✔️ [People] HR Strategy

Question 1

Plan of action for accomplishing an organization’s overall and long-range goals.

Answer 1

Strategy

Question 2

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

Answer 2

Strategic Planning

Question 3

Beliefs and principles defined by an organization to direct and govern its employees’ behavior.

Answer 3

Organizational Values

Question 4

Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.

Answer 4

Vision Statement

Question 5

Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.

Answer 5

Leading Indicator

Question 6

Type of metric describing an activity or change in performance that has already occurred.

Answer 6

Lagging Indicator

Question 7

State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.

Answer 7

Strategic Fit

Question 8

Process for understanding how seemingly independent units within a larger entity interact with and influence one another.

Answer 8

Systems Thinking

Question 9

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.

Answer 9

SWOT Analysis

Question 10

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.

Answer 10

Mission Statement

Question 11

Actions, processes, or results that are needed to deliver a desired value.

Answer 11

Value Drivers

Question 12

System of actions that leaders take to drive an organization toward its goals and objectives.

Answer 12

Strategic Management

Question 13

Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance.

Answer 13

KPI’s

Question 14

Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.

Answer 14

Balanced Scorecard

Question 15

Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.

Answer 15

PESTLE

Question 16

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.

Answer 16

Environmental Scanning

Question 17

Strategy Alignmet (Blue box)

Answer 17

“🔐 These levels of strategy must be aligned. This means that the HR strategy will be interwoven throughout the organizational and functional strategies. It must be consistent with the organizational strategy and must support other functional strategies. All policies, programs, and processes are selected and evaluated for their strategic impact. HR resources must be spent on strategic activities that add value at all points in the employment management cycle: workforce planning, talent acquisition, engagement and retention, rewards, and development of necessary skills and future leaders. The function must organize itself and acquire necessary strategic competencies, such as the abilities to manage risk and change, to use data to make better decisions, to manage a global and diverse enterprise, and, most importantly, to lead the HR function as part of a larger organization.

Strategy must be developed with awareness of an organization’s stakeholders and their unique perceptions of the value the organization delivers and of the organization’s context—the marketplace forces that affect strategic choices.”

Question 18

SWOT Blue box

Answer 18

🔐 Strengths and weaknesses refer to the internal environment, while opportunities and threats come from the external environment. The opportunities represent favorable or advantageous circumstances that could be used to produce a desired effect, while threats are an indication of possible danger, harm, or menace. Strengths and opportunities can be leveraged; weaknesses and threats are problems that must be solved and are often more difficult to control.

Question 19

Used to find where the greatest value in the org lies.
Market growth on the Y axis, market share on the X axis

Answer 19

Growth-Share Matrix
Star: high value (growing, dominent pair)
Cow: static but dominent business line
dogs: consuming resources but offering little growth
?’s: winner or loser, unclear yet

Question 20

helps compare the impact of changes in the environment on the org’s output, allowing planners to identify environmental factors that have the greatest potential for positive or negative impact & apply risk mgmt

Answer 20

Scenario Analysis

Question 21

Mission & Vision Statement examples

Answer 21

” * Example: L’Oréal
Mission: L’Oréal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy, and safety. It pursues this goal by meeting the infinite diversity of beauty needs and desires all over the world.
Vision: Our ambition for the coming years is to win over another billion customers around the world by creating the cosmetic products that meet the infinite diversity of their beauty needs and desires.”

Question 22

the selective “pruning” of parts of the organization that are underperforming or that are no longer in line with the organization’s strategy.
key is to retain top talent. do so by developing and implementing comm plan

Answer 22

Divestiture

think: parent and child company

Question 23

occurs when an organization fails to recognize and respond to changes in its environment (such as a stagnant organizational culture) that necessitate strategic change.

Answer 23

Strategic Drift

Question 24

When examining demographic factors during an environmental scan:

Answer 24

organizations should examine age, gender, generational differences, geographic shifts in population, ethnicity, unskilled labor, and the nontraditional labor force.

Question 25

Once the strategic direction of the organization has been determined:

Answer 25

groups or individuals can meet with management to discuss their related goals and formulate strategies and tactics to achieve them. This type of participatory involvement will allow employees to make valuable contributions to the strategic plan, and feel motivated to achieve their goals.

Question 26

Cost leadership:

Answer 26

aimed at capturing market share at the lowest possible price. think: ikea

Question 27

Differentiation

Answer 27

being able to charge a higher price by offering something that otherwise does not exist in the marketplace (or perception that there isnt)

ex; warby donates $ for every pair sold, seperating them from other similar companies

Question 28

Focus strategty

Answer 28

cost leadership or differentiation within a narrow industry or segment

Question 29

Robert Grant defines strategic fit as

Answer 29

In Contemporary Strategy Analysis, Robert Grant defines strategic fit as the consonance or compatibility of an organization’s strategy with its external and internal environments, especially with regard to the goals and values it chooses and the resources and capabilities that can be deployed toward strategic goals.

Michael Porter would add that when strategic fit exists, an organization’s activities are consistent with the strategy, they interact with and reinforce each other, and they are “optimized” to reach the strategic goal. “Optimized” means that the organization will do whatever it needs to get there.

Question 30

Michael Porter

Answer 30

Michael Porter would add that when strategic fit exists, an organization’s activities are consistent with the strategy, they interact with and reinforce each other, and they are “optimized” to reach the strategic goal. “Optimized” means that the organization will do whatever it needs to get there.

Question 31

Represents the scheduling of tasks visually, showing the length and specific times of certain activities.
helps identify problematic conflicts in activities or groups that can be exploited to condense the schedule.

Answer 31

Gantt Chart

Question 32

specialized project mgmt approach:

focuses on elimanating waste by:
- maintaining tight focus on the intended value of the project
- empowering the team to make decisions
- analyzing and solving problems instead of working around them
- emphasizing continuous learning

Answer 32

lean project management

Question 33

specialized project mgmt approach:

refers to a level of quality so high that little error occurs.
focuses on projects that have a quantifiable return of value, encouraging team commitment to quality, measuring results for empirical analysis and fact-based decision making

Answer 33

six sigma project mgmt

Question 34

specialized project mgmt approach:

used when expectations are unclear. focuses on iterations of deliverables, completing one, then using customer input to move onto the next

Answer 34

agile project mgmt

Question 35

specialized project mgmt approach:

used when resources cannot be increased to meet deadlines

Answer 35

critical chain project mgmt

Question 36

specialized project mgmt approach:

systematic approach for business improvement based on 5 principals

Answer 36

kaizen

Question 37

specialized project mgmt approach:

places customer at the center of the project by understanding the in-depth requirements of the projects intended end user or beneficiary

Answer 37

design thinking

Question 38

creating competitive advantage through innovation

Answer 38

blue ocean

something that hasnt been done before

Question 39

competing in an exisiting marketplace

Answer 39

red ocean

something that’s done quite a bit