Strategy Module 1 - Human Resources Role in Strategy Flashcards
What is Strategy?
Is the formulation of organizational missions, goals, objectives, and actions plans for achievement that explicitly recognizes the competition and the impact of outside environmental forces
Who are the Stakeholders of Strategy?
-Owners and stakeholders -Board of directors -Leaders and Managers -Supervisors -Employee and Candidates -Union -Suppliers and Customers -Community
What is Strategy Formulation?
The process of conceptualizing the organization’s mission, identifying its strategy, and develop long- range- organizational performance goals.
What is Strategy Implementation?
The doing: The act and act of putting long-, mid- and short range plans into place. Theses are the activates that employees and managers undertake to enact the strategic plan and achieve performance goals
What are the benefits of Strategy Formulation?
-Clarity -Coordination -Efficiency -Incentives -Change -Career Developments
What are the three types of strategic resources/inputs used in the production of goods and services?
Land, Capital, and Labor
What are the three ways of aligning the HR strategy with the business strategy?
- Create an HR strategy based upon the existing business strategy. 2. Create the business strategy based on the required HR strategy. 3. Use an iterative approach to develop the HR and business strategies simultaneously recognizing a “reciprocal inter-dependency” between them.
What do HR professionals do in the strategic function?
Align HR and Business strategies, engage in concurrent strategy formulation, execute the basics, speak the language of the business, develop and measure HR metrics.
How do HR professionals help to manage the risks associated with strategy formulation?
Manage employee expectations and motivation, manage flexibility, outdated practices, and compliance.
What role(s) do HR professionals play in the strategic function?
Team Players, Collaborators, Change Agents
