COMMERCE 2BC3 Midterm One

Human Resource Management

The policies, practices and systems that influence employees' behaviour, attitudes and performance.

Business Model

How the firm will create value for customers and how it will do so profitably.

Work Flow Analysis

The process of analyzing the tasks necessary for the production of a product or service, prior to allocating and assigning these tasks to a person.

Evidence-Based HR

Using scientific evidence and business information to make decisions. The process of actually demonstrating that HR practices translate to a positive impact on the company.

Strategy

Decisions on how to compete. What to offer, who to offer it to, where to offer it, how to offer it.

Job Analysis

Focuses on analyzing existing jobs to gather info for other HRM practices.

Work Analysis

Aka Job Analysis. Analyzing the design and structure of work, usually to create job descriptions.

Strategy Formulation

Decide on a strategic direction. Define company's mission and goals, external opportunities and threats and its internal strengths and weaknesses.

Job Description

List of tasks, duties and responsibilities (TDRs) that a job entails. TDRs are observable actions.

HR Planning

The process of identifying current and future HR needs to reach the business' goals.

Strategy Implementation

Follow through on the chosen strategy. Consists of structuring the organization, allocating resources, developing reward systems and aligning employee behaviour with the organization's strategic goals.

Job Specification

A list of the knowledge, skills, abilities and other characteristics (KSAOs) that an individual must have to perform a job. KSAOs are only observable when the individual is actually carrying out the TDRs of the job.

Recruitment

The process of searching for candidates and stimulating them to apply for jobs.

Strategic Management

The goal is to deploy and allocate resources in a way that gives an organization competitive advantage. Includes strategy formulation and implementation.

Job Analysis Interviews

Interviewing someone with the job to understand the tasks, duties, time spent on different tasks etc.

Observation/Self-Report

Getting someone with the job to record the things they do, how much time then spend on each task etc.

Strategic HRM

A pattern of HR activities and deployments intended to enable an organization to achieve its goals. Involves input on people-related issues, knowledge of employee skills, behaviours and attitudes needed and developing programs to ensure employees have those.

Selection

Selecting the right candidate out of the pool. Involves resume screenings, interviews, ability testing etc.

Training

The process of teaching people the critical skills and knowledge they need to preform their job. The goal is to improve short-term performance. This can include workshops, classes, orientation etc.

Administrative Linkages

The lowest level of linkage.

HRM function focuses on day to day activities and there is no input from the HRM department on decisions.

Job Design

The process of defining the way work will be performed and the tasks that will be required in a given job.

Development

Preparing people for additional job roles in the longer term. This can involve job rotation, coaching, mentoring, certification processes etc. AKA career development.

Integrative Linkages

HRM executive is integrated in senior management team. HRM function is part of strategy formulation and implementation.

Job Redesign

The process of changing the tasks or the way work is performed in an existing job.

Compensation

The system by which the company rewards employees. Plays a role in keeping employees incentivized.

One-Way Linkages

Strategic business planning function develops plan and informs HRM function. HRM function's role is to design systems to implement the plan.

Mechanistic Approach

- Element of job design

- Specialization

- Skill variety

- Work methods autonomy

Performance Management

The act of making sure that employees are aware of goals and when they are expected to reach them.

Two-Way Linkages

Consideration for HR issues during strategy formulation. HRM function shows implications of each strategy, helps choose a plan and implements the plan.

Motivational Approach

- Element of job design

- Decision-making autonomy

- Task significance

- Interdependence

Core Job Dimensions

- Skill variety

- Task Identity

- Task Significance

- Autonomy

- Feedback

External Analysis

Examining the organization's operating environment to identify opportunities and threats.

Labour Relations

Relations between the union and the company. The practice of managing unionized employment situations.

Employee Relations

Refers to the creation of an overall positive work environment. How people in the workplace interact with each other.

Internal Analysis

The process of examining an organization's strengths and weaknesses.

Critical Psychological States

- Experienced meaningfulness of the work

- Experienced responsibility for the outcomes of the work

- Knowledge of the actual results of the work activities

Credible Activist

Someone who delivers results with integrity, builds long lasting relationships, shares information and takes appropriate risks.

Downsizing

The planned elimination of a large number of personnel to enhance effectiveness.

Labour Demand

The more people demand commodities the higher the demand for labour. Demand for labour increases wages.

Cultural Steward

An HR manager who facilitates change in the workplace culture, promoting culture. Helping employees to find meaning in their work, work/life balance and promote innovation.

Concentration Strategy

Focus on increasing market share, reducing costs or creating and maintaining a market niche for products and services.

Labour Supply

The various numbers of workers in a given type of labour. Dependent on the number of workers willing to work at different wages and the hours they will put in at these wages.

Talent Manager

Someone who does recruiting, retaining, development and rewards for employees. Designs policies, practices and structure. (Focuses on human capital)

Merger

When two companies combine together as one.

Forecasting

The 1st step in HR planning. The attempts to determine the supply of and demand for various types of HRs to predict areas within the organization where there will be future labour shortages or surpluses.

Leading Indicators

An objective measure that accurately predicts future labour demand.

Acquisition

When one company acquires another (buys it out)

Strategic Architect

Someone who moves away from the tactical HR role and has a voice in shaping how the organization is situation in the market. Recognize business trends and their impact.

Business Ally

HR contributes to the success of a company by knowing how it makes $, who the customers are and why they buy the company's products. Knows the business language.

Audit Approach

Involves review of customer and employee satisfaction. The development of electronic employee databases and info systems has made this easier.

Demotions

A change of an employee from one position to another position (usually a lower salary).

Operational Executor

Performs transactional activities; policy drafting, adaptation and implementation. Also paying, relocating, hiring and training employees.

Analytic Approach

Involves determining the impact of, or the financial costs and benefits of a program or practice.

Transfers

A change of an employee from one position to another in the same class or same salary range maximum.

Sustainability

The ability of a company to survive and succeed in a competitive environment without sacrificing resources.

Centres for Expertise

Centres offering public governance, entrepreneurial and business development processes etc.

Natural Attrition

Refers to the natural reduction of a business's workforce due to employees leaving on their own accord.

Competitiveness

A company's ability to maintain and gain market share in its industry. Adapting for survival.

HR Service Centres

Provides companies with services like benefits, payroll and inquiries and help on all employment related matters.

Early Retirement

The practice of leaving employment before statutory age. Older people often occupy the best paid jobs, which inhibits hiring or promotion of young workers.

Alternative Work Arrangements

Variations from the standard workday. Schedules that often have hours outside of traditional business hours (weekends etc)

Tangible Assets

Things the business could liquidate like money, an office, company vehicles etc.

CEO

Sets business strategy, allocates capital to company priorities, models company culture, values and behaviours.

Intangible Assets

Things the business could not liquidate like human capital, customer capital, social capital, intellectual capital. This makes up 75% of company value.

CHRO

- Strategic advisor

- Executive coach

- Talent architect

- Functional leader

- Board liaison

- Workforce sensor

Flexible Work Arrangements

Telecommuting, flexible work schedules, compressed work week.

Employment Contracts

A legal document binding the terms and conditions of an employment relationship.

Strategic Advisor

People expertise in decision making, shaping human capital into strategy.

Ergonomic Approach

- Element of job design

- Physical demands

- Ergonomics

- Work conditions

Psychological Contracts

The unwritten set of expectations of the employee contributions and what the company will provide in return.

Executive Coach

Behavioural and performance counselling, personal sounding board for CEO.

Perceptual-Motor Approach

- Element of job design

- Job complexity

- Information processing

- Equipment use

Talent Management

The systematic (and strategic) effort to attract, retain, develop and motivate top employees and managers that are highly skilled.

Board Liaison

Engagement with board of directors, discussing executive compensation, CEO performance, CEO succession and performance of other members of executive team.

Program Implementation

Implementing a program to measure the outcomes. A form of data collection.

Program Evaluation

A systematic method of collecting, analyzing and using information to answer questions regarding effectiveness and efficiency.

Workforce Sensor

Identify moral and motivation issues among employees.

Employee Engagement

The degree to which employees are fully involved in their work and committed to the company.

Balanced Scorecard

A tool for managers to see the extent to which various stakeholder needs are satisfied.

Goals

Am aim of future desire or effort that is a result of a person's plan to achieve it.

Workforce Utilization Review

Many firms adopt a voluntary approach to employment equity. Might be legally required to perform a utilization review due to size or contracts with the gov. Requirement to implement an employee equity plan.

TQM (Total Quality Management)

A collaborative ongoing effort made by companies to continuously improve the way people, machines and systems accomplish work.

Strategic Choice

The organization's strategy, the ways an organization will attempt to fulfill its missions and achieve its long-term goals.

Transitional Matrix

Matrix showing the proportion (or number) of employees in different job categories at different times.

Offshoring

Your employees are doing work in another country (cheap labour).

External Growth Strategy

Focus on mergers and acquisitions, acquiring vendors and suppliers or buying businesses that allow a company to expand into new markets.

Work Inputs

Raw Inputs: materials

Equipment: technology

Human Resources: workers, customer input.

Outsourcing

A third party is doing the work for you.

Internal Growth Strategy

Focus on new market and product development, innovation and joint ventures.

Work Processes

Activities in which members of a work unit engage to produce a given output.

Work Output

Product of a work unit that can be an identifiable thing or a service.

Role Behaviours

Behaviours that are required of an individual in his or her role as a jobholder in a social work environment.

High-Performance Work Systems

Work Systems that maximize the fit between the company's social system and its technical system.

Alternative Work Arrangements

Things like telecommuting, working from home, flextime etc.

Cost Leadership

Value can be created by reducing costs.

NOC

Online database, provides employee requirements, certification and education or knowledge and skills.

E-HRM (Electronic Human Resource Management)

The ability to enter HR things electronically. Ex. Online training, viewing benefits online.

Differentiation

Value can be creating by differentiating a product or service to allow the company to charge a premium price relative to its competitors.

O*Net

Online database, SOC codes, tells you what the job looks like, find work context here.

HRIS (Human Resources Information System)

All data and employee records in one place and easily retrievable.