HR Strategy Flashcards
3 Levels of Strategy
- Organizational
- Business Unit
- Operational
Strategic drift
failing to recognize and respond to changes in the environment
What does Strategic Management provide an organization?
- consistent long term goals
- consistent decision making by leaders
- better competitive, external vision
- better internal vision
What are the 4 steps of Strategic Planning and Management?
- Formulation
- Development
- Implementation
- Evaluation
Recognizes that organizations are composed of interconnected parts, and role of feedback is crucial
Systems Thinking
Process of systematically surveying and gathering data that can be analyzed to identify opportunities and threats, and strengthen strategy
Environmental Scanning
What are the elements of a PESTLE Analysis?
Political
Economic
Social
Technological
Legal
Environmental
What are the elements of a SWOT analysis?
Strengths (internal)
Weaknesses (internal)
Opportunities (external)
Threats (external)
What is a Growth-Share Matrix?
Used to find where the greatest value in the org lies - high market share and high market growth rate
Scenario Analysis
Helps an organization compare the impact of changes in the environment on the org’s outputs
Specifies what activities the org intends to pursue and what course management has charted for the future
Mission Statement
Vivid, guiding image of the org’s desired future, with purpose to inspire and motivate
Vision Statement
Beliefs important to an org and often dictate employee behavior
Organizational Values
Approach to identify KPI’s and ensure the objectives used to measure performance are strategically aligned to the org and balanced
Balanced Scorecard
3 areas to achieve balance in a Balanced Scorecard
- Financial and nonfinancial indicators of success
- Internal and external constituents in the org
- Lagging and leading indicators of performance
Benchmarking
Compares performance levels of one entity with another to identify gaps and set goals aimed at improving performance
How is HR able to improve the quality of its org’s strategies?
By identifying potential obstacles and suggesting better approaches
The compatibility of an org’s strategy with its environments and with regards to goals and values and the resources and capabilities of the org
Strategic Fit
Position in which the org enjoys a competitive edge over its rivals
Business strategy
Where an org will compete in terms of markets and industries
Corporate strategy
Cost Leadership
Virtue of the lowest price
Differentiation
Offering something different than the competition
Selective pruning of parts of the org that are underperforming or are no longer in line with the org’s strategy
Divestiture Strategy
5 elements needed for effective implementation of strategy
- communication outward to entire team
- communication inward to leaders
- leadership support of decisions made by subordinates
- free flow of info across org boundaries
- enough info to allow team members to connect their work to the strategy
Lean Project Management
Focuses on eliminating waste
Six Sigma Project Management
Focuses on producing level of quality so high, very few errors occur
Agile Project Management
Used when assumptions on which the project is based are unclear or may evolve
Critical Chain Project Management
Used when resources cannot be increased to meet deadlines
Kaizen
Approach for business improvement, requiring all people and processes in an org to work to continuously improve
Design Thinking
Places customer at center of project by understanding the in-depth requirements of the project’s end user
Performance data is gathered and compared to performance objectives, that should measure:
Effectiveness
Efficiency
Impact
What is important when evaluating performance?
- Don’t measure everything, focus on performance that supports strategic goals
- Be mindful of stakeholders
- Blend awareness of past, present, and future performance in creating objectives
- Reexamine what you’re measuring regularly
What is important when communicating strategic results?
Communicating the results of analyzing data, as a narrative that is supported by the data
3 Steps of Project Management process
- Define the project objectives
- Set the schedule and budget
- Evaluate whether the project yielded the desired results
Uses information about start or mandatory end dates, the logical relationship of tasks, and the length of each task to find the earliest completion date
Critical Path Analysis
Represent the scheduling of tasks visually, can help identify conflicts in activities or gaps that can be exploited to condense the schedule
Gantt Charts
