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