HR Strategy - Strategic Planning and Management

Question 1

Competencies

Answer 1

Clusters of highly interrelated attributes, including knowledge, skills, and abilities (KSAs), that give rise to the behaviors needed to perform a given job effectively.

Question 2

What is the workforce (employment) management cycle?

Answer 2

1. Workforce planning
2. Talent acquisition
3. Engagement & retention
4. Learning & Development
5. Rewards

(Functional Area’s of People)

Question 3

What are the three levels of strategy?

Answer 3

1. Organizational strategy
2. Business unit strategy
3. Operational strategy

Question 4

Organizational Strategy

Answer 4

Focuses on the future of the organization as a single unit— a general vision* of the future it seeks and its *long-term goals.

Question 5

Business Unit Strategy

Answer 5

Address questions of how and where the organization will focus to create value.

Question 6

Operational Strategy

Answer 6

The way in which organizational and business unit strategies are translated into action at the functional level through functional strategies.

Strategic planning and management processes are repeated at each level, and unit and functional leaders must assume the same strategic mindset that the organization’s leaders have adopted.

Question 7

Functional Strategies

Answer 7

Marketing Strategy

HR Strategy

IT Strategy

Ect.

Question 8

Strategic Planning

Answer 8

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

Question 9

Strategic Management

Answer 9

Actions that leaders take to move their organization toward the goals set in strategic planning and create value for all stakeholders

Question 10

Strategic management provides and organization with…

Answer 10

1. Consistent long term goals
2. Consistent decision making
3. Better competitive and external vision
4. Better internal vision

Question 11

Critical success factors for strategic planning and management

Answer 11

1. Alignment of effort
2. Control of strategic drift
3. Focus on core competencies

Question 12

Core competencies

Answer 12

Unique abilities that differentiate an organization their competitors. And something that would be difficult for their competitors to duplicate

Examples:

Technical expertise

Excellence in design, marketing, or operations

Vision

Question 13

Strategic Planning and Management Process

Answer 13

1. Formulation
2. Development (Goal setting)
3. Implementation
4. Evaluation

Question 14

Strategic Drift

Answer 14

A phenomenon in which an organization fails to recognize and respond to changes in its environment that necessitate strategic change.

Question 15

In order for an EVP to be successful, it must align closely with…..

Answer 15

In order for an EVP to be successful, it must align closely with the organization’s strategic plan, mission, vision, and values.

Question 16

Which is a major talent management issue faced by organizations during mergers and acquisitions?

Answer 16

Retaining key talent is a major issue faced by organizations during mergers and acquisitions.