Chapter 15: Strategic Human Resource Management
What are some examples of Indirect Compensation?
1. Paid Leave 2. Health Insurance 3. Retirement Programs
Define: Talent Management
Anticipating a need for Human Capital (Skill, talent, etc) and finding ways to retain them.
Define: Strategic Human Resource Management
Organizational level approach to HRM that is concerned with how HRM effects performance.
Define: Profit Sharing
Program where the company offers their employees an incentive based on company profits.
Define: High Performance Work System (HPWS)
Set of management practices that tries to create an environment in the organization where the employee has greater invovlement and responsibility.
Define: Expatriates
Works who are temporarily assigned to a foreign location.
What does "Pay" include?
1. Base Salary 2. Variable Pay (Bonus) 3. Share Ownership 4. Other benefits
What are the four effective selection and placement strategies?
1. Clear and Concise Job Description 2. Tailor selection to match company culture 3. Tools and Methods: Testing and Intreviews 4. International Staffing and Placement -> Use Expatriates or foreign local's?
What four areas should Strategic Human Resource Management cover?
1. Competence: Competent enough to implement strategy? 2. Consequence: Can we correctly reward employees for their efforts? 3. Governance: Are the correct governing structures in place? 4. Learning and Leadership: How well can company adapt to change?
What three talent management practices correlated highly with financial performance?
1. Creating an consistent global talant evolution process. 2. Creating cultural diversity that is global. 3. Developing and managing global leaders.
How do Organizations attract the right employees?
1. Make it clear what type of employees they want. 2. Ensure that person's goals and aspirations are in-line with companies.
What are the four key elements of Human Resource?
1. Selection and Placement: Picking the correct people for the organization 2. Job Design 3. Compensation and Rewards 4. Diversity Management
Most pre-assessment tests measure
1. Thinking style 2. Behaviorual Traits 3. Occupational interest
What are the four key sequential elements of the Workforce Scorecard?
1. Workforce mind-set and culture: Do they understand and accept strategy? 2. Workforce Competencies: Do they have required skills to implement and perform strategy? 3. Leadership and Workforce behaviours: Are managers acting in ways that are in line with achieving goals? 4. Workfroce Sucess: Has workforce achieved the key strategic objectives?
What are the A, B and C's for Job Valuation?
A: Position on which company's value depends. B: Somewhat less important than A as in they don't provide as much value. C: Of least importance, sometimes outsourced.
Define: Gainsharing
An pay for performance where the employee receives part of the profits earned from the organizaiton when the empoyee provides specific efforts and ideas.
Define: Nonmonetary Pay
Any benefit employee receives that does not involve tangible value. (ie. Desirable location)
Define: Job Evaluation
Determining the internal value of the job to the Organization. the more valueable it is for the companies sucess, the more they should be paid.
Define: Signature Experience
Distinct practice that shows what it's like to work at the company.
What is one way to structure "team-based pay"?
First, identify the type of team and choose an pay option that is most appropriate to that team type.
Define: Stock Options
Giving them the right to buy a part of the business.
Define: War for Talent
The competition between organizations trying to recruit the most able employees.
Define: Human Capital
The knowledge, skills, life experience, etc that people CHOOSE to invest in their work.
Define: Pay for Performance
Tie pay directly with individuals performance in meeting specific business goals and objectives.
Define: Succession Planning
When organizations ensure employees are recruited and trained to match each key role in the company.