Term
| resource-based view of the firm |
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Definition
| Proposes that a co's resources & competencies can produce a sustained competitive advantage by creating value for customers by lowering costs, providing something of unique value, or some combo |
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Term
| 5 Requirements of a Competitive Advantage |
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Definition
1. Resource must be VALUABLE to the firm by exploiting opportunities and/or neutralizing threats
2. Resource must be RARE among the co's current & future competition
3.Resource must NOT BE EASILY IMITATED by other firms
4. Resource MUST NOT BE EASILY SUBSTITUTED OR REPLACED W/ ANOTHER RESOURCE
5. Company MUST BE ORGANIZED TO BE ABLE TO EXPLOIT THE RESOURCE. |
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Term
| Good HR Management is valued not only for its ability to.... |
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Definition
| IMPLEMENT a given strategy, but also for its ability to GENERATE strategic capabilities for the firm. |
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Term
| superior value for customers money |
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Definition
| combination of quality, service, and acceptable price |
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Term
| Sources of competitive advantage |
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Definition
1. Innovation: develop new products, services, and markets & improving current ones
2. Service
3. Quality
4. Branding
5. Distribution
6. Speed
7. Convenience
8. First to market |
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Term
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Definition
| how a company will compete in its marketplace |
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Term
Types of business strategy:
COST-LEADERSHIP STRATEGY--->operational excellence |
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Definition
be the lowest cost producer for a particular level of product quality
ex: WALMART
operational excellence:maximizing the efficiency of the manufacturing or product development process to minimize costs |
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Term
Types of business strategy:
DIFFERENTIATION STRATEGY
-Product Innovation |
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Definition
Developing a product or service that has unique characteristics valued by customers
-Product innovation: developing new products/services |
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Term
Types of business strategy:
SPECIALIZATION STRATEGY
-customer intimacy |
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Definition
Focusing on a narrow market segment or niche & pursuing either a differentiation or cost-leadership strategy w/in that market segment
-customer intimacy: delivering unique/customizable products/service that better meet customer's & increase customer loyalty. |
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Term
Types of business strategy:
GROWTH STRATEGY |
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Definition
| strategy to expand co. either organically (within) or via acquisitions |
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Term
| Staffing and Organizational Life Cycle |
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Definition
1. Introduction stage: When a co. is forming, attracting, top technical and professional talent is a priority requiring the co. to meet/exceed market compensation rates. Firms that lack resources sometimes offer ownership in the co. (stocks)
2. Growth stage: New companies or products must set themselves apart from competitors to gain customers and market share by pursuing innovation or differentiation strategies. Because they are less established and higher risk employers, they need to invest more $ and resources in staffing to attract talent they need to grow. Usually lack a large and strong internal talent pool so must hire externally. Because of their rapid growth, employees are likely to be promoted or transferred into toher positions faster than any other stages.
3. Maturity stage:Firm's products/services have fully evolved, & their market share ahs become established.Focus then shifts to maintain or obtain further market share via cost-leadership strategy. They have a larger pool of internal candidates and promotion opportunities can decrease unless the turnover of lower performers is managed carefully.
4. Decline stage: face shrinking markets and weaker business performce. A co. in decline can purse a costs-leadership strategy and allow the declien to contiune unitl the business is no longer profitable. OR it can try to make changes to revive its product/service but it needs to adopt a specialization or differentiation strategy. |
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Term
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Definition
| a system of beliefs about how a firm’s employees should be treated |
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Term
| Aligning the staffing function w/ firm strategy |
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Definition
| FIRM STRATEGY -> HR STRATEGY -> STAFFING STRATEGY -> TALENT PHILOSOPHY |
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Term
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Definition
| linkage of the entire HR function (staffing, perf.mgmt, training, & compensation) w/ the co’s business strategy |
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Term
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Definition
| the constellation of priorities, polices, and behaviors used to manage the flow of talent into, thru, and out of an org. over time. |
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Term
| Treating employees as Assets or Investors |
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Definition
1.Assets: staffing focus is on managing costs and controlling the asset (focus on acquiring and deploying labor cheaply & quickly as possible.
*low-cost approach to staffing and is unlikely generate a high degree of employee commitment but is effect for org. pursuing a low-cost strategy in which high levels of skills are not required and high levels of turnover are not disruptive or expensive.
2. Investors: mutually beneficial relationship where employee is recognized for investing their resources in the org. in exchange for personal ROI
*need committed employees, attract top talent, and inspire high performance. |
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Term
Firm's commitment to ethical behavior: (helping org's establish good standards and guidelines)
-APA
-Society for Industrial & Org. Psychology
-Uniform Guidelines on Employee Selection Procedures
-SHRM
-Academy of Management |
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Definition
1. American Psychological Association (APA):
-test taker's rights and responsibilities
-publishes the Standards for Educational & Psychological Testing
-publishes reports to address emerging staffing issues..such as ethical Internet testing practice
-publishes ethical guidelines to help staffing experts
2. The Society for Industrial & Organizational Psychology
-publishes The Principles for the Validation & Use of Personnel Selection Procedures
-publishes a report on record keeping & defining job applicants
3. The Uniform Guidelines on Employee Selection Procedures
-Doesn't cover internet-related staffing issues, provides uniform set of legal standards governing the use of employee selection procedures.
4. SHRM
5. Academy of Management: dedicated to creating knowledge about mgmt and orgs. |
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Term
| Hiring talent to execute business strategy |
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Definition
To do this managers need to determine:
1) investment that needs to be made to staff each job
2) recruit for present job opening or future
3)skill levels needed by new hires
--> Identifying these establishes a critical link btwn org's business strategy and its HR (and staffing) function. |
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