Fundamentals of Human Resource Management- Chapter 2

Strategy

A plan of action designed to achieve a particular set of objectives

Vision

What we expect to become as an organization at a particular point in time in the future

Mission Statement

A statement laying out our expectation of what we're going to do in order to become the organization that we have envisioned

Objectives

statements of what is to be accomplished in singular, specific, and measurable terms, with a target date

Organizational structure

the way in which an organization groups its resources to accomplish its mission

Complexity

degree to which different parts of the organization are segregated from one another

Formalization

degree to which jobs are standardized within an organization, meaning the degree to which we have created policies, procedures, and rules that "program" the jobs of the employees

Centralization

degree to which decision making is concentrated within the organization

Organizational culture

The values, beliefs, and assumptions about appropriate behavior that members of an organization share

Data Analytics

Process of accessing large amounts of date in order to analyze those data and gain insight into significant trends or patters within organizations or industries

Human resource information systems (HRIS)

interacting database systems that aim at generating and delivering HR information and allow us to automate some human resource management functions

Economic value added (EVA)

measure of profits that remain after the cost of capital has been deducted from operating profits

Return on investment (ROI)

Measure of the financial return we receive because of something that we do to invest in our organization or its people