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Chapter 1

HR Planning - Chapter 1.docx

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Human Resources Management
HRM 3430
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Chapter 1 Strategy – the formulation of organizational missions, goals, objectives and actions plans Plan – intended course of action a firm has selected to deal with a situation Purpose – a consistent stream of actions that sometimes are the result of a deliberate plan and sometimes the result of emergent actions based on reactions to environmental changes or shifting of assumption Play – a specific manoeuvre at the tactical level with a short time horizon Position – the location of an organization relative to its competition and horizon Perspective – the gestalt or personality of the organization Emergent Strategy – the plan that changes incrementally due to environmental changes Intended Strategy – the formulated plan Realized Strategy – the implemented plan 1) Corporate Strategy – organizational-level decisions that focus on long-term survival - Restructuring Strategies: when an organization is not achieving its goals thus it must restructure through turnaround, liquidation and bankruptcies - Turnaround Strategy: an attempt to increase the viability of an organization (include getting rid of unprofitable products, and layoff) - Divestiture: the sale of a division or part of an organization - Liquidation: the termination of a business and the sale of its assets (plants are closed, employees are released and goods are auctioned off) - Bankruptcy: occurs when a company can no longer pay its creditors and usually one of them calls a loan 2) Growth Strategies – growth in revenues, sales, market share, customers, orders etc. - Incremental Growth: expanding the client base, increasing the products or services, changing the distribution networks or using technology - International Growth: expanding internationally while seeking new customers or markets - Mergers: two organizations combine resources and become one - Acquisition: the purchase of one company by another 3) Stability Strategies – organizations may not want their company to grow but their goal should be restructuring 4) Business Strategies Business strategy: - plans to build a competitive focus in one line of business - concerned with how to build a competitive position, and with the best way to compete in that line of business The Strategic Planning Process 1. Establish the mission, vision and values - Mission: a view of a realistic, credible and attractive future for the organization - Vision: a clear and compelling goal that serves to unite an organization’s efforts - Values: basic beliefs that govern individual and group behaviour in an organization - Conveys a sense of identity for employees - Stability of the organization as a social system 2. Develop objectives - The management team develops to achieve the strategy - Hard goals: members and performance - Soft goals: targets for the social conduct of the business
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