Definitions
Effective HR Management
Competitive Advantage
Planning Stage
Implementation and Evaluation Stage
100
What is a strategic partner?
Full participant in development and implementation of business strategy
100
What is effective HRM?
Whereby the goals or expectations of the company/stakeholders are met.
100
What is competitive advantage?
Any factor that allows an organization to differentiate its products or services from those of its competitors to boost market share.
100
What does the company do in the planning stage?
Identify, analyse and balance out company's external threats and opportunities with internal strengths and weaknesses.
100
How do you measure business success in the evaluation?
The ways in which HR strategies and actions ‘fit’ both the circumstances of the organisational environment and other parts of the organisation will be a measure of business success
200
Why is it hard to measure business success?
Using feelings and opinions. Based on how we evaluate things. Based on how we define HR management.
200
What is the responsibility of HR?
To manage anything in relation to the people related to the company internally and externally, like: Wages costs, Staff retention, Incentives, Work Health & Safety, Workers compensation, Employee satisfaction = productivity, Training, Recruitment & Selection, Professional development, Customer satisfaction,
200
Give an example of our school's competitive advantage.
Full hotel simulation learning environment. Inter-nationality. Hands on experience in hospitality jobs. Compressed syllabus in 2.5 years. Widespread connections.
200
What are the 3 strategy levels in the planning stage? Describe them.
Corporate: On a group of business level. (e.g. Four Seasons entire hotel chain) Business: In one business. (e.g. Four Seasons in Sydney) Functional: the departments in one business (e.g. HR, F&B)
200
What are the measures used to evaluate the success of the strategies implemented?
benchmarking, score card, best practice, metrics.
300
What is workforce planning?
Choosing the right type of people, right number of people, in the right place and right time.
300
What are the 5 approaches of effective HRM?
Goal Resource Internal Processes Stakeholders Competing Values
300
What kind of competitive advantage was shown in the lecture presentation and in Porter's 3 Strategies? Elaborate.
Cost Leadership: Low cost leader. Differentiation Strategy: different to other competitors along the lines of what buyers value. Focus Strategies: focusing on a particular component rather than as a whole.
300
What are the Porter's 'Five Forces'?
Threat of new entrants Bargaining power of suppliers Threat of substitute products and services Bargaining power of buyers Relative power of other stakeholders
300
Explain the whole 3 stages of strategic management.
Planning: SWOT analysis then strategy planning. Implementation: implementing the strategies formed in the planning stage in the company internally as well as externally. Evaluation: using specific measures like benchmarking, metrics, score card and best practice to evaluate.
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