HR Strategy Flashcards
Actions, processes, or results that are needed to deliver a desired value.
Value drivers
Process of setting goals and designing a path toward a competitive position.
Strategic planning
Plan of action for accomplishing an organization’s overall and long-range goals.
Strategy
Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.
Vision statement
State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities.
Strategic fit
Scanning process that searches for environmental forces in political, economic, social, technological, legal, and environmental categories.
PESTLE analysis
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
Process for understanding how seemingly independent units within a larger entity interact with and influence one another.
Systems thinking
Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals.
Leading indicator
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
System of actions that leaders take to drive an organization toward its goals and objectives.
Strategic management
Type of metric describing an activity or change in performance that has already occurred.
Lagging indicator
Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators.
Balanced scorecard
Process by which an organization identifies performance gaps and sets goals for performance improvement by comparing its data, performance levels, and/or processes against those of other organizations.
Benchmarking
Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance.
Key performance indicators (KPIs)
