BSMGT Endterm Review PDF

MODULE 6  Definition: A structured approach to transitioning an organization to a I. Organizational Culture desired future state....

MODULE 6  Definition: A structured approach to transitioning an organization to a I. Organizational Culture desired future state.  Key Principles:  Definition: Shared values, beliefs, and norms influencing workplace behavior. 1. Clear vision and  Importance: communication. 2. Strong leadership and o Guides employee behavior. sponsorship. o Fosters belonging and 3. Stakeholder engagement. motivation. 4. Addressing resistance. o Aids talent retention and 5. Continuous feedback and recruitment. communication.Employee o Enhances adaptability and support and training. performance. 6. Measurement and monitoring.  Impact: o Influences communication, work ethic, conflict resolution, IV. Change Management Models and innovation. 1. Lewin's Model: II. Types of Organizational Culture o Unfreeze → Change → Refreeze. 1. Clan Culture: Focus on collaboration and employee well-being. 2. ADKAR Model: o Example: Zappos (employee happiness). o Awareness, Desire, Knowledge, Ability, Reinforcement. 2. Adhocracy Culture: Emphasis on innovation and risk-taking. 3. Kotter’s 8-Step Model: o Example: Google (creativity). o Steps include urgency creation, vision communication, and anchoring changes. 3. Market Culture: Competitive, results-driven. 4. McKinsey 7-S Model: o Example: Oracle (performance-focused). o Aligns strategy, structure, systems, and more. 4. Hierarchy Culture: Structured and stable. 5. Bridges’ Transition Model: o Example: McDonald’s o Focuses on emotional aspects (efficiency). (ending, neutral zone, new beginning). 5. Purpose-Driven Culture: Centered on mission and social responsibility. 6. Kubler-Ross Change Curve: o Example: TOMS Shoes (social o Stages of emotional response: impact). shock, denial, frustration, etc. III. Change Management V. Role of Leadership   Shaping Culture:  Example: Hiring software developers with required technical skills via job o Leaders influence through boards and interviews. vision, role modeling, communication, and. TrainingB and Development decision-making. o Example: Microsoft under  Objective: Improve skills and prepare Satya Nadella (growth employees for future roles. mindset).  Key Activities:  Driving Change: o Needs Assessment o Designing Programs o Leaders initiate, guide, and o Implementation sustain organizational o Evaluation changes. o Example: Starbucks under  Example: Leadership training for retail Howard Schultz (customer employees to prepare for managerial experience revival). roles. MODULE 7 C. Performance Management 1. Introduction to HRM  Purpose: Align employee efforts with  HRM is the process of managing people organizational goals. in a structured and thorough manner.  Activities:  Purpose: Maximize employee performance while aligning with o Goal Setting organizational goals. o Ongoing Feedback  Focus: Recruitment, development, and o Performance Reviews management of the workforce.  Key Elements:  Example: Monthly reviews to assess project manager goals such as cost o Recruitment and Selection reduction and team satisfaction. o Training and Development o Performance Management D. Employee Relations o Compensation and Benefits o Employee Relations o Health and Safety  Focus: Maintaining positive relationships and addressing workplace 2. Key HR Functions conflicts.  Key Activities: A. Recruitment and Selection o Conflict Resolution o Employee Engagement  Definition: Process of attracting, o Compliance with Labor Laws screening, and selecting the best candidates.  Example: Resolving disputes between  Key Steps: employees and fostering inclusivity. 1. Job Analysis 3. HR Strategies and Policies 2. Sourcing Candidates 3. Screening and Interviewing A. Recruitment and Talent Acquisition 4. Selection Strategy  Key Elements:  o Employer Branding 1. Employment Laws (e.g., FLSA, o Diversity and Inclusion EEO) o Talent Pool Development 2. Workplace Safety (OSHA) 3. Labor Relations (NLRA) B. Employee Engagement and Retention 4. Compensation Compliance Strategy (Minimum Wage, ACA)  Key Elements: B. Ethical Issues o Career Development  Key Concerns: Programs o Work-life Balance o Fairness and Equity o Recognition and Rewards o Transparency and Accountability C. Learning and Development Strategy o Privacy and Respect o Diversity and Inclusion  Key Elements:  Example: Addressing unconscious bias o Training Programs in hiring. o Leadership Development o Continuous Learning 5. Trends and Challenges in HRM D. Compensation and Benefits Strategy A. Remote and Hybrid Work  Key Elements:  Trend: Flexibility in work locations post-pandemic. o Competitive Salaries  Challenges: Engagement, performance o Performance-Based Incentives tracking, and cybersecurity. o Comprehensive Benefits B. Employee Well-being E. Performance Management Strategy  Focus: Mental health support and  Key Elements: wellness programs.  Challenges: Addressing stigma and o Clear Expectations maintaining productivity. o Continuous Feedback o 360-Degree Feedback C. AI and Automation F. HR Technology Strategy  Advances: Recruitment automation and predictive analytics.  Key Tools:  Challenges: Bias in algorithms and data privacy. o HR Information Systems (HRIS) D. Diversity, Equity, and Inclusion o Employee Self-Service Portals (DEI) o AI and Analytics  Efforts: Inclusive hiring and DEI 4. Legal and Ethical Issues in HRM training.  Challenges: Measuring impact and A. Legal Issues overcoming resistance.  Key Areas: E. Agile HR Practices   Focus: Continuous feedback and C. Importance of Innovation and flexible policies. Technology  Challenges: Resistance and training on agile methodologies. 1. Competitive Advantage: Differentiates businesses through unique offerings. F. Gig Economy and Workforce Flexibility o Example: Tesla’s innovations in electric vehicles (EVs).  Trend: Rise of freelance and contract workers. 2. Adaptation to Market Changes:  Challenges: Managing integration and Enhances agility and response to legal compliance. changes. MODULE 8 o Example: Zoom’s rapid scaling during the COVID-19 1. The Role of Innovation and Technology pandemic. in Management 3. Process Improvement: Optimizes A. Defining Innovation efficiency and reduces waste.  Innovation in Management: o Example: Toyota’s Lean Application of new ideas, processes, Manufacturing system. products, or services to improve effectiveness and efficiency. 4. Customer Experience: Enhances  Types of Innovation: satisfaction through innovative solutions. o Product Innovation (e.g., new products or services). o Example: Amazon’s fast o Process Innovation (e.g., delivery and personalized streamlined supply chains). recommendations. o Business Model Innovation (e.g., new revenue streams). 5. Data-Driven Decision Making: B. Defining Technology Empowers strategic and operational decisions with data insights.  Technology in Management: Tools and systems used to improve business operations and achieve objectives. 2. Different Types of Innovation  Categories: A. Product Innovation o Information Technology (e.g., databases, cloud computing).  Involves creating new or improved o Automation Technologies (e.g., products. AI, robotics).  Example: Apple’s launch of the iPhone. o Communication Technologies (e.g., video conferencing  Impact: Increases market share and tools). customer satisfaction. o Production Technologies (e.g., IoT, 3D printing). B. Process Innovation  manufacturing processes and reduce  Improves operational efficiency and downtime. workflows.   Impact: Reduces costs and enhances  Enhances service delivery and quality. customer interactions.  Example: Uber’s app-based C. Business Model Innovation ride-sharing model.  Impact: Improves customer  Redefines value delivery and revenue satisfaction and market reach. generation.  Example: etflix’s shift to streaming J. Social Innovation services.  Impact: Creates new revenue streams  Addresses societal challenges. and customer engagement.  Example: Microfinance programs like Grameen Bank. D. Marketing Innovation  Impact: Aligns business with social goals and expands markets.  Introduces new marketing techniques or channels.  Impact: Enhances brand visibility and customer acquisition. 3. Technological Trends and Tools in Management E. Organizational Innovation A. Key Technological Trends  Focuses on internal culture and processes. 1. Artificial Intelligence (AI): Powers  Example: Google’s 20% time policy automation and predictive analytics. fostering creativity.  Impact: Boosts collaboration and o Example: HireVue uses AI for employee satisfaction. objective candidate assessments. F. Incremental Innovation 2. Big Data and Analytics: Enables  Involves small, gradual improvements. data-driven insights.  Example: Yearly updates to iPhone features. o Example: Netflix’s use of data  Impact: Maintains relevance and to personalize customer loyalty. recommendations. G. Radical or Disruptive Innovation 3. Cloud Computing: Facilitates real-time collaboration and scalability.  Introduces groundbreaking changes.  Example: Smartphones disrupting o Example: Google Workspace telecommunications. for remote team  Impact: Creates new markets but collaboration. challenges existing players. 4. Internet of Things (IoT): Connects H. Open Innovation devices for real-time monitoring.  Leverages external partnerships for o Example: GE’s use of IoT for idea generation. predictive maintenance.  Example: LEGO’s crowdsourcing platform for new ideas. 5. Blockchain Technology: Enhances  Impact: Speeds up innovation and transparency and security. reduces R&D costs. I. Service Innovation  o Example: IBM’s Hyperledger  Example: Robotics in manufacturing. for supply chain management. B. Data-Driven Decision Making 6. Robotic Process Automation (RPA): Automates repetitive tasks.  Provides real-time insights for better forecasting and personalization. o Example: UiPath for  Example: Amazon’s demand automating invoice forecasting. processing. C. Improved Communication and B. Tools for Management Collaboration 1. Enterprise Resource Planning (ERP):  Enables remote work and global team Integrates business processes. integration.  Example: Microsoft Teams for virtual o Example: SAP for real-time meetings. data insights. D. Enhanced Customer Engagement 2. Customer Relationship Management (CRM): Manages customer  Offers personalized, omnichannel interactions. experiences.  Example: AI chatbots for 24/7 o Example: Salesforce for customer service. analytics and marketing automation. E. Supply Chain Optimization 3. Project Management Tools: Tracks  Increases transparency and reduces project progress. waste.  Example: Walmart’s blockchain for o Example: Trello for task food safety. management. F. Sustainability and Environmental 4. Business Intelligence (BI) Tools: Impact Analyzes data for decision-making.  Supports eco-friendly practices. o Example: Tableau for  Example: Google’s renewable energy interactive data visualization. initiatives. 5. Collaboration Tools: Enhances communication and teamwork. 5. Strategies for Managing Innovation and o Example: Slack for real-time Technology (Aligned with SDG 9) messaging and file sharing. A. Fostering a Culture of Innovation  Encourages creative thinking and risk 4. Impact of Technology on Business tolerance. Processes (SDG 9)  Example: Hackathons to generate ideas. A. Automation of Processes B. Open Innovation and Collaboration  Reduces human error and increases efficiency.   Builds partnerships with academic o Ethical practices build institutions and ecosystems. stakeholder trust and enhance  Example: Public-private partnerships credibility. for technology development. o Example: Patagonia’s commitment to C. Digital Transformation environmental sustainability fosters strong customer loyalty.  Integrates advanced technologies across operations.  Example: AI and IoT for predictive 2. Employee Morale and Retention analytics. o Ethical organizations attract D. Sustainability Focus and retain top talent. o Example: Google’s ethical work culture promotes  Invests in green technologies and employee satisfaction. circular economy models.  Example: Renewable energy in supply chains. 3. Legal Compliance and Risk Management E. Leadership and Organizational Support o Reduces the risk of fines and lawsuits.  Develops innovation teams and o Example: Wells Fargo faced cross-functional collaboration. reputational damage and fines  Example: Dedicated R&D departments. due to unethical practices. F. Scaling and Commercializing Innovation 4. Sustainability and Social Responsibility  Protects intellectual property and o Integrates ethical practices forms strategic partnerships. with long-term societal goals.  Example: Patents and joint ventures o Example: Unilever’s for new products. Sustainable Living Plan reduces environmental impact while driving business growth. MODULE 9 5. Improved Decision-Making 1. Introduction to Business Ethics o Ethical frameworks ensure fairness and transparency. A. Definition of Business Ethics 6. Long-Term Profitability  Business ethics refers to the moral principles, values, and standards guiding behavior in the business world. o Ethical companies often  Involves distinguishing right from achieve sustainable growth. o Example: Tesla’s focus on wrong and ensuring responsible innovation and sustainability decisions for stakeholders. attracts loyal customers. B. Importance of Business Ethics 1. Trust and Reputation 2. Key Ethical Issues in Management A. Integrity and Honesty   Ensures transparency in reporting and 3. Corporate Social Responsibility (CSR) communication.  Example: Enron’s collapse highlights A. Definition of CSR the consequences of unethical financial reporting.  CSR integrates social, environmental, and economic concerns into business B. Conflicts of Interest operations.  Focuses on giving back to society and  Managers must avoid personal gains at aligning business goals with societal the expense of organizational interests. values.  Example: Halliburton’s contracts under Dick Cheney faced scrutiny for B. Importance of CSR potential conflicts of interest. 1. Reputation Management: Builds brand C. Whistleblowing and Reporting trust and customer loyalty. Misconduct 2. Competitive Advantage: Differentiates businesses through ethical practices.  Encourages employees to report 3. Risk Management: Addresses ESG unethical practices without fear of issues proactively to mitigate risks. retaliation. 4. Attracting Talent: Aligns with  Example: Sherron Watkins exposed employee values to improve retention. Enron’s accounting irregularities. 5. Long-Term Profitability: Sustainable practices drive cost savings and D. Discrimination and Fair Treatment growth. 6. Stakeholder Engagement: Fosters trust  Ensures equal opportunities regardless and goodwill among stakeholders. of personal characteristics.  Example: Abercrombie & Fitch faced C. Implementation of CSR lawsuits over discriminatory hiring practices. 1. Environmental Responsibility E. Environmental Responsibility o Reducing carbon footprints and promoting sustainability.  Balances profitability with o Example: Tesla’s focus on sustainability. renewable energy and  Example: Volkswagen’s emissions eco-friendly products. scandal highlights unethical environmental practices. 2. Social Responsibility F. Labor Practices and Workers' Rights o Supporting fair labor practices, community engagement, and  Promotes fair wages and safe working consumer protection. conditions. o Example: Coca-Cola’s  Example: Nike’s reforms after empowerment programs for sweatshop allegations improved labor women entrepreneurs. conditions. G. Customer Privacy and Data Security 3. Economic Responsibility o Promoting ethical business  Protects consumer data and ensures transparency in its use. practices and local economic development.  Example: Facebook-Cambridge Analytica scandal raised concerns about data misuse.  o Example: Ben & Jerry’s o Example: Unilever’s waste commitment to fair trade reduction strategies. sourcing. B. Societal Impact 4. Corporate Governance 1. Environmental Protection o Ensuring transparency, accountability, and ethical o CSR initiatives promote leadership. sustainability. o Example: The Body Shop’s o Example: Tesla’s leadership in advocacy for fair trade and renewable energy. cruelty-free products. 2. Community Development D. Challenges in Implementing CSR o Investments in education and  Balancing profit with social goals. health improve living  Avoiding superficial efforts standards. (greenwashing). o Example: Coca-Cola’s clean water projects. Measuring the impact of CSR initiatives. 3. Human Rights and Fair Labor 4. Impact of CSR on Organizations and Society o CSR enhances global labor conditions. A. Organizational Impact o Example: Nike’s supplier monitoring programs. 1. Enhanced Brand Image 4. Economic Growth o Ethical practices boost reputation. o CSR stimulates local o Example: Patagonia’s economies and job creation. eco-friendly initiatives. o Example: Microsoft’s AI for Good initiative fosters 2. Increased Consumer Loyalty innovation and employment. o Aligning with consumer values 5. Strategies for Ethical Decision-Making fosters trust. o Example: Ben & Jerry’s A. Utilitarian Approach activism resonates with customers.  Focuses on maximizing benefits for the greatest number. 3. Employee Satisfaction  Example: Balancing profitability with labor rights. o CSR improves morale and attracts talent. B. Deontological Approach o Example: Salesforce’s community engagement  Emphasizes duty and principles over model. outcomes.  Example: Upholding 4. Operational Efficiencies anti-discrimination policies. o Sustainable practices reduce C. Virtue Ethics costs.   Encourages actions based on moral virtues like fairness and integrity.  Example: Building a workplace culture of inclusivity. D. Stakeholder Theory  Considers the interests of all stakeholders in decision-making.  Example: Ensuring fair wages and ethical supply chains. E. Ethics of Care  Emphasizes empathy and support for vulnerable groups.  Example: Providing flexible work arrangements for caregivers. F. Triple Bottom Line (TBL)  Balances people, planet, and profit.  Example: Sustainable sourcing practices. G. The Four-Way Test  Asks: Is it truthful? Fair? Builds goodwill? Beneficial to all?  Example: Transparent communication with stakeholders.