MGT 422 - Chapter 1 Vocab - Globalization

MGT 422 - Chapter 1 - Globalization Vocab

Competitiveness

A company’s ability to maintain and gain market share in its industry. A company’s ability to maintain and gain market share in its industry.

Human Resource Management (HRM)

The policies, practices, and systems that influence employees’ behavior, attitudes, and performances.

shared service model

A way to organize the HR function that includes centers of expertise or excellence, service centers, and business partners

self service

Giving employees online access to human resources information.

outsourcing

An organization’s use of an outside organization for a broad set of services.

Evidenced-based HR

Demonstrating that HR practices have a positive influence on the company’s bottom line or key stakeholders (employees, customers, community, shareholders).

HR or workforce analytics

The practice of using data from HR databases and other data sources to make evidence-based HR decisions.

Big data

Information merged from a variety of sources, including HR databases, corporate financial statements, and employee surveys, to make evidence-based HR decisions and show that HR practices can influence the organization’s bottom line

Sustainability

The ability of a company to make a profit without sacrificing the resources of its employees, the community, or the environment. Based on an approach to organizational decision making that considers the long-term impact of strategies on stakeholders (e.g., employees, shareholders, suppliers, community).

Stakeholders

The various interest groups who have relationships with and, consequently, whose interests are tied to the organization (e.g., employees, suppliers, customers, shareholders, community).

STEM skills

Science, technology, engineering, and math skills that U.S. employers need and value, but employees lack.

Digital literacy

The ability to interpret, create, and strategically use digital information.

Knowledge workers

Employees who own the intellectual means of producing a product or service.

Upskilling

Training employees to improve or expand their current skills.

Reskilling

Training employees to acquire new knowledge or skills.

Intangible assets

A type of company asset that includes human capital, customer capital, social capital, and intellectual capital.

Empowering

Giving employees the responsibility and authority to make decisions.

Learning organization

An organization whose employees are continuously attempting to learn new things and apply what they have learned to improve product or service quality.

Change

The adoption of a new idea or behavior by a company.

Agility

Companies' and their employees' ability to anticipate and cause change, adapt to it, and take specific actions to support change.

Employee engagement

The degree to which employees are fully involved in their work and the strength of their job and company commitment.

Employee experience

Everything that influences employees' daily life both inside and outside of the workplace.

Employee value proposition (EVP)

A strategic statement that communicates the company values, how they affect employees, and how the employee experience reflects the values.

Talent management

Attracting, retaining, developing, and motivating highly skilled employees and managers.

Nontraditional employment

Includes the use of independent contractors, freelancers, on-call workers, temporary workers, and contract company workers.

gig economy

Companies who rely primarily on nontraditional employment to meet service and product demands.

Balanced Scorecard

A means of performance measurement that gives managers a chance to look at their company from the perspectives of internal and external customers, employees, and shareholders.

Total quality management (TQM)

A cooperative form of doing business that relies on the talents and capabilities of both labor and management to continually improve quality and productivity.

Malcolm Baldrige National Quality Award

An award established in 1987 to promote quality awareness, to recognize quality achievements of U.S. companies, and to publicize successful quality strategies.

ISO 9000:2015

A family of standards developed by the International Organization for Standardization that includes 20 requirements for dealing with such issues as how to establish quality standards and document work processes.

Six Sigma Process

A system of measuring, analyzing, improving, and controlling processes once they meet quality standards

Lean thinking

A way to do more with less effort, equipment space, and time, but still provide customers what they need and want.

Internal labor force

Labor force of current employees.

External labor market

Persons outside the firm who are actively seeking employment.

Diversity

Any dimension that differentiates one person from another.

Equity

Fair treatment, access, equality of opportunity, and advancement for all employees, while at the same time striving to identify and eliminate barriers that have prevented the full participation of some groups.

Inclusion

Creating an environment in which employees share a sense of belonging, mutual respect, and commitment with others so that they can perform their best work.

Ethics

The fundamental principles of right and wrong by which employees and companies interact.

Sarbanes-Oxley Act of 2002

A congressional act passed in response to illegal and unethical behavior by managers and executives. The act sets stricter rules for business, especially related to accounting practices—including requiring more open and consistent disclosure of financial data and the CEO’s assurance that the data are completely accurate—and provisions that affect the employee– employer relationship (e.g., development of a code of conduct for senior financial officers).

Offshoring

A special case of outsourcing, in which the jobs that move leave one country and go to another.

Reshoring

Moving jobs from overseas to the United States.

Social networking

Websites and blogs that facilitate interactions between people.

Artificial Intelligence

Technology that can think like a human.

High-performance work systems

Work systems that maximize the fit between employees and technology.

Virtual teams

Teams that are separated by time, geographic distance, culture, and/or organizational boundaries and rely exclusively on technology for interaction between team members.

Human Resource Information System (HRIS)

A system used to acquire, store, manipulate, analyze, retrieve, and distribute information related to human resources.

Mobile devices

Equipment such as smartphones and tablet computers that provide employees with anytime, anywhere access to HR applications and other work-related information.

Cloud computing

A computing system that provides information technology infrastructure over a network in a self-service, modifiable, and on-demand model.

HR Dashboard

HR metrics such as productivity and absenteeism that are accessible by employees and managers through the company intranet or human resource information system.