Human Resource Management Chapter 2 mathis jackson valentine

HR strategies
The means used to anticipate and manage the supply of and demand for human resources
job analysis
systematic method of collecting and evaluaing information about jobs
job descriptions
focuses on job–
details, tasks, duties, responisbilities of incumbents
job specifications
focuses on person–
details knowledge, skills, abilities necessary for success of incumbents
strategic planning
the process of defining organizational strategy and allocating resources toward its achievement
organizational mission
the core reason for the existence of the organization and what makes it unique
strategic HR management
entails providing input into the organizational strategic planning and appropriate use of HR management practices to gain competitive advantage.
multinational corporation
a corporation that has facilities and assets in at least one other country other than the home country
Also called transnational corp.
offshoring
relocating a business process or operation from one country to another (call centers)
HR planning
process of analyzing and identifying the need for and availability of people so that the organization can meet its strategic needs….right people at the right time with the right capabilities
environmental scanning
assessment of internal and external environmental conditions that affect the organization
succession planning
the process of identifying a plan for the orderly replacement of key individuals
forecasting
using information from the past and the present to identify expected future conditions
outsourcing
transferring the management and performance of one business function to an external service provider
alternate work arragements
nontraditional schedules that provide flexibility to employees
due diligence
comprehensive assessment of all aspects of the business being acquired. determining whether the acquisition is good for the company.
HR metrics
specific measures of HR performance indicators. Example: turnover
HR analytics
an evidence-based approach to making HR decisions on the basis of quantitative tools and models.
benchmarking
comparing business results to industry standards
return on investment
calculation showing the value of an investment
human capital value added
calculated by subtracting all operating expenses except for labor from revenue and dividing it by the total full-time head count
human capital return on investment
directly shows the operating profit derived from investments in human capital
human economic value added
wealth created per empolyee
HR audit
formal research effort to assess state of current HR practices
ethnocentric
home country point of view
polycentric
best in a particular area
regiocentric
best in a particular region
geocentric
all over the world