MGT 345 Week 2 Class Notes
MGT 345 Week 2 Class Notes MGT 345
Popular in Designing, Managing and Evaluating Human Resources Management Programs
Popular in Management
This 4 page Class Notes was uploaded by Samantha Colona on Friday September 2, 2016. The Class Notes belongs to MGT 345 at Missouri State University taught by Wesley A. Scroggins in Fall 2016. Since its upload, it has received 6 views. For similar materials see Designing, Managing and Evaluating Human Resources Management Programs in Management at Missouri State University.
Reviews for MGT 345 Week 2 Class Notes
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 09/02/16
8/30 week 2 Chapter 2: Strategic Human Resource Management Introduction Goal of strategic management: To deploy and allocate resources in a way that gives and organization a competitive advantage. HRM functions must be involved in a organizations strategic management process. A business model is how the firm will create value for customer profitability. Strategic management is a process to address the organizations competitive challenges by integrating an organizations goals, policies and action sequences into a cohesive whole Strategic human resource management is the pattern of planned HR activities and deployments intended to enable n organization to achieve its goal. Business Model HR strategy – they drive each other (reciprocals) 2 phases of strategic management 1. Strategy Formulation 2. Strategy Implementation (W. Scroggins: Chapter 2- Strategic HRM slide 5/16) Strategic Formulation Mission Statements and Value statements = goals SWOT analysis Internal analysis: strengths weaknesses External analysis: opportunity threats Competitive Decisions Levels of strategy 1. Corporate 2. Functional 3. Competitive a. Industrial Organizational (I/O) Economics –Michael Porter i. Position yourself in a market that distinguish you from the competition ii. 5 Forces model: Supplier Model, Buyer Power, Competitive Revelry, Threat of Substitution, Threat of new entry b. RVB model – Jay Barney (see below) Resource based view of the organization Identify resources that can be used in a unique way to become core competencies Core competency: a capability that and differentiates the organization from competitors 4 Characteristics of resources that make them a competitive advantage J. Barney VRIO Framework Value Rareness Imitability – tacit knowledge- can’t imitate Organization HR can be a source of sustained competitive advantage Strategic Implementation After establishing goals and strategy, operations and functions must be aligned with strategy Two Types of alignment 1. Vertical alignment 2. Horizontal alignment Human Resource Planning Function The process of analyzing and identifying the demand for and supply of human resources sufficient for: 1. Implementation of strategic objective 2. The achievement of organizational goals Sufficiency in terms of 1. Quantity 2. Quality HR strategies: means used to anticipate and manage the supply and demand of human resources Workforce Planning Functions 1. Determine organizational goals and objectives 2. Forecasting a. Determining organizational demand for workers b. Determining the availability of workers 3. Develop the HR activates for providing a sufficient supply of qualified workers. Forecasting qualifications 1. Job audits – where does a job fit into the strategy? 2. Internal assessment of organizational workforce Forecasting quantity 1. Both judgmental and mathematical methods are used o forecast demand 2. Estimates, rules of thumb, regression analysis Forecasting human resource supply Forecasting external supply 1. Scanning the external environment for changes affecting labor supply a. Government influence b. Economic conditions c. Geographic and competitive concerns d. Workforce composition and work patterns i. Alternative work schedules ii. Alternative work assignments
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'