Midterm review

George Brown College Canada **We aren't endorsed by this school
HRM 4012
Oct 21, 2023
Uploaded by SargentJellyfishPerson1229 on coursehero.com
week3 1 HR Planning HR Planning HRM 4012 Midterm review 1 HR Planning General information Closed book CHs 1-8 2.5 hours Part A has 32 multiple choice questions worth 1 mark each for 32 marks Part B has 4 case-related multiple choice 2 mark each for 8 marks Part C has 2 Short answer questions related to the case - worth 10 marks Part D has 2 forecasting problems worth 15 marks each (30 marks) TOTAL MARKS = 80 Available online Friday of week 7 from 6 pm to 11.59 pm Calculator or Excel is allowed for forecasting problem questions 2 Definitions Strategy The formulation of organizational objectives, competitive scopes, as well as action plans for gaining advantage Strategic intent A tangible corporate goal; a point of view about the competitive positions a company hopes to build over a decade Strategic planning The systematic determination of goals and the plans to achieve them 3 HR Planning Intended strategy: The agreed-upon strategy arrived at through the formal planning process Realized strategy: The implemented plan; what actually happened Discarded strategy: Deemed inappropriate due to changing circumstances The Reality of the Strategic Process Emergent strategy: Created from new ideas and conditions 4 HR Planning Strategic Types Restructuring Includes turnaround, divestiture, liquidation, and bankruptcies Corporate strategy: Organizational-level decisions that focus on long- term survival Growth Includes incremental, international, and mergers and acquisitions Stability Maintains status quo 5 Restructuring Strategies Turnaround strategy An attempt to increase the viability of an organization Divestiture The sale of a division or part of an organization Liquidation The termination of a business and the sale of its assets Bankruptcy A formal procedure in which an appointed trustee in bankruptcy takes possession of a business's assets and disposes of them in an orderly fashion 6 1 2 3 4 5 6
week3 2 Growth Strategies Incremental growth Can be attained by expanding the client base, increasing products/services, changing the distribution networks, or using technology International growth Can be attained by seeking new customers or markets by expanding internationally Acquisition The purchase of one company by another Merger Two organizations combine resources and become one 7 HR Planning Mission, Vision, Values Mission statement Vision statement Values An articulation of the purpose of the organization and the value it creates for customers A clear and compelling goal that serves to unite an organization's efforts The basic beliefs that govern individual and group behaviour in an organization 8 HR Planning Hard vs. Soft Objectives Hard objectives Goals that are an expression in measurable terms of what an organization intends to achieve Soft objectives Goals that define the targets of social conduct for the organization and may not always be quantifiable 9 HR Planning What is Competitive Advantage? Tangible assets Intangible assets Capabilities Organizational assets that have substance and can be consumed Organizational assets that are not concrete, such as reputation, goodwill Collective skills, abilities, and expertise of an organization 10 Resource-based View Typical resources might include: Human resources Proprietary knowledge Reputation Typical capabilities might include: Adaptability Flexibility Speed of bringing new products to market 11 HR Planning Human Capital The collective sum of employees' attributes , experience , knowledge , and commitment invested in the organization Competence of an organization's employees Work-related experience Professional certifications Vocational qualifications Education Knowledge 12 7 8 9 10 11 12
week3 3 Linking HR Processes to Strategy Aligning HR strategy with business strategy can be done in one of three ways: 1. Start with organizational strategy and then create HR strategy. 2. Start with HR competencies and then craft corporate strategies based on these competencies ("skills determine strategy"). 3. Do a combination of both in a form of reciprocal relationship. 13 HR Planning Corporate Strategy Leads to HR Strategy HR planning views HRM programs as flowing from corporate strategy Low-Cost Provider Costs are an important element of this strategy, so labour costs are carefully controlled for all HR functions Differentiation A differentiation strategy calls for innovation and creativity among employees HRM is affected in fundamentally different ways in organizations that want to use employees' brains rather than their limited (mainly manual) skills 14 Analyzing the External Environment Scanning Monitoring Forecasting Assessing 15 HR Planning PESTEL analysis POLITICAL/ LEGAL Changes to laws and regulations. Influence on job creation by tax incentives and job- training opportunities. ECONOMIC CLIMATE Unemploymen t Globalization Interest rates Strength of currency SOCIAL/ CULTURAL Work - life balance Violence at work Contingent jobs TECHNOLOGIC AL Online HR functions, Information privacy, identity theft, E-learning Trend to increased virtual work. ENVIROMENTA L Corporate Social Responsibility Environmental protection laws Marketable permits 16 HR Planning Forecasting Activity Categories There are three forecasting categories: 1. Transactional-based forecasting : Focuses on tracking internal change instituted by the organization's managers 2. Event-based forecasting : Concerned with changes in the external environment 3. Process-based forecasting : Not focused on a specific internal organization event, but on the flow or sequencing of several work activities 17 HR Planning Stages of the Forecasting Process Determine the staffing needs by skills, skill levels, or jobs Perform the analyses to determine the number of required employees Create a budget to determine the costs involved in fulfilling the stated organizational requirements Put HR programs and policies into place to ensure that the demand and supply requirements are met then track the results 18 13 14 15 16 17 18
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