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SHRM CP 2020 > 2 - People: HR Strategic Planning > Flashcards

2 - People: HR Strategic Planning Flashcards

1
Q

Strategy

A
  • A long-range plan of action-oriented to achieving defined goals.
  • Created and refined through a strategic planning process.
  • Implemented through strategic management.
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2
Q

Levels of Strategy

A
  • Strategic planning is repeated at each level with increasing focus and specificity
  • Business unit and operational strategies are closely aligned with the organizational strategy to better support its implementation
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3
Q

Critical Success Factors

A
  • Alignment of effort
  • Control of drift
  • Focus on core competencies
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4
Q

Strategic Planning and Management Process

A
  • Evaluation
    • ​Evaluate results continually and at designated intervals
  • Formulation
    • ​Gather and analyze information
    • Determine current position
  • Development
    • ​Identify goals and tactics to frame strategic plan
  • Implementation
    • ​Provide clear communication, coordination and support
    • Control resources
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5
Q

Formulation Strategy

A

Deepening one’s understanding of the organization and its internal and external environments and opportunities and challenges

  • Information gathering and analysis
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6
Q

Systems Theory

A

Strategic planning and management requires systems thinking. The challenge is to coordinate interacting and sometimes interdependent parts to achieve strategic goals.

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7
Q

Input-Process-Output (IPO) Model

A

Inputs can include internal and external constraints as well as organizational resources and external conditions. All of these inputs can affect the outcome.

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8
Q

Environmental Scanning

A

Systematic survey and interpretation of relevant internal and external data to:

  • Identify external threats and opportunities.
  • Strengthen strategic plans and goals.
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9
Q

PESTLE Analysis

Environmental Scanning

A
  • Systematic search for environmental forces organized under specific categories.
  • PESTLE can be used for the entire enterprise, for individual units or functions, or for specific activities.

Political

Economic

Social

Technological

Legal

Environmental

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10
Q

PESTLE Process

A
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11
Q

SWOT Analysis

A
  • Uses data to assess strategic capabilities in comparison to threats and opportunities identified during environmental scanning.
  • Can be performed for organizations, functions, initiatives.
  • Can be applied to specific HR activities.
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12
Q

Growth-Share Matrix

A

Uses data to find where the greatest value in the organization resides:

  • Stars—high value
  • Cash cows—create value reliably but with little opportunity for growth
  • Dogs—consume resources without offering strong value or future growth
  • Question marks—could be winners or losers
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13
Q

Mission

A
  • What the organization/function intends to pursue and its charted management course
  • Provides focus and purpose of strategy
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14
Q

Vision

A
  • What the organization/function aspires to become in the future
  • Provides motivation and unity
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15
Q

Values

A
  • What beliefs the organization/function supports through behaviors and actions
  • Provides guidepost for decision making
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16
Q

Setting Goals

A

General goals suggest how the organization will focus its resources.

  • Starts with moving the organization and people in the intended direction
    • Example: Increase productivity

Organizational goal-setting process must be repeated on unit or functional level

  • Creates a line of sight from the organization’s strategic coals to the goals and objectives of the organization’s functions and units.
    • Example for HR: Improve quality and efficiency of talent supply chain
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17
Q

Value Drivers

HR Strategic Goals

A

The actions, processes, or results needed to deliver a desired value.

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18
Q

Balanced Scorecards

A

Identify key performance indicators (KPI) and make sure that the objectives used to measure performance are aligned to various sources of value to the organization and are balanced

Provide a more strategy-focused, balanced, multi-perspective assessment of performance

  • Finance: budget (control OT)
  • Customers: provide quality goods and services and satisfy its customer
  • Internal Business Processes: results that lead to success & satisfied customers (talent, retention, development)
  • Learning & Growth: prepare for the future
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19
Q

Lagging Indicators

Balanced Scorecards

A

Describes effects that have already occurred and cannot be changed.

  • Turnover rate indicates the success or lack of success in employee engagement.
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20
Q

Leading Indicators

Balanced Scorecards

A

Describes predictive actions that can change future performance and help achieve success.

  • Employee satisfaction indicates future retention rates and associated costs of hiring.
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21
Q

SMARTER Performance Objectives

A
  • Specific - narrowly defined
  • Measurable
  • Attainable - within reach
  • Relevant - in light of sight with the goal
  • Timebound - reasonable & defined time
  • Evaluated - assessed continuously
  • Revised - changed based on what has been learned
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22
Q

Benchmarking Process

A
  1. Define KPIs
  2. Measure current performance
  3. Identify appropriate benchmarks and data
  4. Identify performance gaps
  5. Set objectives and implement support activities
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23
Q

Developing Strategy

A
  • How do we get to the future we have envisioned?
  • What strategy or strategies have “fit”?
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24
Q

Strategic Fit

A
  • Describes the consistency of strategy with internal and external environments.
  • Reflects interconnectedness and alignment of activities throughout the organization
    • Resources and capabilities deployed toward strategic goals
  • Strategic fit exists when activities:
    • Are consistent with the strategy.
    • Interact with and reinforce each other.
    • Are “optimized” to reach the strategic goal.
25
Q

Creating Competitive Advantage

A
  • External Changes: Compete by adapting quickly to changes in the external environment
  • Internal Changes: Compete through change, innovation and reinvention
26
Q

Porter’s Competitive Strategies

A
27
Q

Impact of Business Strategy on HR

A

HR strategy can influence a primary lever of organizational strategy—employees:

  • Talent management
  • Workforce planning
  • Compensation
  • Employee engagement
  • Organizational effectiveness
  • Diversity and inclusion
28
Q

Growth Strategy Options

A

Each strategy requires different levels of investment and offers different levels of control and return.

  • Strategic alliance
  • Joint venture
  • Equity partnership
  • Merger/acquisition
  • Franchising
  • Licensing
  • Contract manufacturing
  • Management contract
  • Turnkey operation
  • Greenfield operation
  • Brownfield operation
29
Q

HR Involvement in Growth Strategies

A
  • Greenfield operations will require involvement in HR areas of risk analysis, staffing, working with local authorities, and implementing HR policies and procedures in the new operations.
  • Policies and procedures may require adjustment to meet local laws, business practices, and culture.
  • Even when little integration is required, HR may be asked to audit workplace practices.
30
Q

HR’s Role in Divestiture Strategy

A
31
Q

Implementing Strategy

A
  • Translates strategic intent into specific plans of action.
  • Requires communicating the value of the strategies to all members and effectively managing the implementation of plans.
32
Q

Operational Budget

A

Funds ongoing activities required to provide HR services to internal customers

  • Talent acquisition costs
  • Compensation and benefits

Many items are variable and affected by organizational and HR strategies

33
Q

Strategic Budget

A

Funds initiatives aligned with strategic goals (line of sight)

  • Development of mentoring program
  • Initiative to improve cultural alignment

Initiatives must compete for available resources and are funded according to strategic priorities.

34
Q

Communication Strategy

A

Communication occurs in different ways and at different levels.

  • Formal communication or team meetings

The communication plan should include ongoing opportunities for feedback.

Core Elements of Success

  • Outward toward entire team
  • Inward toward leaders
  • Leadership support
  • Free flow of information across organizational boundaries
  • Helping team members see how their work connects to the strategy
35
Q

Managing Strategic Initiatives

A

HR action plans are implemented through normal operations and through specific initiatives managed as time-limited projects.

Projects can vary in complexity. Some require dedicated project managers.

  • Multiple phases
  • Simple or complex deliverables
  • Large or small budgets
36
Q

Project Stages

A
  1. Planning
  2. Executing
  3. Closing
37
Q

Planning

Project Stage

A
  • Working with stakeholders
  • Defining deliverables
  • Scheduling: critical path analysis, Gantt charts
  • Assembling team
38
Q

Executing

Project Stage

A
  • Communication
  • Leadership
  • Removing obstacles
  • Managing stakeholders
  • Monitoring and controlling
39
Q

Closing

Project Stage

A
  • Assessment and evaluation
  • Team debriefing
  • Continuous improvement
  • Continuous learning
40
Q

Specialized Project Management Approaches

A
  • Lean
  • Six Sigma
  • Agile
  • Critical Chain
41
Q

Evaluating Strategy

A

Essential for:

  • Sound management
  • Good governance
  • Continuous improvement
42
Q

Evaluating Strategic Results

A

Appears as the final phase of strategic management but is often a factor in the preceding stages.

Requires:

  • Developing tools and establishing processes to collect data.
  • Analyzing data in an ongoing manner.
  • Investigating discrepancies between planned and actual.
43
Q

Communicating Strategic Results

A
  • Create a narrative that explains results.
  • Visualize data analysis with tools such as bar charts and Pareto charts, trend diagrams, etc.
  • Acknowledge disappointments as well as successes.
  • Invite reactions and feedback.
  • Describe next steps.
44
Q

Strategic Planning

A

Process of setting goals and designing a path toward a competitive position

45
Q

Strategic Management

A
46
Q

Strategic Drift

A
47
Q

Cost Leadership

A

Aim at capturing market share within their industry by virtue of lowest price

  • IKEA
48
Q

Differentiation

A

Charge a higher price by offering something different or the same thing in a different way from competitors

49
Q

Strategic Alliance

A

Companies agree to share assets to accomplish a goal

  • Technology or sales capabilities

Varying degree of tightness and formality

Some involve customers, partners or competitors

50
Q

Joint Venture

A

Two or more companies invest together in forming a new company that is jointly owned

51
Q

Equity Partnership

A

One firm acquires partial ownership through purchase of shares.

Agreements define issues as leadership and division or profits and loss

52
Q

Merger/Acquisition

A

A firm purchases the assets of a local firm outright, resulting in expanding the acquiring company’s employee base and facilities.

Significant cultural, systems and management challenges.

Data privacy can be a big issue.

53
Q

Franchising

A

A trademark, product or service is licensed for an initial fee and ongoing royalties.

Control over behavior is greater

  • Fast-food
54
Q

Licensing

A

Local firm is granted the rights to produce or sell a product.

Low risk entry

Avoid tariffs and quotas imposed on exports.

Little control over activities and results.

55
Q

Contract Manufacturing

A

Arranges for local manufacturer to produce components or products as means of lowering labor costs.

56
Q

Management Contract

A

Another company is brought in to manage and run the daily operations of a local business.

57
Q

Turnkey Operation

A

An existing facility and its operations are acquired and run by the purchaser without major changes.

58
Q

Greenfield Operation

A

Build a new location from the ground up.

Staff and equip the new location.

59
Q

Brownfield Operation

A

The company repurposes, through expansion or redevelopment, an abandoned, closed, or underutilized industrial or commercial property.

SHRM CP 2020 (19 decks)

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