People: HR Strategic Planning Flashcards
Method for assessment of an organization’s strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered.
SWOT analysis
All financial returns (beyond any tangible benefits payments or services), including salary and allowances.
Compensation
System of actions that leaders take to drive an organization toward its goals and objectives.
Strategic management
Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.
Balanced scorecard
Concise outline of an organization’s strategy, specifying the activities the organization intends to pursue and the course its management has charted for the future.
*i.e. priorities
Mission statement
Process by which an organization identifies performance gaps and sets goals for performance improvement by comparing its data, performance levels, and/or processes against those of other organizations.
Benchmarking
Actions, processes, or results that are needed to deliver a desired value.
Value drivers
Process of setting goals and designing a path toward a competitive position.
Strategic planning
Process that involves a systematic survey and interpretation of relevant data to identify external opportunities and threats and to assess how these factors affect the organization currently and how they are likely to affect the organization in the future.
Environmental scanning
State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.
Strategic fit
Plan of action for accomplishing an organization’s overall and long-range goals.
Strategy
Process for understanding how seemingly independent units within a larger entity interact with and influence one another.
Systems thinking
Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.
PESTLE analysis
Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.
Vision statement
*The purpose is to inspire and motivate. It can be aspirational.
Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.
Leading indicator
Beliefs and principles defined by an organization to direct and govern its employees’ behavior.
Organizational values
Type of metric describing an activity or change in performance that has already occurred.
Lagging indicator
*Additional Flashcard
A matrix used to find where the greatest value in an organization lies. (pg 22)
Growth-Share Matrix
*Additional Flashcard
A type of analysis which helps an organization compare the impact of changes in the environment on the organization’s outputs. (pg 23)
*Additional Flashcard
Scenario Analysis
**This allows planners to identify those environmental factors that have the greatest potential for positive or negative impact and to apply the principles of risk management to strategy formulation.
*Additional Flashcard
Measurements against a defined scale or a ratio of one aspect to another used to indicate the desired level of performance. (pg 30)
*Additional Flashcard
Metrics
*Additional Flashcard
Focuses an organization on achieving certain levels of performance.
*Additional Flashcard
Performance Indicator
*Additional Flashcard
This acronym is used to describe the seven qualities that characterize effective HR performance objectives. (pg 31)
*Additional Flashcard
SMARTER
(Specific, Measurable, Attainable, Relevant, Timebound, Evaluated, Revised)
*Additional Flashcard
Strategy which addresses the way in which the enterprise will relate to its industry and marketplace - how it will define its particular value to its customer. (pg 35)
*Additional Flashcard
Business Strategy
*Additional Flashcard
These are the two basic types of competitive advantage strategies.
*Additional Flashcard
Cost Leadership and Differentiation
*Additional Flashcard
A firm’s aim at capturing market share within their industry by virtue of lowest price. (pg 37)
*Additional Flashcard
Cost Leadership
(e.g. Walmart)
*Additional Flashcard
A firm’s aim for being able to charge a higher price by offering something different or by offering the same thing in a different way from competitors in their industry or market - or by creating the perception that a product is different through superior marketing. (pg 38)
*Additional Flashcard
Differentiation
(e.g. Warby Parker prescription lenses; Toms)
*Additional Flashcard
A growth strategy whereby companies agree to share assets, such as technology. (pg 41)
*Additional Flashcard
Strategic Allience
*Additional Flashcard
A growth strategy whereby two or more companies invest together in forming a new company that is jointly owned. (pg 41)
*Additional Flashcard
Joint Venture
*Additional Flashcard
A growth strategy whereby one firm acquires partial ownership through purchase of shares. (pg 41)
*Additional Flashcard
Equity Partnership
*Additional Flashcard
A growth strategy whereby a firm purchases the assets of a local firm outright, resulting in expanding the acquiring company’s employee base and facilities. (pg 41)
*Additional Flashcard
Merger/Acquisition
*Additional Flashcard
A growth strategy whereby a trademark, product, or service is licensed for an initial fee and outgoing royalties. Often used in the fast-food industry. (pg 41)
*Additional Flashcard
Franchising
*Additional Flashcard
A growth strategy whereby a local firm is granted the rights to produce or sell a product. (pg 41)
*Additional Flashcard
Licensing
*Additional Flashcard
A growth strategy whereby a firm arranges for a local manufacturer to produce components or products as a means of lowering labor costs. (pg 41)
*Additional Flashcard
Contract Manufacturing
*Additional Flashcard
A growth strategy whereby another company is brought in to manage and run the daily operations of the local business. (pg 41)
*Additional Flashcard
Management Contract
*Additional Flashcard
A growth strategy whereby an existing facility and its operations are acquired and run by the purchaser without major changes. (pg 41)
*Additional Flashcard
Turnkey Operation
*Additional Flashcard
A growth strategy whereby a company builds a new location from the ground up. (pg 41)
*Additional Flashcard
Greenfield Operation
*Additional Flashcard
A growth strategy whereby a company repurposes, through the expansion or redevelopment, an abandoned, closed, or underutilized industrial or commercial property. (pg 41)
*Additional Flashcard
Brownfield Operation
*Additional Flashcard
The selective “pruning” of parts of an organization that are underperforming or that are no longer in line with the organization’s strategy. May result in the selling of the subsidiary. (pg 43)
*Additional Flashcard
Divestiture
** Growth strategies are often fueled by divestiture.
