C202 CHAPTER 4 Flashcards
(55 cards)
What is the strategic planning process?
A process for making decisions about an organization’s long-term goals and how they are to be achieved.
Why is HRM important in the strategic planning process?
HRM is important because without the right talent in place, most organizational goals cannot be accomplished.
What are the key components that strategic plans focus on?
High-level decisions including:
* Organization’s vision
* Mission
* Core values
* Business involvement
* Competition strategies
* Organizational structure
What is an organization’s mission?
Its basic purpose and the scope of its operations.
What is the three-part mission of The Coca-Cola Company?
- To refresh the world
- To inspire moments of optimism and happiness
- To create value and make a difference.
What does a company’s vision describe?
The company’s long-term goals regarding what the organization wants to become and accomplish.
Job-related worker characteristics are typically described in terms of:
Knowledge, Skills, Ability, and Other Characteristics (KSAO)
What are core values in an organization?
Enduring beliefs and principles that guide its decisions and goals.
Summarizes the characteristics of someone able to perform the job.
Person Specification
True or False: Strategic planning is only about implementing plans after they are developed.
False
Fill in the blank: An organization’s _______ identifies its long-term goals regarding what it wants to become.
vision
What is the difference between traditional and virtual organizational structures?
Traditional structures are brick-and-mortar, while virtual structures involve employees interacting through technology.
What informs a company’s analysis of its business opportunities and threats?
A company’s mission, vision, and core values
These elements guide the strategic analysis and decision-making processes.
What external factors do organizations analyze to position themselves for success?
Economic conditions and competitive threats
Understanding these factors helps organizations to adapt their strategies.
What does internal environment analysis assess?
What the organization can do best and what it might be compromised at doing
This analysis helps in identifying strengths and weaknesses.
What is the purpose of crafting a business strategy?
To outline how the organization will compete in a particular market
A clear strategy helps to direct resources and efforts effectively.
Organized factual or procedural information that can be applied to perform a task.
Knowledge
This reflects their commitment to innovation in healthcare.
Why should HRM leaders be involved in the business strategy planning process?
Because of the critical role of HRM in executing any business strategy
HRM alignment is essential for achieving strategic goals.
What does human resource planning align with?
The organization’s strategic goals
Effective alignment ensures that the right talent is available to meet objectives.
What preferences and values impact a firm’s future labor supply?
Promoting from within, retaining workers, allowing high turnover, and treating employees as assets
These choices affect recruitment and retention strategies.
What does the human resource planning process reconcile?
Labor supply and demand gaps
This involves developing action plans to manage talent surpluses or shortages.
What are the four main steps of the human resource planning process?
- Strategic planning
- Human resource planning
- Forecasting labor demand and supply
- Developing and implementing action plans
Each step is crucial for effective talent management.
How do a company’s strategic vision, mission, values, and strategy influence human resources?
They influence the type, quality, and quantity of skills and employees needed
This alignment is vital for organizational success.
What is involved in forecasting labor demand and supply?
Identifying expected labor shortages or surpluses
This helps organizations prepare for future workforce needs.
