Deck 15: Understanding the Roles of Finance and Accounting in Global Competitive Advantage

Question 1

What is a company's human capital?

Answer 1

A company's human capital asset is the collective sum of the attributes, life experience, knowledge, inventiveness, energy, and enthusiasm that its people choose to invest in their work

Question 2

Many HR managers are more effective in the strategic aspects of HR than in the technical or operational aspects.

Answer 2

False
Many HR ma nagers are more effective in the technical or operational aspects of HR than in the strategic aspects

Question 3

Teams whose members have complementary skills are often more successful because members understand each other.

Answer 3

False
Teams who se members have complementary skills are often more successful because members can see each other's blind spots

Question 4

What is involved in the selection and placement process?

Question 5

The organization's _________________ is the set of skills that employees acquired on the job, through training and experience.

Question 6

All of the elements of HR need to be aligned with the company's ___________ so that the right employees are hired for the right jobs and rewarded properly for their contributions.

A) Job descriptions
B) Mission
C) Strategy
D) Compensation programs

Question 7

What is strategic human resource management?

Question 8

_________________ involves actively appreciating and utilizing the differing perspectives and ideas that different individuals bring to the workplace.

Question 9

______________ refers to the process of putting together various elements to form a job, bearing in mind organizational and individual worker requirements, as well as considerations of health, safety, and ergonomics.

Question 10

Strategic Human Resource Management (SHRM) is an integral part of the ____________ portion of the POLC framework.

A) Planning
B) Organizing
C) Leading
D) Controlling

Question 11

Examples of compensation systems include which of the following?

A) Training programs
B) Incentives
C) Quarterly reviews
D) All of the above

Question 12

Previously considered a support function, ______________ is now becoming a strategic partner in helping a company achieve its goals.

Question 13

The most successful organizations manage HR as a ___________ asset and measure HR performance in terms of its strategic impact.

Question 14

To avoid being outsourced, HR needs to stay relevant and accept ___________ for its business results.

Question 15

According to the text, which of the following is not considered one of the four different parts of the HR system?

A) Diversity management
B) Selection and placement
C) Compensation and rewards
D) Policy and procedures

Question 16

Strategic human resources management (SHRM) is not just a function of the HR department.

Question 17

The more diverse the group in terms of expertise, gender, age, and background, the more ability the group has to avoid the problems of _______________.

Question 18

How are organizations that value their employees more profitable than those that do not?

Question 19

What is the difference between the past HR focus and the present HR focus?

Question 20

The acronym for strategic human resource management is ___________.

Question 21

"Suppose you came up with a faster way to do a task, but your team was reluctant to make the change; what would you do?" is an example of what kind of interviewing?

A) Testing
B) Situational
C) Placement
D) Performance

Question 22

The rationale behind testing is to give the employer more information before making the selection and placement decision.

Question 23

What is a signature experience for a company?

Question 24

What is the principle "to run smaller batch sizes"?

Question 25

The doctrine of American law that defines an employment relationship in which either party can break the relationship with no liability is called ________________.

Question 26

Called ________________ , these types of interviews can focus on past experience or future situations..

Question 27

What is the principle of "make or buy"?

Question 28

The average job tenure has dropped from 15 years to:

A) 4 years
B) 5 years
C) 6 years
D) 7 years

Question 29

______________ for the job requires more than having a good attitude about receiving good pay and benefits-it means that an employee's goals and aspirations also match those of the company.

Question 30

The key to a successful "make" decision is to:

A) Hire an employee who has all the necessary skills and experience
B) Distinguish between high potential employees and mediocre employees
C) Hire a person who doesn't have all the needed skills but can be trained
D) Predict the needed skills for the future

Question 31

_____________ an employee means hiring a person who doesn't yet have all the needed skills to fulfill the role, but who can be trained.

Question 32

McKinsey & Company found that there is no relationship between a firm's financial performance and its global talent management practices.

Question 33

One way to help employees connect with the people and things that will help them achieve their professional goals is to:

A) Develop goals that stretch their ability
B) Give them assignments that are engaging
C) Connect people with mentors and help them build networks
D) Promote deserving employees

Question 34

What is the "war for talent"?

Question 35

Winning the war for talent means attracting the right workers who will be enthusiastic about their work.

Question 36

The process whereby an organization ensures that employees are recruited and developed to fill each key role within the company is called _________________.

Question 37

__________________ is the anticipation of the need for human capital and setting a plan to meet that need.

Question 38

Techniques that were developed to achieve productivity breakthroughs in manufacturing can be applied to talent management.

Question 39

The ___________ decision means hiring an employee who has all the necessary skills and experience to fulfill the role from day one.

Question 40

The baby-boom generation was born between the years ____________.

Question 41

What are some indications to use to determine whether to staff a position with a local hire when hiring for overseas positions?

Question 42

When designing systems to measure performance, realize that performance appraisals need to focus on ______________ measures.

Question 43

Employees design performance targets for themselves.

Question 44

Gainsharing plans are more effective in companies with more than 1,000 people.

Question 45

What are some indications to use to determine whether an expatriate or a local hire would be best in an overseas employment decision?

Question 46

In addition to interviews, many employers use _________ to select and place job applicants.

Question 47

Examples of indirect compensation include which of the following?

A) Base wage
B) Paid leave
C) Profit-sharing
D) Stock options

Question 48

___________________ ties pay directly to an individual's performance in meeting specific business goals or objectives.

Question 49

Examples of direct pay include which of the following?

A) Flexible hours
B) Performance-based pay
C) Career and social rewards
D) Job security

Question 50

What are the five sensitive areas to avoid during an employment interview?

Question 51

Besides external factors, companies conduct a ________________ to determine the internal value of the job-the more vital the job to the company's success, the higher the pay level.

Question 52

A _______________ is a one-time cash payment often awarded for exceptional performance.

Question 53

Give three suggestions for writing an effective job description.

Question 54

_____ are employees assigned to a foreign location on a temporary basis.

Question 55

Examples of non-monetary pay include which of the following?

A) Performance-based pay
B) Profit-sharing
C) Flexible hours
D) Base wage

Question 56

A bonus is an example of:

A) Variable pay
B) Direct-pay
C) Indirect-pay
D) Non-monetary pay

Question 57

Sometimes called profit sharing, _________________ is a form of pay for performance where the organization shares the financial gains with employees.

Question 58

Which of the following indirect compensation elements is not required by law?

A) Social security
B) Retirement program
C) Unemployment
D) Disability payment

Question 59

The effectiveness of a gainsharing plan depends on employees seeing a relationship between what they do and how much money they make.

Question 60

If companies want to achieve what they hope for, they need payment systems aligned with their goals.

Question 61

Developed by Robert Kaplan and David Norton, the ________________ helps managers define the performance categories that translate to the company's strategy and then managers translate those categories into metrics and track performance on those metrics.

Question 62

Implementing the HR scorecard requires a change in perspective, from seeing people as an asset to seeing people as the company's cost.

Question 63

Part of an effective HR strategy is using technology to reduce the manual work performance by HR employees through ____________.

Question 64

What are some examples of the many HR administrative tasks being done online?

Question 65

What is e-HRM?

Question 66

What is the hybrid pay system which would reward both individual and team performance, promoting excellence at both levels?

Question 67

One of the overarching themes of becoming better at succession planning is that effective organizations become much better at developing external candidates.

Question 68

How does gainsharing work?

Question 69

Why do profit-sharing plans improve organization performance?

Question 70

_____________ refers to the many HR tasks being done online by employees.

Question 71

_____________ is a process whereby an organization ensures that employees are recruited and developed to fill each key role within the company.

Question 72

Transactional metrics for measuring human capital include all of the following EXCEPT:

A) Count the number of people hired
B) Count the number of people fired, transferred, and promoted
C) Training costs percentage
D) Achievement of objectives

Question 73

What is HPWS?

Question 74

How does Dow Chemical exemplify best practices for succession planning?

Question 75

The scorecard is vital because most organizations have much better control and accountability over their workforce than they do over their raw materials.

Question 76

What are the disadvantages of team-based reward schemes?

Question 77

A set of management practices that attempt to create an environment within an organization where the employee has greater involvement and responsibility is:

A) HPWS
B) SHRM
C) e-HRM
D) Major critical success factors

Question 78

What are the two main theories of how to reward employees?

Question 79

The principles of strategic human resource management and high performance work systems apply to nonprofit enterprises just as they do for-profit ones.

Question 80

What are the five levels of succession planning?