BU354 Chapter Notes - Chapter 1: Balanced Scorecard, Absenteeism, Outsourcing
Document Summary
Outsourcing the practice of contracting with outside vendors to handle specified functions of a permanent basis. Strategy the (cid:272)o(cid:373)pa(cid:374)y"s pla(cid:374) for ho(cid:449) it (cid:449)ill (cid:271)ala(cid:374)(cid:272)e its i(cid:374)ter(cid:374)al stre(cid:374)gths a(cid:374)d weaknesses with external opportunities and threats in order to maintain a competitive advantage. Environmental scanning identifying and analyzing external opportunities and threats that (cid:373)ay (cid:271)e (cid:272)ru(cid:272)ial to the orga(cid:374)izatio(cid:374)"s su(cid:272)(cid:272)ess. Hr professionals play an important role in lowering labour costs, particularly in the service sector. Doing so may involve introducing strategies to reduce turnover, absenteeism, and the rate of incidence of occupational illnesses and injuries. Could also mean adopting more effective recruitment, selection and training programs. Metrics statistics used to measure activities and results. Balanced scorecard a measurement system that translates an organizatio(cid:374)"s strategy into a comprehensive set of performance measures. Productivity the ratio of a(cid:374) orga(cid:374)izatio(cid:374)"s outputs (cid:894)goods a(cid:374)d ser(cid:448)i(cid:272)es(cid:895) to its i(cid:374)puts (people, capital, energy and materials) Primary sector agriculture, fishing/trapping, forestry, and mining.
