✔️ [People] HR Strategy Flashcards
Plan of action for accomplishing an organization’s overall and long-range goals.
Strategy
Process of setting goals and designing a path toward a competitive position.
Strategic Planning
Beliefs and principles defined by an organization to direct and govern its employees’ behavior.
Organizational Values
Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.
Vision Statement
Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.
Leading Indicator
Type of metric describing an activity or change in performance that has already occurred.
Lagging Indicator
State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.
Strategic Fit
Process for understanding how seemingly independent units within a larger entity interact with and influence one another.
Systems Thinking
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
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.
Mission Statement
Actions, processes, or results that are needed to deliver a desired value.
Value Drivers
System of actions that leaders take to drive an organization toward its goals and objectives.
Strategic Management
Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance.
KPI’s
Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.
Balanced Scorecard
Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.
PESTLE
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
Strategy Alignmet (Blue box)
“🔐 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.”
SWOT Blue box
🔐 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.
Used to find where the greatest value in the org lies.
Market growth on the Y axis, market share on the X axis
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
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
Scenario Analysis
Mission & Vision Statement examples
” * 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.”
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
Divestiture
think: parent and child company
occurs when an organization fails to recognize and respond to changes in its environment (such as a stagnant organizational culture) that necessitate strategic change.
Strategic Drift
When examining demographic factors during an environmental scan:
organizations should examine age, gender, generational differences, geographic shifts in population, ethnicity, unskilled labor, and the nontraditional labor force.
