Employee Recruitment and Company Growth Quiz

HR Analytics

• HR analytics is the process of collecting, analysing, interpreting, and reporting people-related data to improve decision-making, achieve strategic objectives, and maintain competitive advantage.
• It uses people-based metrics to inform decisions and improve decision-making at all organizational levels.
• HR analytics aims to understand the company-wide impact of integrated HR practices, which affect employee, operational, stakeholder, and financial outcomes.

Why Evidence Based HRM

• Evidence-based HRM involves using data-driven insights to gain a competitive advantage (CA).
• Case studies show that choosing an office location that considers people-related factors, such as transportation, schools, family/community amenities, cost of living, and available talent, is crucial.

Integrative Framework for EBHRM = Scientific Process

• There are 6 steps to effective evidence-based Human Resource Management.
• Step 1: Identifying the Problem
• Step 2: Doing background research
• Step 3: Form hypothesis
• Step 4: Testing hypothesis via experimentation
• Step 5: Analysing the data
• Step 6: Communicating the results

Strategy Formulation

• Strategy formulation is the process of planning actions to achieve organizational objectives.
• One method of formulation is the SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats).
• Organisations should demonstrate strategic flexibility by remaining abreast of dynamic changes in the internal and external environment.
• This involves re-envisioning and reformulating strategies as needed.

Picking a Strategy type

• Differentiation involves creating unique products or services, allowing for higher prices or customer attention.
• Cost leadership describes providing or producing products or services at lower costs than competitors.
• Focus or niche involves differentiation or cost leadership but targets a specific customer segment.

HR Analytics and Business Strategy

• A well-defined business strategy paired with comprehensive data analysis improves the likelihood of achieving strategic goals and maintaining a competitive advantage (CA).
• Implementing HRM alignment with business strategy requires the coordination and cooperation of employees and managers at all organizational levels.
• Data analysis can help understand the current and future position, track progress, and motivate performance.

Strategic HRM

• Strategic HRM shifted the focus from transactional to strategic activities.
• Employees viewed as assets and resources, not just costs.
• The focus changed from administrative work to more transformational activities designed to help organisations manage and utilise their human capital to reach strategic goals effectively.

HR Analytics and Business Processes

• The fundamental aspects for a sustainable HR analytics function include: choosing relevant data, ethical implications, and ways of handling information, such as ensuring the data is sound.

Four types of people analytics

• Operational = Raw & unstructured data
• Descriptive = Trends over time, snapshots of workforce composition
• Diagnostic = Root cause analysis, reveals why something happened
• Predictive = Using historical data for future trends, modelling relationships, forecasting.

Prescriptive analytics

• Optimising decision-making, taking data-driven predictions, and translating them into viable options for decision-making.
• Useful for planning and determining intervention strategies to maximise opportunities or minimise potential problems.

Data Maturity

• Data maturity involves organisations having a firm understanding of their data and systems, as well as resolving data quality issues.
• This enables better credibility with stakeholders and assists with the development of tools and skills, like statistical analyses that leads to better decision-making about human resources.

Staffing Organization Model

• Alignment of staffing strategy and organisational strategy is crucial.
• The model covers onboarding, selection, recruitment, and needs analysis.

Staffing Goals

• Process goals during the hiring process include attracting appropriate and capable applicants who comply with the law and organizational policies.
• Outcome goals after the hire include hiring successful employees, reducing turnover, and ensuring that employees are valuable to the organisation.

The Resource Based View of the Firm

• Staffing practices create value by allowing organisations to exploit opportunities (O) or neutralise threats (T) to their CA.
• They are considered rare because the ability to attract, identify, and retain exceptional talent varies across firms.
• They are rarely imitated because organisations have unique histories, relationships, reputations, and cultures that can influence their respective competitors' abilities to copy their respective policies and practices.
• Resource are therefore valuable, rare, and imitated.

Recruitment

• Recruitment involves identifying and hiring potential candidates.
• Key aspects for successful recruitment include filling vacancies, attracting candidates with the relevant characteristics, and adhering to legal and organizational policies.

Selection

• Selection involves choosing the best candidates from a pool of applicants via a series of tests, and interviews.
• Key aspects for successful selection include adhering to legal and organisational guidelines, and identifying effective ways of determining the most suitable candidate for the position.

HR and Staffing Strategies

• The staffing strategy should be linked to the overall company strategy and objectives.
• It should involve identifying the right kinds of employees required to fulfill the company's goals.
• Considerations include employee recruitment, retention, and development.

Compensation and Benefits strategies for employees

• Reward management systems include a wide variety of incentives and benefits for attractive employees, and improving organisation performance.
• Organisations have to be aware of the cost of their total rewards strategies.
• Compensation policies should align with the organisation's strategic goals to attract and retain high-performing employees.

Job evaluation

• A systematic process for defining the relative worth of organisational roles.
• Crucial for developing an equitable grade structure and internal pay relativities.
• Methods include point-factor, classification, and ranking systems.

Performance management system

• A continual process aimed at improving performance by setting goals consistently with organisational goals, reviewing progress and developing needed skills.
• Different methods of evaluating performance include the graphic rating scale, critical incident method and 360 appraisals.

Training and development

• T&D facilitates the development of knowledge, skills, and abilities (KSAOs) in employees.
• Includes formal training, informal development, and continual training opportunities.
• The National Skills Development Strategy aligns training initiatives with national goals and priorities.

Learning Theories

• Learning theories offer frameworks for understanding how people develop and acquire new knowledge and skills.
• Learning theories include cognitive approaches, social learning theory, and the experiential learning cycle.