Strategic Plan Overview
University of Phoenix Material
Strategic Human Resource Management (HRM) Plan Overview
Strategic Planning
Purpose
Strategic planning is a necessary process to ensure an organization understands its future, and emerging operational environment and issues. Strategic planning also develops measurable plans, processes, and procedures to prepare for that environment and the future.
Context
Strategic planning examines all business aspects and is more than envisioning the future, because it requires setting goals and establishing critical success factors and actions necessary to reach those goals. Goals and actions are tactical plans updated annually or semi-annually to track progress. Strategic plans are made according to each company’s process. Some complete the process every few years, whereas others prefer a five-year interval. Some companies plan a five-year timeframe, whereas others set longer timeframes. In any case, implementation and tracking are never-ending responsibilities for management and employees.
Many models for strategic planning are available. Companies select a model or a variation that best fits their business. Some models include the applied strategic planning model; the goal setting model; the strengths, weaknesses, opportunities, and threats model; and the resource-based model.
The HRM team must work with all divisions to perform strategic human resources (HR) planning, using the existing model.
General Business Requirements
Strategic planning requires a disciplined and thoughtful approach using critical analysis and interdisciplinary actions. Strategic planning is an examination of every line of business (LOB) in a company and the requirements necessary to implement an LOB’s goals. For HRM, this requires determining the specifics of workforce planning to meet LOB needs, skill and competency requirements, compensation and benefit costs, training and development needs and costs, and so forth. HRM must work closely
Strategic Human Resource Management (HRM) Plan Overview
Strategic Planning
Purpose
Strategic planning is a necessary process to ensure an organization understands its future, and emerging operational environment and issues. Strategic planning also develops measurable plans, processes, and procedures to prepare for that environment and the future.
Context
Strategic planning examines all business aspects and is more than envisioning the future, because it requires setting goals and establishing critical success factors and actions necessary to reach those goals. Goals and actions are tactical plans updated annually or semi-annually to track progress. Strategic plans are made according to each company’s process. Some complete the process every few years, whereas others prefer a five-year interval. Some companies plan a five-year timeframe, whereas others set longer timeframes. In any case, implementation and tracking are never-ending responsibilities for management and employees.
Many models for strategic planning are available. Companies select a model or a variation that best fits their business. Some models include the applied strategic planning model; the goal setting model; the strengths, weaknesses, opportunities, and threats model; and the resource-based model.
The HRM team must work with all divisions to perform strategic human resources (HR) planning, using the existing model.
General Business Requirements
Strategic planning requires a disciplined and thoughtful approach using critical analysis and interdisciplinary actions. Strategic planning is an examination of every line of business (LOB) in a company and the requirements necessary to implement an LOB’s goals. For HRM, this requires determining the specifics of workforce planning to meet LOB needs, skill and competency requirements, compensation and benefit costs, training and development needs and costs, and so forth. HRM must work closely