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MGNT322 Final Exam With Complete Solution
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MGNT322 Final Exam WithComplete Solution
How are people a competitive source of advantage? - ANSWER Innovation
and creativity of the organisation comes out of people - can come out of
things but generally comes out of the knowledge that people have (tacit and
explicit)
Goodwill, customer loyalty are related to HR
Tacit knowledge (organisational history etc.) - particularly relevant - creates
value - resource-based view of the organisation; knowledge is a resource for
the organisation that creates value - information is in the
books/texts/computers etc. but the knowledge of how to do it resides in the
people - Resource based view: retention, training, adequate recruitment all
ensures the knowledge is retained
Solutions to organisational problems - largely generated by staff - people are
source of competitive advantage
Strategic HRM; how to manage people so that they will want to stay and give
their best to the firm? - ANSWER key HRM strategy - strategic use of staff,
dealing with staff in ways that value them is a strategic. Strategic HR
provides a company with a framework to more effectively react to the
competitive business environment by aligning key aspects of HR (such as
recruitment and selection, reward systems and training and development)
with the central business strategy.
In this sense, strategic human resource management focuses on internally
,aligning each component of a human resource management system so that
each part seamlessly feeds into other components of the human resource
system. More specifically, this approach encourages managers to think of
how each independent human resource practice (e.g., recruitment, selection,
training, etc.) impacts every other practice (e.g., compensation, performance
evaluation, employee retention). Thus, this approach focuses on internally
aligning independent human resource practices in a way that maximizes the
capabilities of the human resources (i.e., the employees) so that they
contribute to firm performance and longevity. Maximising the knowledge of
staff.
Strategic HRM: Recruitment vs training trade off (tension) - ANSWER do we
have to recruit new staff or train old staff?
Should you acquire already skilled and competent staff or invest in the
training and development of staff yourself - investing in recruitment of
skilled employees may require a higher salary while that money could also be
used to train to existing employees to the new standard and liking of the
organisation. This investment in current staff may also assist in strategic
HRM of working with staff in a way that makes them feel valued by the
organisation, for example, investing in training pre-empts potential for
promotion.
- The practice of strategic human resource management builds off of the
resource-based view of management and focuses on how businesses should
structure, implement, and sequence their human resource management
practices in an effort to build their human capital.
- Strategic implementation of human resources requires managers to think
about two forms of strategic alignment: internal alignment (between each
,independent human resource initiative) and external alignment (between an
entire human resource system and the firms overall competitive strategy)
and how these forms of alignment help create employees that are capable of
fulfilling their essential job duties in a way that helps the firm develop a
strong competitive advantage.
The definition of HRM implies... - ANSWER Strategy. --> Human Resource
Management involves the productive use of people in achieving the
organisations strategic objectives and the satisfaction of individual employee
needs - attract, retain, motivate employees (Stone, 2010)
The characteristics of a learning organisation link with... - ANSWER strategic
HRM -->
1. Embraces uncertainty and change
2. Has a holistic, systemic view of the organisation
3. Has a shared organisation-wide vision
4. Creates new knowledge as part of its competitive strategy
5. A culture of high trust, feedback and disclosure; encourages empowerment
at all levels - this stage is really important
6. Links employees' self-development to the development of the organisation
- strategic development - what you want is aligned with what the
organisation wants
7. Encourages managers to act as mentors, coaches and facilitators
, 8. Has leaders who encourage risk-taking and experimentation
(Marquardt and Reynolds, 1994)
Explain a resource based view of management - ANSWER (RBV) is a
managerial framework used to determine the strategic resources with the
potential to deliver competitive advantage to a firm. These resources can be
exploited by the firm in order to achieve sustainable comparative advantage.
- RBV proposes that firms are heterogeneous because they possess
heterogeneous resources, meaning firms can have different strategies
because they have different resource mixes.
- The RBV focuses managerial attention on the firm's internal resources in an
effort to identify those assets, capabilities and competencies with the
potential to deliver superior competitive advantages.
What is Human resource Development? (HRD) - ANSWER - '...organised
learning experiences provided by employers, within a specified period of
time, to bring about the possibility of performance improvement and / or
personal growth'
- 'developing people in organisations', Knowledge, Skills and the application
of knowledge and skills
- What is Human resource Development? - at the micro level - Does HRD
produce compliant employees? - 'HRD is a political activity... central to power
and control processes'
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