Bus 153 - Chapter 3 Exercise

STUDENT NAME:  Thiago Luz

Bus 153

Chapter 3 Exercise

Each question is worth 10 points.  Content is worth 8 points of the 10.  Spelling, Grammar, and Punctuation count for 2 points of each 10.    

1.  What are the 7 steps of the Strategic Management Process?

1.  Determine ‘where are we now’
2.  Audits
3. New directions
4. Strategic goals
5. Formulate courses of action
6. Implement
7. Evaluate

1. In Human Resources, formulating HR policies and practices aimed at producing the employee competencies and skills needed to achieve a company’s strategic goals is known as
2. Strategic Human Resource Management.
3. Why are metrics important?  Give 5 examples of actual HR metrics listed in your book.

Definition: It is an essential way to quantify the cost and impact of employee programs.

Metrics

1: Cost per hire

2: Revenue per employee

3: Benefit cost

4: Satisfaction

5:Turnover

1.  What is a high performance work system and what might it achieve? 

It is a set of management practices that try to create an environment in an organization, where employees have more responsibility and involvement.

Giving employees benefits, making sure that the employees work in a good working environment, empowering the employees, etc.

1. Why is employee engagement important to business today? 

It is important because when an employee is committed to his or her company, it is a sign of satisfaction, and satisfaction means a more motivated and happier employee who will do his or her best to satisfy and make customers happy.

1. Your book lists several ways that Employee Engagement can be improved in organizations.  Tell me about them! 

Recognition, engagement board, worker involvement programs, bonus schemes, working in teams, review communication tactics.

1. There are 5 corporate level strategies listed in your book.  The corporate-level strategy is the portfolio of businesses an organization chooses and how they relate to one another.  I will give you the first one and you are to fill in the other 4.

1. Concentration:  a business focuses on one product/service/industry
2. Diversification corporate strategy means the firm will expand by adding new product lines
3. Vertical integration strategy means the firm expands by producing its own raw materials
4. Consolidation strategy is when the company reduces its size
5. Geographic expansion means the company expands locations abroad

1. There are 3 competitive strategies listed in your book.  This level of strategy defined how a business will compete in the market.  List them and define each.

1. Cost leadership – When it becomes the low-cost leader
2. Differentiation – When the firm is unique in the industry
3. Focus - Where firm has carved out a niche and serves a smaller target-market

1. What is an HR scorecard?  Why do we use it? 

It is a method for Human Resources to position itself as a strategic planning partner with line managers and executives within an organization