TERMINOLOGY

Core Competency – a central or important capacity of an organization

Demand – the amount of resources needed by an organization

Forecasting– involves making the best possible judgment about some future event

Human Resource Information System (HRIS) – technological system used to collect, store, and retrieve employee data

Human Resource Planning – a process that attempts to maintain appropriate staffing levels of qualified employees to achieve organizational objectives (supply and demand). Efficient and effective human resource planning means efficient use of resources and implementation of systematic strategies to meet objectives. Business objectives are translated into skills and abilities needed to achieve specific job requirements to meet the demands in the future business environment.

Labor Market Analysis – process of monitoring external staffing sources, considering the unemployment rate, characteristics of the labor force, and local training programs

Organizational Capacity – ability of an organization to pursue and maintain a competitive advantage for the products and services it offers

Planning – process of determining organizational objectives and selecting a future course of action

Policy – a general statement that serves to guide decision making

Procedure – a guide to action usually to achieve a specific purpose

Rule – specifies what is required

Skill Inventories – collect and consolidate basic information about all of the organization’s employees

Standing Plans – used repeatedly in managerial situations that recur

Strategic Human Resource Management – the linking of the human resource management strategic goals and objectives in order to improve business performance and develop organizational culture

Strategic planning – process of determining strategic objectives and actions needed to achieve the organization’s mission

Succession Charts – list key positions and display information on their incumbents and the readiness of different candidates for promotion to the position

Succession Planning– process by which one or more candidates are identified for key posts. It is allows for a broader candidate search, faster decisions, and allows for the auditing of a talent pool. Succession planning fosters a corporate culture as a group of people share key skills, experiences, and values seen important to the organization

Supply – the amount of resources available to an organization