SHRM-SCP Top Predicted Questions and Correct Answers 2024

Shareholder (Workplace) - An owner of shares in a company. A person who invests in a corporation by buying stock and is a partial owner. Stakeholder (Workplace) - Stakeholder is Everyone. Someone other than a stockholder or creditor who potentially has a claim on the cash flows of the firm. A person or organization with an interest in a particular place or issue. Strategy (Workplace) - A long term plan. Are long term, are things that are long term goals. Strategies Do Not change that much. A plan of action or policy designed to achieve a major or overall aim. Plan of action for accomplishing an organization's overall and long-range goals. Strategy ~Larger, overall plan that can comprise several tactics. ~Broad, "big picture" ~Over time, long periods of time, future-oriented. ~A year of advertising and marketing plans for a company Stakeholder theory - A theory that holds that social responsibility is paying attention to the interest of every affected stakeholder in every aspect of a firm's operation. Tactics (Workplace) - Short term steps on the way to long term plan/objectives. Are short term. Are the companies short term goals. Changes are made often. An action or strategy carefully planned to achieve a specific end. The methods and actions taken to accomplish strategies. Tactic ~Plans, tasks, or procedures that can be carried out; may be part of a larger strategy. ~Narrow, "close-up" ~Soon or present. ~One of the ads from the planned marketing strategy. The difference between a strategy and a tactic: (Workplace) - A strategy is a larger, overall plan that can comprise several tactics, which are smaller, focused, less impactful plans that are part of the overall plan. Engaging and Preparing Stakeholder - -SWOT -Multi Criteria -Cost benefit -Force field analysis Compa-ratio - Pay rate divided by the midpoint of the pay range. i.e. Given a pay range with a minimum of $16.00 per hour and a maximum of $20.00 per hour, the midpoint is $18.00 per hour. The Compa Ratios for employees A, B, C, and D would be as follows: $16/$18 = .89 or 89% - Employee A earns $16. $16.50/$18 = .92 or 92% - Employee B earns $16.50 $18/$18 = 1.00 or 100% - Employee C earns $18.00 $19/$18 = 1.06 or 106% - Employee D earns $19 Yield Ratio - a ratio that expresses the percentage of applicants who successfully move from one stage of the recruitment and selection process to the next. Yield ratio in HR shows the percentage of candidates from the recruitment sources that were selected for the next stage of a hiring process. In simple words yield ratios show the efficiency of the certain recruitment method. Information about yield ratio allows HR. KPI-Key Performance Indicator Yield ratio = Number of leads from Recruitment Method/Number of candidates invited to interview x 100% Qualified Applicants/Total Applicants Female Applicants/Total Applicants Offers Extended/Final Interviews Minority Applicants/Total Applicants ROI - Return on investment Gain from Investment - Cost of Investment/Cost of Investment ROI ex: Loaned $250.00 $500 - $250 = $250.00 You made 50% ROI Profitability ratio for a specific investment, such as a capital expense project. Its usually used to compare options. ROI - Globalization (Workplace) - Status of growing interconnectedness and interdependency among countries, people, markets and organizations worldwide. The process by which businesses or other organizations develop international influence or start operating on an international scale. Growth to a global or worldwide scale. Globalization (Workplace) - Actions or processes that involve the entire world and result in making something worldwide in scope. The process by which businesses or other organizations develop international influence or start operating on an international scale. Others characterize the dimensions of globalization as a web of interconnectedness of the movement of people (labor) and knowledge (technology) across borders. Thomas L. Friedman calls it Globalization 3.0, when PESTLE, political, economic, social, technological, legal and environmental all converged. Global organization (Workplace) - A global organization is one whose every process, action, and decision is firmly rooted in a carefully conceived global strategy. The new global enterprise may be a corporation, a governmental agency, a nongovernmental organization, a nonprofit, an association or an educational institution. An organization that chooses to locate a facility based on the ability to effectively, efficiently, and flexibly produce a product or service, using cultural differences as an advantage. An organization that operates and competes in more than one country. A global HR professional from a low power distance culture is planning to conduct a needs assessment in a high power distance country. What is the global HR professional likely to discover? (HR Competencies) - Skill deficiencies may not be discussed openly. Culture will play a key role in the needs assessment. In a high power distance country, individuals may be reluctant to share skill deficiencies for fear of losing face. Needs analyses may be less effective if conducted participatively, and decisions regarding who should participate in training may be based on group membership. Which growth strategy is commonly used to accelerate the path to globalization? (Workplace) - Alliances Alliances, partnerships, and acquisitions are vehicles that can accelerate the path to globalization. Alliances (Workplace) - An agreement between 2 or more countries to help each other out in war. Alliances, partnerships, and acquisitions are vehicles that can accelerate the path to globalization. Which growth strategy is commonly used to accelerate the path to globalization? - Alliances Pull factors (Workplace) - Factors that induce people to move to a new location/another location. Positive conditions and perceptions that effectively attract people to new locales from other areas. Which of the following is a "push factor" for global expansion? (Workplace) - Need for new markets Organizations are pushed toward globalization in reaction to changes in the business environment (such as limited market opportunities in their home countries). The other factors