Module 2: Strategic Assessment

Question 1

What are the six steps in the continuous Strategic Benefits Design Process?

Answer 1

1. Review Strategies
2. Conduct Gap Analysis
3. Select and Design Benefits Plans
4. Determine Costing
5. Select Funding Method
6. Management Approval and Implementation

Question 2

What 2 things is the business strategy derived from?

Answer 2

Vision - aspirational statement, what to become, drives direction of org

Mission - foundation of org, describes how org will accomplish the vision

Strategy - course of action to accomplish mission

Question 3

Operational Excellence-low price, quality, dependability, ease of purchase

Customer Intimacy-bond with targeted customers,exceed customer expectations, build customer loyalty

Product/Service Leadership-Products that expand performance boundaries, technical breakthroughs, better ideas, quick to market

ARE ALL EXAMPLES OF WHAT??

Answer 3

Business Strategies

Question 4

What is an organization’s overall plan for attraction, motivation, and retention of employees?

Answer 4

HR Strategy

Question 5

What uses the HR Strategy as it’s basis?

Answer 5

The Total Rewards Strategy

Question 6

What is this called?

Vision
Mission
Strategy-action plan to complete mission
Goals-SMART
Tactics - doing/action

Answer 6

Line of sight