Week 1- Notes Chapter 3
Week 1- Notes Chapter 3 mgmt 3311
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This 3 page Class Notes was uploaded by Laura Notetaker on Monday September 7, 2015. The Class Notes belongs to mgmt 3311 at University of Texas at El Paso taught by Dr. Laura Guerrero in Summer 2015. Since its upload, it has received 33 views. For similar materials see Introduction to human resource management in Business at University of Texas at El Paso.
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Date Created: 09/07/15
Week 1 Notes Human Resources The management planning process A plan shows the course of action for getting from where you are to the goal Planning is always goal directed It is traditional to view the goals from the top of the firm down to frontline employees as a chain or hierarchy of goals Policies set broad guidelines delineating how employees should proceed Procedures spell out what to do if a specific situation arises Strategic Planning It is the company s overall plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage A strategy is a course of action Strategic management is the process of identifying and executing the organization s strategic plan by matching the company s capabilities with the demands of its environment Step 1 Where are we now Here the manager defines the company s current business and mission Four aspects that managers focus on Product scope Vertical integration Geographic advantage Competitive advantage Mission statement sums up the essence of what the company must do to compete in the marketplace and provides the framework that guides managers and employees daytoday Step 2 Size up the situation perform external and internal audits Managers need to study or audit the firm s environment and its internal strengths and weaknesses Managers use the SWOT Step 3 Create strategic options The situation may require the management consider strategic options for the company Step 4 Review strategic options Managers compares his or her strategic options to see which are most consistent with the firm s opportunities and threats and strengths and weaknesses Step 5 Make a strategic choice Here managers must finalize a strategic choice Week 1 Notes Human Resources Step 6 Translate into goals Managers translates the new desired direction into actionable strategic goals Step 7 Implement the strategies Strategy execution means translating the strategies into action Step 8 Evaluate performance Things don t always turn out as planned Types of strategies Corporatelevel strategy identifies the portfolio of business that comprise the company and how these businesses relate to each other Concentration corporate strategy the company offers one product or product line usually in one market Diversification corporate strategy the firm will expand by adding new product lines Vertical integration the firm expands by producing its own raw materials or selling its products direct Consolidation strategy the company reduces its size Competitive strategy identifies how to build and strengthen the business unit s longterm competitive position in the marketplace Competitive advantage means any factors that allow a company to differentiate its product or service from those of its competitors to increase market share Cost leadership means becoming the lowcost leader in an industry Differentiation the firm seeks to be unique in its industry along dimensions that are widely valued buyers Focusers offer a product or service that their customers cannot get from generalist competitors Functional strategies identify what each department must do to help the business accomplish its strategic goals Managers and acquisitions MampA are among the most important strategic decisions companies make Strategic Human resource management It means formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company need to achieve its strategic aims First mangers formulate strategic plans and goals Next what are the employee skills and behaviors will we need to achieve these plans and goals Finally what are the HR policies and practices should we put in place so as to produce the required employee skills and behaviors Strategic human resource management tools Strategy map it summarizes how each department s performance contributes to achieve the company s overall strategic goals Week 1 Notes Human Resources HR scorecard it refers to the process for assigning financial and nonfinancial goals or metrics to the human resource managementrelated strategy map chain of activities required for achieving the company s strategic aims t help quantify the relationship between The HR activities Resulting employee behaviors Resulting firmwide strategic outcomes and performance Digital dashboards Present the manager with desktop graphs and charts showing a computerized picture of how the company is doing on all the metrics from the HR scorecard process Strategic based metrics focus on measuring the activities that contribute to achieving a company s strategic aims Data mining is the set of activities used to find new hidden or unexpected patterns in data Information is data presented in a form that makes it useful for making decisions Six types of talent management questions Human capital facts Analytical HR Human capital investment analysis Workforce forecasts Talent valued model Talent supply chain HR audit is an analysis by which an organization measures where it currently stands and determines what it has to accomplish to improve its HR function Evidencebased human resource management means using data facts analytics scientific rigor critical evaluation and critically evaluated research case studies to support human resource management proposals decisions practices and conclusions Highperformance work system HPWS is a set of human resource management policies and practices that together produce superior employee performance Human resource metrics measures hours of training per employee or qualified applicants per position