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CH2 Definitions_Strategy and Planning
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- 1Strategy PlanningProcedures for making decisions about the organization's long-term goals and strategies
- 2Human Resource Planning (HRP)The process of anticipating and providing for the movement of people into, within and out of the organization
- 3Strategic HR Management (SHRM)The pattern of HR deployments and activitie that enable an organization to achieve its strategic goals
- 4MissionThe basic purpose of the organization as well as its scope of operations
- 5Strategic WisdomA statement about where the company is going and what it can become in the future; clarifies the long-term direction of the company and its strategic intent
- 6Core ValuesThe strong and enduring beliefs and principles that the company uses as a foundation for its decisions
- 7Environmental ScanningSystematic monitoring of the major external forces influencing the organization
- 8Core CapabilitiesIntegrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers
- 9Value CreationWhat the firm adds to a product or service by virtue of making it; the amount of benefits provided by the product or service once the costs of making it are subtracted
- 10Cultural AuditsAudits of the culture and quality of work life in an organization
- 11Values-Based HiringThe process of outlining the behaviours that exemplify a firm's corporate culture and then hiring people who are a fit for them
- 12Trend AnalysisA quantitative approach to forecasting labour demand based on an organizational index such as sales
- 13Management ForecastsThe opinions of supervisors, department managers, experts, or others knowledgable about the organization's future employment needs
- 14Staffing TablesGraphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future employment requirements (monthly or yearly)
- 15Markov AnalysisA method for tracking the pattern of employee movements through various jobs
- 16Quality of FillA metric designed to assess how well new hires are performing on the job
- 17Skill InventoriesFiles of personnel education, experience, interests and skills that allow managers to quickly match job openings with employee backgrounds
- 18Replacement ChartsLists of current jobholders and people who are potentional replacements if an opening occurs
- 19Succession PlanningThe process of identifying, developing, and tracking key individuals for executive positions
- 20Human Capital ReadinessThe process of evaluating the availability of critical talent in a company and comparing it to the firm's supply
- 21SWOT AnalysisA comparison of strengths, weaknesses, opportunities and threats for strategy formulation purposes
- 22AttritionA natural departure of employees from organizations through quits, retirements and deaths
- 23Hiring FreezeA practice whereby new workers are not hired as planned or workers who have left the organization are not replaced
- 24TerminationPractice initiated by an employer to separate an employee from the organization permanently
- 25Severance PayA lump-sum payment given to terminated employees by an employer at the time of an employer-initiated termination
- 26BenchmarkingThe process of measuring one's own services and practice against the recognized leaders in order to identify areas for improvement
- 27Balanced Scorecard (BSC)A measurement framework that helps managers translate strategic goals into operational objectives
- 28Organizational CapabilityThe capacity of the organization to act and change in pursuit of sustainable competitive advantage