HR Strategic Planning Flashcards
Strategic management provides an organization with:
- Consistent, long-term goals
- Consistent decision making by leaders
- Better competitive and external vision
Better internal vision
unique advantages an organization possesses, abilities that are integral to creating customer value and are difficult for competitors to imitate
Core Competencies
What are the 4 tasks of the Strategic Planning and Management Process
- Formulation - gather info to determine current position and capabilities
- Development of strategic goals and tactics
- Implementation of tactics
- Evaluation of results
During the ________ phase of strategic planning, the plan is put into action. Managers develop action plans and allocate resources toward achieving organizational objectives.
strategy implementation
A _________ approach focuses on finance, customers, internal processes, and learning and growth. Therefore, it goes beyond a traditional financial approach to managing the organization. It takes into consideration such intangibles as whether a business process has been improved or employees have learned new skills.
Balanced Scorecard
________ strategies focus on setting a product or service apart from its competition by giving it unique characteristics that consumers value.
Differentiation
a strategy that identifies and removes the causes of defects and errors in manufacturing and business processes
Six Sigma
Which is the most low-risk strategy for global market expansion?
Licensing - does not take a large initial investment or major organizational commitment. It is, therefore, a relatively low-risk way to expand globally.
The environmental scanning process is systematized by searching for environmental forces organized under specific categories.
PESTLE analysis—for political, economic, social, technological, legal, and environmental categories
A ___________ specifies what activities the organization intends to pursue and what course management has charted for the future—a concise statement of the organization’s strategy.
Mission Statement
A ___________ is a vivid, guiding image of the organization’s desired future—the future it hopes to attain through its strategy.
Vision Statement
Scorecard: Key Performance Indicators (KPIs) are identified under 4 key areas:
- Finance - HR could work to control recruiting or overtime expenses
- Customers - captures the ability to provide quality goods and services to customers
- Internal Business Processes - results that lead to financial success and satisfied customers
- Learning and Growth - actions that will prepare the future org for success
The purpose of a balanced scorecard is to achieve balance in three key areas:
Between financial and non-financial indicators of success
Between internal and external constituents in the organization
Between lagging and leading indicators of performance
The seven qualities that characterize effective performance objectives:
SMARTER
Specific, Measurable, attainable, relevant, time-bound, evaluated, revised
compares performance levels and/or processes of one entity with those of another to identify performance gaps and set goals aimed at improving performance
Benchmarking
