FINALS Q1.1: Strategy Flashcards
About deciding where you want
to go and how you mean to get there.
Declaration of intent.
Defines longer-term goals but they are more concerned with how those goals should be achieved.
Means to create value.
Strategy
Defines
the
organization’s intentions and plans
on how its business goals should
be achieved through people.
An
attitude of mind that expresses a way
of doing things; realized in the
form of HR strategies.
Means accepting the
HR function as a key partner in the
formulation of the company’s
strategies, as well as in the
implementation of those strategies through HR activities
General
approach to the strategic management of
human resources in accordance with the
intentions of the organization on the future direction it wants to take.
Strategic
HRM
5 Approaches to Strategic HRM
• resource-based strategy
• achieving strategic fit
• high-performance management
• high- commitment management
• high-involvement management
Focus on the specific intentions of the organization on what needs to be done and what needs to be changed.
Set out what the organization intends to do about its human resource management policies and practices, and how they should be integrated with the business strategy and each other
First define what an organization intends to do in order to attain defined goals in overall human resource management policy and in
particular areas of HR process and practice, and second set out how they will be implemented.
HR strategies
Involves aligning HR practices and policies with overall business strategies to drive the success
of the company.
Strategic HR
Specific HR strategies set out what the organization intends to do in areas such as: (7)
- talent management
- continuous improvement
- knowledge management
- resourcing
- learning and development
- reward
- employee relations
More about getting things done than thinking about them.
It leads to the formulation of HR strategies
Strategic HRM
Desirable in order to give a sense of direction and purpose
and as a basis for the development of
relevant and coherent HR policies and
practices.
Strategic approach
5 Strategic Tools & Models
MBO
SMART
KPI
Balanced Scorecard
OKR
MBO
Management by Objectives
SMART
Specific, Measurable, Attainable/Achievable, Relevant, Time Bound
KPI
Key Performance Indicator
BSC
Balanced Score Card
OKR
Objectives and Key Results
Key tools for strategic planning (2)
-Balanced Scorecard
- Strategy Map
