5. Will AI replace us?

Benefits of AI

1. AI will transform the world as we know it. 2. Humans could be relieved of some of the drudgery of work—and even some of the time commitment today's jobs often require. 3. Organizations continue to use AI to develop a competitive advantage. 4. Enhanced decision-making is a thematic benefit of AI.

Types of employment tests

1. Ability 2. Performance 3. Personality 4. Integrity 5. Drugs and alcohol 6. Criminal and financial background

Directive Decision-Making Style

1. Action oriented, decisive, and like to focus on facts,BUT tends to be autocratic and focus on the short run. 2. People are efficient, logical, practical, and systematic in their approach to solving problems. (Low TA; Task Concerns)

Forced ranking

1. All employees within a business unit ranked against one another and grades are distributed along a bell curve. 2. Top performers rewarded with bonuses and promotions 3. The worst performers given warnings or dismissed 4. Rapidly losing favor: -Forced rankings can eliminate good workers, too. -Forced rankings can negatively impact performance. -Forced rankings are less applicable to modern work.

Preventing Groupthink

1. Allow criticism (critical evaluation) 2. Allow other (fresh) perspectives 3. Reflect (on your own opinions) before entering a group discussion

Modular structure

1. An organization assembles chunks, or modules, provided by outside contractors 2. Different from a hollow structure in that it is oriented around"pieces of a product" rather than around process or functions.

Uses of Big Data

1. Analyzing consumer behavior and spurringsales 2. Improving human resource management practices• Enhancing production efficiency 3. Exploiting farm data• Advancing health and medicine 4. Aiding public policy

Five Steps in the Learning and Development Process

1. Assessment 2. Objectives 3. Selection 4. Implementation 5. Evaluation

Types of AI

1. Automated business processes 2. Data analysis 3. Engaging customers and employees

3 Types of Selection Tools

1. Background information 2. Interviews 3. Employment Tests

3 parts of compensation

1. Base pay 2. Incentives 3. Benefits

Satisficing model

1. Because of constraints, managers don't make an exhaustive search for the best alternative. 2. Instead, managers seek alternatives until they find one that is satisfactory, or not optimal.

4 Types of Culture

1. Clan 2. Adhocracy 3. Market 4. Hierarchy

Group think

1. Cohesiveness isn't always good. 2. When it results in groupthink, group or team members are friendly and tight-knit but unable to think "outside the box." 3. The results of groupthink can include failure to consider new information and a loss of new ideas.

Major Features of Organizations:4 Proposed by Edgar Schein

1. Common purpose: -The means for unifying members; gives everyone an understanding of the organization's reason for being. 2. Coordinated effort: -Coordination of individual efforts into a group or organization-wide effort 3. Division of labor: -Work specialization; having discrete parts of a task done by different people 4. Hierarchy of authority: -The chain of command; control mechanism for making sure the right people do the right things at the right time

Analytical Decision-Making Style

1. Considers more information and alternatives, tends to be careful and take longer to make decisions; tends to over analyze responds well to new or uncertain situations. (High TA; Task Concerns)

Performance appraisal

1. Consists of (1) assessing an employee's performance and (2) providing feedback. 2. Unlike Performance Management,which is an ongoing and interactive process, Performance Appraisal is often dictated by a date on the calendar and can consist of a tense conversation that leaves both parties feeling dissatisfied. (performance review)

Porter's Four Competitive Strategies

1. Cost-leadership strategy 2. Cost-focus strategy 3. Differentiation strategy 4. Focused-differentiation strategy

Negative onboarding

1. Decreased productivity and job satisfaction 2. Lower customer satisfaction 3. Higher costs and turnover

Seven Rules for Brainstorming

1. Defer judgment 2. Build on the ideas of others (no "buts", just "ands") 3. Encourage wild ideas 4. Go for quantity over quality 5. Be visual 6. One conversation at a time (no interrupting; no dismissing) 7. Brainstorm questions

Strategic positioning

1. Developed by famous strategist Michael Porter 2. Definition: "Attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company" 3. It means: "Performing different activities from rivals, or performing similar activities in different ways"

Tips for Improving Your Intuition

1. Don't rush to absorb information - don't be quick to filter out what you don't expect or want to hear. 2. Experience is relevant, but not absolute 3. Temper your emotion

5 Steps of the Strategic-Management Process

1. Establish the mission and the vision 2. Assess the current reality 3. Formulate the grand strategy 4. Implement the strategy 5. Maintain strategic control

What two things does intuition stem from?

1. Expertise: -A person's explicit and tacit knowledge about a person, a situation, an object, or a decision opportunity (holistic hunch). 2. Automated experience: -Intuition based on feelings; the involuntary emotional response to those same matters.

Rational Decision Making

1. Explains how managers should make decisions 2. Assumes managers will make logical decisions that willbe optimum in furthering the organization's best interests

Effective Performance Feedback

1. Formal appraisals -Conducted at specific times throughout the year and based on performance measures that have been established in advance, and 2. Informal appraisals -Conducted on an unscheduled basis and consists of less rigorous indications of employee performance

12 Mechanism to Try and Change an Organization's Culture

1. Formal statements: mission, vision, values 2. Language, slogans, sayings, and acronyms (Verbal) 3. Rites and rituals (Behavioral) 4. Stories, legends, and myths (Verbal) 5. Leader reactions to crises (Behavioral) 6. Role modeling, training, and coaching (Behavioral) 7. Physical design (Physical) 8. Rewards, titles, promotions, and bonuses (Physical) 9. Organizational goals and performance criteria 10. Measurable and controllable activities (Behavioral) 11. Organizational structure (Physical) 12. Organizational systems and procedures (Behavioral)

Adhocracy culture

1. Has an external focus 2. Values flexibility: Risk-taking 3. Adaptable, creative, and quick to respond to changes in the marketplace

Clan culture

1. Has an internal (employee)focus 2. Values flexibility rather than stability 3. Encourages collaboration,participation, and empowerment

Hierarchy culture

1. Has an internal focus 2. Values stability and control over flexibility 3. Formalized, structured work environment

3 Designs that open boundaries between organizations

1. Hollow 2. modular 3. virtual structures

Hiring for Person-Organization Fit

1. Identify key temperaments that distinguish outstanding performers from low performers. 2. Design selection techniques that allow people to exhibit behaviors that demonstrate these temperaments

What are the 4 steps in rational decision making?

1. Identify the problem or opportunity 2. Think up alternative solutions 3. Evaluate alternatives and select a solution 4. Implement and evaluate the solution chosen

Positive onboarding

1. Increased commitment, job satisfaction, and productivity 2. Higher customer satisfaction 3. Lower turnover

What are the 3 approaches for recruiting?

1. Internal: -Making people already employed by the organization aware of job openings 2. External: -Attracting job applicants from the outside 3. Hybrid: -Employee Referrals; tap into existing employees' social networks to fill open positions with outside applicants - and boomerangs - former employees who return to the organization.

Techniques to Promote Cultural Change

1. Make clear the desirable/acceptable values, norms, behaviors 2. Engage in intentional management actions 3. Reward desirable employee behaviors

What does a useful resource require? (VRIO)

1. Must be valuable 2. Must be somewhat rare 3. Must be exploitable by the organization

2 Kinds of performance appraisals

1. Objective appraisal: -Based on facts and often numerical 2. Subjective appraisal: -Based on a manager's perceptions of an employee's (1) traits and (2) behaviors

What are the two kinds of decision making?

1. Rational 2. Nonrational

3 Types of corporate-level diversification

1. Related Diversification 2. Unrelated Diversification 3. Vertical integration

What are the 4 tools of current reality assessment?

1. SWOT analysis 2. VRIO 3. Forecasting 4. Benchmarking

Symptoms of Groupthink

1. Sense of invulnerability• Rationalization 2. Dominant members 3. Illusion of unanimity and peer pressure 4. "The wisdom of crowds" - people censor themselves

4 Traditional designs

1. Simple 2. functional 3. divisional 4.matrix structures

What is strategy and how is it different from goals?

1. Strategy defines how you achieve goals. 2. Goals define what you are trying to achieve.

Three key principles of strategic positioning

1. Strategy is the creation of a unique and valuable position. It emerges from 3 sources: -Few needs of many customers (ex. Crocs) -Broad needs of a few customers (ex. Buy Buy Baby) -Broad needs of many customers (ex. Allegiant Airlines) 2. Strategy requires trade-offs in competing. 3. Strategy involves creating a "fit" among activities.

Behavioral Decision-Making Style

1. Supportive, receptive to suggestions, show warmth; avoids conflict, and is concerned with others. 2. Refers verbal to written information; opinions are openly exchanged. 3. Can lead to wishy-washy decision-making; has trouble saying no. (Low TA; People Concerns)

Conceptual Decision-Making Style

1. Takes a broad perspective to problem solving. 2. Likes to consider many options and future possibilities; relies on intuition, and adopts a long-term perspective. 3. Can foster indecisiveness (High TA; People Concerns)

Two things prospective applicant's want to communicate

1. That they possess the Skills and Behaviors relevant to the current AND future positions. 2. That they possess and reflect the beliefs and values that are consistent with the strategy and culture of the organization.

Ten Common Decision-Making Biases

1. The Availability Bias 2. The Representativeness Bias 3. The Confirmation Bias 4. The Sunk-cost Bias 5. The Anchoring and Adjustment Bias 6. The Overconfidence Bias 7. The Hindsight Bias 8. The Framing Bias 9. The Escalation of Commitment Bias 10. The Categorical Thinking Bias

Strategy definition

1. What product you offer (for what markets or customers) 2. On what criteria you are different (cost, quality, reliability,...) 3. Method employed to achieve a competitive advantage

3 Overall Types of Corporate Strategy

1. growth strategy 2. stability strategy 3. defensive strategy

Porter's Five Competitive Forces

1. threat of new entrants. 2. bargaining power of suppliers. 3. bargaining power of buyers. 4. threat of substitute products or services.5. rivalry among competitors.

Which models of decision making describe how managers actually make decisions? A. Nonrational B. Rational C. Analytical D. Intellectual

A. Nonrational

Emilio and Dylan are studying the strengths and weaknesses of their construction business, Construction Concepts, as well as researching the opportunities and threats in the external environment. They are conducting a: A. SWOT analysis B. Synergy plan C. Contingency plan D. Forecast

A. SWOT analysis

The company's CEO puts pressure on the firm's R&D managers to develop products that can be created cheaply. The firm would be following a________ strategy. A. cost leadership B. differentiation C. cost focus D. retrenchment

A. cost leadership

Georgie's Orchards, a firm that grows, processes, and cans peaches,uses a ________ structure that separates workers based on their tasks or special skills. A. functional B. product C. customer D. horizontal

A. functional

Profit-sharing plans, commissions, bonuses, and stock options are examples of ________. A. incentives B. wages C. salaries D. benefits

A. incentives

A hierarchy culture has an internal focus; it values _______ over flexibility. A. Authority B. Stability and control C. External stakeholders D. Risk taking

B. Stability and control

The essence of ________ is that organizational culture, structure, and HR practices must align to achieve the company's strategies. A. social capital B. Strategic Human Resource Management C. external recruiting D. high performance work systems

B. Strategic Human Resource Management

Base Pay

Basic wage ($ per hour) or salary ($ per year) paid employees in exchange for doing their jobs (Paid wages - entitled to overtime!!)

The Anchoring and Adjustment Bias

Being influenced by an initial figure

The Overconfidence Bias

Blind to our own business

Organization Chart

Box-and-lines illustration showing the formal lines of authority and the organization's official positions or work specializations.

Unrelated Diversification

Expansion into businesses that are unrelated to the company's existing portfolio of products or services

Vertical integration

Expansion into businesses that provide the supplies it needs to make its products or that distribute and sell its products.

Intuition Model

Intuition is making a choice without the use of conscious thought or logical inference

Cost-focus strategy

Keep the costs of a product below those of competitor sand to target a narrow market

Cost-leadership strategy

Keep the costs, and hence prices, of a product or service below those of competitors and target a wide market

Three Levels of Organizational Culture

Level 1: -Observable artifacts Level 2: -Explicitly stated values and norms Level 3: -Core values of the organization

Accountability

Managers must report and justify work resultsto the managers above them

Strategic-Management Process: Step 1

Mission, Vision, and Value Statements: Mission: Expresses the purpose of the organization Vision: It is a clear sense of the future and the actions needed to get there. Values: What the company stands for, its core priorities, the values its employees embody, and what its products contribute to the world.

The Sunk-cost Bias

Money already spent seems to justify continuing

Stories

Narrative based on true events repeated—and sometimes embellished upon—to emphasize a particular value. (Verbal Artifacts)

Responsibility

Obligation to perform the tasks assigned to you

Focused-differentiation strategy

Offers products that are of unique and superior value compared to those of competitors and to target a narrow market

Differentiation strategy

Offers products that are of unique and superior value compared to those of competitors but to target a wide market

The Third Core Process

Operations: "You need to consider what path will be followed."

The First Core Process

People: "You need to consider who will benefit you in the future."

Incentives

Performance-based pay, such as commissions, bonuses, profit-sharing plans, and stock options (Incentives can be short-term or long-term)

Downsizings

Permanent dismissal

Heroes

Person whose accomplishments embody the values of the organization.

What Does Culture Do?

Positives: -Promotes internal integration and external adaption Negatives: -Prohibits learning, can make organizations inflexible, promote unethical behavior, alienate workers.

Organizational socialization

Process by which people learn the values, norms, and required behaviors of an organization that permit them to participate as members. (Behavioral Artifacts)

Delegation

Process of assigning managerial authority and responsibility to employees lower in the hierarchy

Strategic Human Resource Management

Process of designing and implementing systems of policies and practices that align an organization's human capital with its strategic objectives.

Recruitment

Process of locating and attracting qualified applicants for jobs open in the organization

Human resource management (HRM)

Process of planning for,attracting, developing, and retaining an effective workforce

Selection

Process of screening job applicantsand choosing the best candidate for a position

Onboarding

Programs designed integrate and transition employees into new jobs and organizations through familiarization with corporate policies,procedures, cultures,and politics, and clarification of work-role expectations and responsibilities.

Structured interviews: Situational interviews

Raters ask applicants how they would behave in hypothetical job situations.

Structured interviews: Behavioral-description interviews

Raters explore applicants job-related past behaviors.

Performance management

Set of processes and managerial behaviors that involve defining,monitoring,measuring,evaluating, and providing consequences for performance expectations.

The Categorical Thinking Bias

Sorting information into buckets

Big data

Stores of data so vast that conventional database management systems cannot handle them. -Includes not only data in corporate databases but alsoweb-browsing data trails, social networkcommunications, sensor data, and surveillance data

The Second Core Process

Strategy: "You need to consider how success will be accomplished."

What does SWOT stand for?

Strengths Weaknesses Opportunities Threats

Bounded rationality

Suggests that the ability of decision makers to be rational is limited by numerous constraints: -Developed in the 1950s by economist Herbert Simon

Layoffs

Temporary dismissal; may be recalled later

The Representativeness Bias

Tendency to generalize from a small sample or a single event

The Hindsight Bias

The I-Knew-It-All-Along Effect

Human capital

The economic or productive potential of employee knowledge, experience, and actions.

Social capital

The economic or productive potential of strong, trusting,and cooperative relationships.

Ethical decision tree

The translation of principles based on best evidence into organizational practice. -Making decisions based on hard-facts and strongevidence instead of: -Copying others -Doing what you've always done -Making decisions on beliefs about what should work

True or false: Evidence reveals that the use of strategic management techniques and processes is associated with increased small business performance.

True

True or false: Leaderships job is to create alignment among culture, structure, and HR practices.

True

True or false: Strategic HRM gets the right people, competencies, and connections into the right places at the right time.

True

True or false: Creating a personal brand requires strategy.

True 1. Identify the core message of your brand. 2. Write a personal branding statement. 3. Develop a social media strategy. 4. Start networking.

True or false: Benefits are no small part of an organization's costs.

True In December 2019, the private industry spent an average of$34.72 per hour working in employment compensation, of which wages and salaries accounted for 70.1% and benefits for the remaining 29.9%.

The Availability Bias

Using only the information available