Chapter 2 Midterm Flashcards
What is strategic planning?
The process of defining a strategy or direction and making decisions on how to allocate the resources to the organization (capital and people) to pursue the strategy.
What is a strategy?
A plan an organization follows for how to compete successfully survive and grow. Encompassing a three to five year plan with objectives and goals for each unit.
What is the guiding force behind the strategic management process.
The organizational mission is the core reason for the existence in the organization and what makes it unique and this is the guiding force behind the strategic planning process.
Organizational strategic planning process begins with?
The planning process begins with an assessment of the current state of the business and the environmental forces that may be important during the planning cycle this is called a swot analysis
What is a SWOT analysis?
The swot analysis helps managers to formulate a strategic plan that considers the organizations ability to deal with the situation at hand. Internal Strength, weakness and external opportunities and threats that affect HR
What are the steps in the strategic planning process
OSEFFIE
Organizational mission ⬇️ SWOT analysis ⬇️ Establish goals and objectives ⬇️ Formulate organizational strategy ⬇️ Formulate supporting functional strategies ⬇️ Implement ⬇️ Evaluate and reassess
Define strategic HR management
Using HR to gains competitive advantage such as talent management, acquisition, deployment and reward
Requirements for HR contribution to the business and strategy
Understand The business Focusing on the key business goals Knowing what to measure Preparing for the future Pg 41
What is benchmarking?
The process of comparing the beef with metrics and Outcome to industry-standard or practice.
Benchmarking should compare organizations with similar context cultures operations and size
What is a balanced scorecard?
A method measure strategic performance A framework organizations use to report on a diverse set of performance measures
This approach measures financial and nonfinancial and measures so managers can focus on long-term drivers of performance and organizational sustainability
Forecasting
Uses information from the past and present to predict expected future conditions
This week the workforce availability and requirements
Forecasting accurately positively affect long-range organizational planning
HR forecasting should be done over three planning. Short range intermediate range and long-range
Human resources planning process
Review organizational environmental analysis/ strategic plan ⬇️ Assess external and internal workforce External conditions and influences Internal workforce capabilities and KSA's ⬇️ Compile Hr planning forecasts Demand for human resources Supply of human resources ⬇️ Develop HR staffing plans and actions Employee rent toon Recruiting sources and means Selection process and actions
Areas where HR can develop strategies?
Organization/ senior management
Mission statement
Objectives/strategies
Human resources
Mission statement
Objectives/strategies
Organizational level Staffing Total rewards Employee labor relations Training and development Perf. Management
Strategic level
Same as above
Measurement
Effectiveness
Efficiency
Legal compliance
Estimating internal labor supply for a given unit
Current staffing - projected outflows +projected inflows this year = internal supply next year
Current staffing levels
Source of inflows. Sourced outflow
External hires Promotion
Internal transfers. Turnover
Promotions. Termination
Recalls Demotion
Retirement
Deaths
Layoffs
