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57 Cards in this Set

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  • Back
Resource Based View of the Firm:
Company's resources and competencies can produce a sustained competitive advantage by creating value for customers by lowering costs, providing something of unique value, or some combination of the two
Business Strategy:
How a company will compete in its marketplace
Requirements a resource must meet to give a firm a competitive advantage:
1. The resource must be valuable to the firm by exploiting opportunities and or neutralizing threats in an organization's environment
2. The resource must be rare among the company's current and future competition
3. The resource must not be easily imitated by other firms
4. The resource must not be easily substituted or replaced with another resource
5. The company must be organized to be able to exploit the resource
4 Types of Business Strategies:
Cost-Leadership Strategy
Differentiation Strategy
Specialization Strategy
Growth Strategy
Cost-Leadership Strategy
Develop competitive advantage based on operational excellence. Maximizing the efficiency of the manufacturing or product development process to minimize costs.
Differentiation Strategy
Develop a competitive advantage based on product innovation. Developing new products or services.
Specialization Strategy
Develop competitive advantage based on customer intimacy. Delivering unique and customizable products or service that better meet customers needs and increase customer loyalty.
Growth Strategy
Develop competitive advantage based on expanding the company organically or via mergers and acquisitions
Business Strategy should reflect:
1. What the customers want
2. What the Firm wants
3. What the firm can cost-effectively deliver
Talent Philosophy
A system of beliefs about how a firm's employees should be treated.
Questions Addressed by an organization's talent philosophy:
1. Do we want to focus on filling vacancies or hiring for long-term careers?
2. Do we value the ideas of contributions of people with diverse ideas and perspectives?
3. Do we see our employees as assets to be managed or employees as investors who chose where to allocate their time and efforts?
4. What are our ethical principles when it comes time to our employees?
At-will employment:
Employment relationship in which either party can terminate the employment relationship at any time for just cause, no cause, any case that is not illegal with no liability as long as there is no contract for a definite term of employment
What is an Applicant?
1. The individual submits an expression of interest in employment through the Internet or related electronic data technologies;
2. The contractor considers the individual for employment in a particular position;
3. The individual’s expression of interest indicates the individual possesses the basic qualifications for the position; and
4. The individual at no point in the contractor’s selection process prior to receiving an offer of employment from the contractor, removes himself or herself from further consideration or otherwise indicates that he or she is no longer interested in the position.
Why is it important to define an "Applicant"?
Understanding the definition of an applicant can help employers minimize risk and protect themselves from costly audit defense.
Employment Relationships
Employee:
Someone hired by another person or business for a wage or fixed payment in exchange for personal services, and who does not provide the services as part of an independent business
Employment Relationships
Independent contractor:
Performs services wherein the employer controls or directs only the result of the work
Employment Relationships
Contingent workers:
Any job in which an individual does not have a contract for long-term employment

• Temporary workers
• Part-time workers
• Seasonal workers
• Leased workers
• Outsourced work
Job Analysis:
Systematic process of identifying and describing the important aspects of a job and the characteristics a worker needs to do it well
Staffing the organization
A job analysis that produces a valid selection system identifies worker characteristics that Distinguish superior from average and unacceptable workers
2 Outcomes of Job Analysis
a. Job Description
b. Person Specification
Job Analysis Methods must be:
c. Reliable, or replicable
d. Valid, or accurately measure what was intended
Job Analysis Techniques:
Critical incidents technique:
Job elements method:
Structured interview technique: Task inventory approach: Structured Questionnaires:
Critical incidents technique:
Identifies behaviors that lead to extremely effective or extremely ineffective job performance
Job elements method:
Uses expert brainstorming sessions to identify the characteristics of successful workers
Structured interview technique:
Subject matter experts provide information about the job verbally in a structured interview
Task inventory approach:
Job experts generate a list of 50-200 tasks that are grouped in categories reflecting major work functions that are then evaluated on dimensions relevant for selection
Structured Questionnaires:
A standardized, structured questionnaire that can be used for just about any job (e.g., the Position Analysis Questionnaire or PAQ)
Competency Modeling:
Job analysis method that identifies the necessary worker competencies for high performance
Competencies:
Components of a successful worker's repertoire of behavior needed to do a job well
Examples of Competencies
Adaptability
Communication
Leadership
Emotional Intelligence
Problem Solving
Creativity
Workforce Planning Process:
1) Identify the firm's business strategy
2) Articulate the firm's talent philosophy and strategic staffing decisions
3) Conduct a workforce analysis
Forecast both labor demand and labor supply and identify and gaps between the two
4) Develop and implement action plans. Develop action plans to address any gaps between labor demand and labor supply forecasts.
5) Monitor, evaluate, and revise the forecasts and action plans
How many people should we recruit?
Examine previous:
Staffing yields:
Hiring yields
Staffing yields
The proportion of applicants moving from one stage of the hiring process to the next
• Example: If 2,000 applicants 500 get invitations, 400 get interviewed, 100 get offered positions and 75 hired, then you can calculate the staffing yields
Hiring yields:
The percent of applicants ultimately hired (also called selection ratios)
• Example: If the average is for 1 out of every 5 applicants to get a job, then it will take 50 applicants to fill 10 positions
3 Questions to ask before Staff Planning
How many people should we recruit?
What resources do we need?
How much time will it take to hire?
Staffing efficiency driven forecasting:
The total cost associated with the total compensation being hired
Sourcing
Identifying and locating high potential recruits
Types of job seekers
Active Job Seekers:
Semi-passive job seekers:
Passive job seekers:
Active Job Seekers:
People who need a job and are actively looking for information about job openings
Semi-passive job seekers:
People who are interested in a new position buy only occasionally look actively for one
Passive job seekers:
People who are currently employed and are not actively seeking another job but could be tempted by the right opportunity
Internal Recruiting Sources:
-Succession management
-Talent inventories
-Employee development
-Internal job positing system
-Employee referrals
-Succession management
Ongoing process of recruiting, evaluating, developing, and preparing employees to assume other positions in the firm in the future
Talent inventories
Records of employees past performances, education, experience, promotability, languages spoken, career interests, etc
Employee development
Training employees to extend their capabilities and prepare them to assume other jobs and roles in the firm
Internal job positing system
Systems that publicize a firm's open jobs to the company's employees
Employee referrals
Practice by which current employees identify and refer promising recruits
Sourcing Plan:
Prioritizes which recruiting sources should be used to staff a given position to best meet staffing goals
Creating A Sourcing Plan:
1. Profile desirable employees to identify promising sources
2. Perform ongoing recruiting source effectiveness analyses by tracking
3. Prioritize recruiting sources based on staffing goals and employee profiles
2. Perform ongoing recruiting source effectiveness analyses by tracking
1. Where applicants discovered the vacancy
2. Where top candidates discovered the vacancy
3. Where candidates receiving job offers discovered the vacancy
4. How many recruits each source generated
5. What quality of recruits each source generated, and what was the range of recruit quality from each source
6. What were the demographic characteristics of the recruits from each source
7. Hiring rates for each source
8. Conversion rates from applicant to hire for each source
9. Data relevant to other staffing goals
Sourcing Non-Traditional Applicants
• Workers with disabilities
• Older workers
• Welfare-to-work
Recruiting:
Activities that convert the leads generated during sourcing into job applicants, generate interest in a company and its jobs, and persuade candidates to accept extended job offers
Who should recruit?
Internal recruiters
External recruiters
Employees
Hiring managers
Spillover Effects:
Effects that extend beyond the activity itself
Employer Image:
Attitudes toward and perceptions of the organization as an employer
Realistic job Previews:
Provide both positive and potentially negative information to job candidates.
EEOC Best Practices in Recruiting
• Establish a policy for recruitment and hiring, including criteria, procedures, responsible individuals, and applicability of diversity and affirmative action.
• Engage in short-term and long-term strategic planning.
• Identify the applicable barriers to equal employment opportunity.
• Delineate aims.
• Make a road map for implementing the plan.