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Business plan to create value in a particular market

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Strategy

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Produce a product or provide a service such that the revenue generated exceeds costs

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Value Creation

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Developing the business strategy given market and other conditions Outlines specifically how the firm will create value in a particular market

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Strategy Formulation

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Implementing the business practices to execute the desired strategy. This involves all business practices

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Strategy Implementation

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According to Michael Porter, _____ ____ results from creating value

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competitive advantage

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2 ways to create value

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Low-cost strategy, Differentiation strategy

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create value by reducing costs.

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Low-cost strategy

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create value by convincing the market that your product/service is different from all the others.

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Differentiation strategy

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-Firms gain a competitive advantage through firm-controlled resources -Not all resources serve as a source of competitive advantage -Human resources and the organizational practices that develop and support those resources are possibly one of the most difficult sources of competitive advantage to replicate

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The Resource-based View (RBV) of Competitive Strategy

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Resources Characteristics for Competitive Advantage (VRIO)

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valuable, rare, inimitable, organizational processes

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Today there is greater acceptance that __________ or "strategic capabilities" serve as the dominant sources of competitive advantage

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core capabilities/competencies

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Integrated knowledge sets within an organization that distinguish it from its competitors and deliver value to customers

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Core Capabilities

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According to Michael Porter, competitive advantage results from creating value

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Porter's strategy typology

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Different parts of a firm's workforce have different ___ ____ to the firm in that they differ in their influence on core competencies

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strategic value

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Identify the criteria for a core capability (or resource) to become a source of sustained competitive advantage for an organization. (Greater source of competitive advantage from what three things?)

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Firm-specific skills vs. general skills Teams vs. individuals The entire system of human resource management practices vs. individual practices

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_____ and _____ can be sources of competitive advantage. One may bring about the other

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Human Capital, HRM practices

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The pattern of human resources deployments and activities that enable an organization to achieve its strategic goals

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Strategic Human Resource Management

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Strategic Human Resource Management involves Identifying the _____ ____ throughout the firm that is necessary to implement the business strategy Includes identifying the specific knowledge, skills, and abilities required of different job families

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Human Capital

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Strategic Human Resource Management involves identifying and implementing ______ to ensure the necessary human capital is in the correct position within the firm

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HRM practices

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The effectiveness of an individual HRM practice depends on the others in the system

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Synergy

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Shift focus from one "best" practice to identifying complementary practices

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Consequences of a Systems Perspective

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Highlights need for firm to coordinate HRM efforts Practices shouldn't be considered in isolation Need coordination of efforts across HR divisions

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Consequences of a Systems Perspective

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Is a specific combination of HR practices, work structures, and processes that minimizes employee knowledge and skill requirements, and seeks to limit the variability of performance across people

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control work system

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Focus on developing a workforce that identifies with the firm. Enhances attachment

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Commitment

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Is a specific combination of HR practices, work structures, and processes that maximizes employee knowledge, skill, commitment, and flexibility Is composed of many interrelated parts that complement one another to reach the goals of an organization, large or small

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High Performance Work System (HWPS)

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Focus is on tailoring HR strategies to specific job families/groups within the firm Firms distinguish jobs in terms of value to firm ; uniqueness in labor mkt

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Value Matrix Approach

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Generic HR Strategies/Systems

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Control-vs-Commitment-Oriented Work System High Performance Work System (HWPS) Value Matrix Approach

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A system of management practices that together foster the development of a highly -Knowledgeable, skilled, and able workforce -Motivated workforce -A workforce that has Opportunity to use its ability and motivation to achieve objectives

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High Performance Work System

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____ creates a High Performance Workforce

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HPWS

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The individual HRM practices may vary somewhat under different circumstances (e.g., industries, job families, etc.) The key issue is that...? This necessitates a "systems" perspective for HRM professionals

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they combine to enhance all three factors (e.g., AMO)

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kind of work environments that eliminate status and power differences and, in the process, increase collaboration and teamwork

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Egalitarian

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Egalitarianism and Engagement Egalitarian work environments eliminate status and power differences and, in the process, increase collaboration and teamwork When this happens, productivity can improve if people who once worked in isolation from (or opposition to) one another begin to work together

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HPWS

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Shared Information A shift away from the mentality of command and control toward one more focused on employee commitment Creating a culture of information sharing where employees are more willing (and able) to work toward the goals for the organization

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HPWS

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Knowledge Development Employees in high-performance work systems need to learn in "real time," on the job, using innovative new approaches to solve novel problems The number of jobs requiring little knowledge and skill is declining while the number of jobs requiring greater knowledge and skill is growing rapidly

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HPWS

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Performance-Reward Linkage It is important to align employee and organizational goals. When rewards are connected to performance, employees will naturally pursue outcomes that are mutually beneficial to themselves and the organization

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HPWS

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4 Principles of a work system

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Egalitarianism and Engagement, Shared Information Knowledge Development, Performance-Reward Linkage

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Egalitarianism and Engagement Very little employee influence over "management" decisions No formal employee complaint/ grievance mechanisms Intense supervision/control

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Control-Oriented Work System

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Shared Information Little communication/socialization efforts Very little performance information shared Very little strategic information shared

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Control-Oriented Work System

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Knowledge Development Low skill requirements Limited training efforts Job tasks narrowly defined/standardized

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Control-Oriented Work System

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Performance-Reward Linkage Limited benefits Relatively low wages May have Incentive-based Individual Rewards

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Control-Oriented Work System

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Employee Benefits of HPWS

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Have more involvement in the organization Experience growth and satisfaction, and become more valuable as contributors

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Organizational Outcomes and Competitive Advantages of a HPWS

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Higher productivity Lower costs Better responsiveness to customers/customer satisfaction Quality Greater flexibility Higher profitability

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Job families contribute differentially to competitive advantage in relation to job requirements and relation to core competencies

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The HC/HR Architecture

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Two Dimensions of the HC/HR Architecture

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Value of Human Capital ("Potential to contribute to ... competitive advantage") Uniqueness of Human Capital (Are the skills and knowledge needed to perform firm-specific or general?)

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The HC/HR Architecture

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Value Matrix Approach

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4 components of Human Capital Architecture

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complimentary, strategic, support, core

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The Human Capital Architecture: Employees who have unique skills that are directly linked to the company's strategy. Example: top management

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Strategic Knowledge Workers

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The Human Capital Architecture: Employees with skills to perform a predefined job that are quite valuable to a company, but not particularly unique or difficult to replace.

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Core Employees

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The Human Capital Architecture: Employees whose skills are of less strategic value and generally available in the labor market. Example: clerical workers

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Supporting Labor

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The Human Capital Architecture: Individuals and groups with unique skills, but those skills are not directly related to a company's core strategy. Example: consultants

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Complementary/Alliance Partners

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Implications of the HC Architecture (2)

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Some human resources can be a source of competitive advantage, while others cannot (Knowledge Workers can be a greater source of competitive advantage than traditional employees) Different groups of employees have different value to the execution of business strategy and for competitive advantage (Different groups of employees should be managed differently One work system is not sufficient throughout the organization)

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Firms must decide if the performance (productivity) of a job family can influence strategic capabilities If the answer is yes, firms must develop HRM and other work practices to maximize performance (productivity) If the answer is no, firms must develop HRM and other work practices to minimize variance in performance (productivity)

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Implications of the HC Architecture

1) Strategic Human Resource Management – Flashcards

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