SHRM-CP People Questions and Answers Rated A

SHRM-CP People Questions and Answers Rated A Document Content and Description Below SHRM-CP People Questions and Answers Rated A Strategic Planning and Mgmt Process 1. Formulation 2. Development 3. Implementation 4. Evaluation Formulation leaders gather and analyze internal and external info to determine the org's current position and capabilities, opportunities, and constraints. Development of strategic goals and tactics that will optimize success given the environment, opportunities, and constraints-the strategic plan. Implementation of tactics-the process of strategic mgmt. This requires clear communication of objectives to teams, coordination, and support of their efforts, and control of resources. Evaluation of results, both continually-to make sure that activities maintain strategic focus and are effective-and at designated intervals determine the effectiveness of the strategy itself and the need for change or improvement. Systems Thinking Recognizes that org's are composed of interacting and sometimes interdependent parts that together create a dynamic internal environment. Environmental Scanning Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future.PESTLE Analysis The environmental scanning process is systemized by searching for environmental forces organized under specific categories; political, economical, social, technological, legal and environmental. SWOT Analysis Method for assessment of an organization's strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered. Scenario Analysis Helps an organization compare the impact of changes in the environment on the organization's outputs. This allows planners to identify those environmental factors that have the greatest potential for positive or negative impact and to apply the principles of risk management to strategy formulation. Mission Statement Concise outline of an organization's strategy, specifying the activities it intends to pursue and the course its management has charted for the future. Vision Statement Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction; its purpose it to inspire and motivate. Organizational Values Beliefs and principles defined by an organization to direct and govern its employees' behavior. Value Drivers Actions, process, or results that are needed to deliver a desired value. Balanced Scorecard Performance management tool that depicts an organization's overall performance, as measured against goals, lagging indicators, and leading indicators. Benchmarking Process by which an organization identifies performance gaps and sets goals for performance improvement, by comparing its data, performance levels, and/or processes against those of other organizations.Strategic Fit (Robert Grant) A state in which an organization's strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities. Strategic Position (Michael Porter) A position in which it enjoys a competitive edge over its rivals. Red Ocean Strategy Businesses compete in an existing marketplace; they win by taking share from their competitors, usually through differentiation or lower cost. Blue Ocean Strategy Creates a completely new arena, often within an existing industry. "the unknown market space, untainted by competition. Apple or the minivan by Chrysler. Cost Leadership Strategy Focuses on capturing the market by virtue of lowest price. Ex. Walmart, IKEA Differentiation Strategy Focuses on being able to charge a higher price by offering something different or by offering the same thing in a different way. Such as superior marketing. Ex. Apple, Mercedes Benz. Greenfield operation A company builds a new location from the ground up; new staff and new equipment. Brownfield Operation A company repurposes, through expansion or redevelopment, an abandoned, closed, or underutilized industrial or commercial property. Strategic alliance Companies agree to share assets, such as technology or sales capabilities, to accomplish a goal. The relationship may have varying degrees of tightness and formality. Some alliances involve customers, partners, or competitors.Equity Partnership One firm acquires partial ownership through purchase of shares. The relationship may be general (sharing proportionally in control, profits, and liabilities) or limited (no managerial authority, liability limited to investment). Partnership agreements define such issues as leadership and division of profits and losses. Franchising A trademark, product, or service is licensed for an initial fee and ongoing royalties. Often used in the fast-food industry. Similar to licensing as a low-risk entry strategy, although control over franchisee behavior is greater. Licensing A local firm is granted the rights to produce or sell a product. A low-risk entry strategy; avoids tariffs and quotas imposed on exports. However, there is little control of the licensee's activities and results. Contract Manufacturing A firm arranges for a local manufacturer to produce components or products as a means of lowering labor costs. Management Contract Another company is brought in to manage and run the daily operations of the local business. Decisions about financing and ownership reside with the host-country owners. Turnkey Operation An existing facility and its operations are acquired and run by the purchaser without major changes. Staffing HR function that acts on the organizational human capital needs identified through workforce planning and attempts to provide an adequate to complete the body of work necessary for the organization's financial success. Merger / Acquisition A firm purchases the assets of a local firm outright, resulting in expanding the acquiring company's employee base and facilities. Integration of acquiredcompanies often involves significant cultural, systems, and management challenges. Data privacy can be a big issue. Joint Venture Two or more companies invest together in forming a new company that is jointly owned. Employment Branding Process of positioning an organization as an "employer of choice" in the labor market. Employee Value Proposition (EVP) An EVP answers the two-part question: "Why would a talented person want to start working for an organization and why would they want to continue to work for the organization?" An EVP creates a magnet to the organization's employment brand. Employees' perceived value of the total rewards and tangible and intangible benefits they receive from the organizations as part of employment, which drives unique and compelling organizational strategies for talent acquisition, retention and engagement. Social Media Internet technology platforms and communities that people and organizations use to communicate and share information, opinions, and resources. Job Analysis Process of systematically studying a job in order to identify the activities/tasks and responsibilities it includes, the personal qualifications necessary to perform it, and the conditions under which it is performed. Reasonable Accommodation Modifications or adjustments to a job or job application process that accommodate persons with disabilities but do not impose a disproportionate or undue burden on the employer. Job Description Document that describes a job and its essential functions and requirements (including tasks, knowledge, skills, abilities, responsibilities, and reporting structure).Bona Fide Occupational Qualification (BFOQ) Factor (such as religion, gender, national origin, etc.) that is reasonably necessary, in the normal operations of an organization, to carry out a particular job function. Job Specifications Written statements of the minimum qualifications for the job incumbent. Orientation A 1 to 2 day process by which new employees become familiar with the organization and with their specific department, coworkers and job. Competencies Clusters of highly interrelated attributes, including knowledge, skills, and abilities (KSAs), that give rise to the behaviors needed to perform a given job effectively. Sourcing Process by which an organization generates a pool of qualified job applicants. Recruitment Process by which an organization seeks out candidates and encourages them to apply for job openings. Cost Of Hire Total cost divided by number of new hires Attrition refers to the loss of employees due to reasons other than firing and other employerinitiated events. Selection Process of evaluating the most suitable candidate for a position. Selection Screening Analyzing candidates' application form, curriculum vitae, and resumes to locate the most-qualified candidates for an open job.Applicant Tracking Systems (ATS) Software application that automates organization's management of the recruitin