HR Strategy Flashcards
(17 cards)
Balanced scorecard
Performance management tool that depicts an organization’s overall performance, as measured against goals, lagging indicators, and leading indicators
Benchmarking
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
Environmental scanning
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.
Key performance indicators (KPIs)
Quantifiable measures of performance used to gauge progress toward strategic objectives or agreed standards of performance.
Lagging indicator
Type of metric describing an activity or change in performance that has already occurred.
Leading indicator
Type of metric describing an activity that can change future performance and predict success in the achievement of strategic goals
Mission statement
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
Organizational values
Beliefs and principles defined by an organization to direct and govern its employees’ behavior
PESTLE analysis
Scanning process that searches for environmental forces in Political, Economic, Social, Technological, Legal, and Environmental categories
Strategic fit
State in which an organization’s strategy is consistent with its external opportunities and circumstances and its internal structure, resources, and capabilities
Strategic management
System of actions that leaders take to drive an organization toward its goals and objectives.
Strategic planning
Process of setting goals and designing a path toward a competitive position.
Strategy
Plan of action for accomplishing an organization’s overall and long-range goals
SWOT analysis
Method for assessment of an organization’s strategic capabilities through use of the environmental scanning process, by which internal and external factors affecting achievement of organizational goals are identified and considered. [Strengths, Weaknesses, Opportunities and Threats]
Systems thinking
Process for understanding how seemingly independent units within a larger entity interact with and influence one another.
Value drivers
Actions, processes, or results that are needed to deliver a desired value.
Vision statement
Description of what an organization hopes to attain and accomplish in the future, which guides it toward that defined direction.
