MHR 749 Lecture Notes - Lecture 2: Swot Analysis, Wealth Management, W. M. Keck Observatory
Document Summary
Strategy the totality of decisions: do an analysis (i. e. swot) to understand the context you are in (1) assess total compensation implications. Employee preferences are also wide ranging: choice is good. Yes, no, maybe: union preferences differ by location. The goal of all this is to generate certain employee attitudes and behaviours which will then turn into a competitive advantage. Strategy: a fundamental business decision that an organization has made in order to achieve its strategic objectives: a strategic perspective focuses on those compensation decisions that help the organization gain and sustain competitive advantage. The greater the alignment, or fit, between the organizational strategy and the compensation system, the more effective the organization: different strategy within same industry, different strategy within same company. [video] generic strategies michael porter: competitive advantage when a company has higher revenues in comparison to other companies in that industry; can be achieved by reducing cost, increasing revenue through a larger market share.