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Terms in this set (26)
Strategic plan
A company's plan for how it will match its internal strengths and weaknesses with external opportunities and threats in order to maintain a competitive advantage.
What are the three strategies to a strategic plan
The need to support corporate productivity and performance improvement efforts.
That employees play an expanded role in employers' performance improvement efforts.
HR must be more involved in designing—not just executing—the company's strategic plan.
strategic management
The process of identifying and executing the organization's mission by matching its capabilities with the demands of its environment.
Strategy
A strategy is a course of action.
The company's long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage.
vision
evokes emotion
mission statement
Spells out who the company is, what it does, and where it's headed.
What are the 7 Strategic management tasks
Step 1: Define the current Business and Its Mission
Step 2: Perform External and Internal Audits
Step 3: Formuelate new business and mission statement
Step 4: Translate the Mission into Strategic Goals
Step 5: Formulate a Strategy to Achieve the Strategic
Goals
Step 6: Implement the Strategy
Step 7: Evaluate Performance
What are the five that are part of strategic planning?
the first 5 steps
strategic control
the process of assessing progress toward strategic goals and taking corrective action as needed
Corporate-level strategy
Identifies the portfolio of businesses that, in total, comprise the company and the ways in which these businesses relate to each other.
Diversification strategy
implies that the firm will expand by adding new product lines.
Vertical integration strategy
means the firm expands by, perhaps, producing its own raw materials, or selling its products direct.
Consolidation strategy
reduces the company's size
Geographic expansion strategy
takes the company abroad.
Cost leadership
the enterprise aims to become the low-cost leader in an industry
Differentiation
: a firm seeks to be unique in its industry along dimensions that are widely valued by buyers.
Focus
: a firm seeks to carve out a market niche, and compete by providing a product or service customers can get in no other way.
leverage
supplementing what you have and doing more with what you have
Strategic Human Resource Management
The linking of HRM with strategic goals and objectives in order to improve business performance and develop organizational cultures that foster innovation and flexibility.
Formulating and executing HR systems—HR policies and activities—that produce the employee competencies and behaviors
the company needs to achieve its strategic aims.
what human resources management polices worked for Southwest
1) high compensation, flexible job assignments, cross training, employee stock ownership
HR professionals should be part of the firm's strategic planning executive team.
Identify the human issues that are vital to
business strategy.
Help establish and execute strategy.
Provide alternative insights.
Are centrally involved in creating responsive and market-driven organizations.
Conceptualize and execute organizational change.
3 basic strategic challenges for HR
1) the need to support corporate productivity and performance improvement efforts
2) employees play and expanded role in employers performance
improvement efforts
3) human resources units must be involved in designing- not jest executing- the company strategic plan
metrics
measures the performace of various HR related activites
HR's Strategy Execution Role
The HR department's strategies, policies, and activities must make sense in terms of the company's corporate and competitive strategies, and they must support those strategies.
HR's Strategy Formulation Role
Supplying competitive intelligence that may be useful in the strategic planning process.
Supplying information regarding the company's internal human strengths and weaknesses.
Build a persuasive case that shows how—in specific and measurable terms—the firm's HR activities can and do contribute to creating
value for the company.
what are the 3 Components of the HR process
HR professionals who have strategic and other skills
HR policies and activities that comprise the HR system itself
Employee behaviors and competencies that the company's strategy requires
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