Week 5 Human Resource Management 1: Strategic Management and Learning & Development

A set of vocabulary flashcards based on the Human Resource Management Introduction lecture, covering strategic planning, levels of strategy, HR tools, and learning and development concepts.

Strategy

A planned course of action to reach a goal, where businesses choose specific paths based on their strengths.

Strategic Planning

The process where companies decide where they want to go and how they will get there, functioning like a GPS route for business success.

Environmental Scan

The process of analyzing internal strengths and weaknesses and external factors to determine if a company is in the right business.

SWOT Chart

A strategic tool used to list internal Strengths and Weaknesses, and external Opportunities and Threats.

PEST Factors

External factors analyzed during an environmental scan, standing for Political, Economic, Social, and Technological.

Corporate-Level Strategy

Big-picture decisions focusing on the question: "What business(es) should we be in?"

Business Unit Strategy

Also called Competitive Strategy, it focuses on how each business unit competes in its market to win customers.

Functional Strategy

Day-to-day plans within departments like HR, Marketing, or Finance that support the broader corporate and business strategies.

Policies

General rules that show how employees should behave, such as acting ethically or following laws.

Procedures

Step-by-step actions for what to do in specific situations, such as instructions on how to report a policy breach.

Strategic HRM

The planning of HR policies and actions to support a company's strategic goals, such as launching products or going global.

Strategy Map

A visual tool showing how each department contributes to overall goals, providing employees with a "line of sight" to the company mission.

HR Scorecard

A system used to measure how human resource activities support business strategy using both numerical and behavior-based metrics.

Digital Dashboard

A computer-based tool providing live charts and graphs that allow managers to quickly track performance and HR scorecard goals.

Training

Learning activities focused on specific skills, knowledge, and attitudes needed for an employee's current job; usually short-term and practical.

Education

Broad, long-term learning often leading to a qualification, designed to prepare individuals for many roles or future careers.

Learning

A process where people gain new knowledge, skills, or attitudes through formal, informal, or incidental experiences.

Development

Long-term growth focused on personal development and gaining experiences to prepare for future roles and responsibilities.

Human Resource Development (HRD)

The combination of all learning activities designed to improve both individual and organizational performance.

Formal Learning

Structured and planned learning activities, such as a formal training course.

Informal Learning

Unstructured learning that occurs through everyday experiences.

Incidental Learning

Unplanned learning that happens naturally by observing others or interacting within the workplace.

Learning Organization

An organization where employees and leaders focus on "learning how to learn" to spark creativity, innovation, and transformation.