Human Resource Strategy and Planning

Flashcards based on lecture notes covering strategic approaches, levels of strategy, HR strategy formulation, SHRM, and Workforce Planning (HRP).

Strategy

The long term direction of an organisation.

Prescribtive approach

An approach where strategic development is linear and rational, main elements are determined in advance, and it works well where growth is continiuous, linear and predictable.

Emergent approach

An approach where strategy emerges over time and cannot be summarised usefully in a plan.

Corporate and business strategies

A level of strategy focusing on the overall direction of the organization, such as which markets to enter, expansion into new countries, and research new allocation of Businesses.

Functional strategies

Strategies concerning the delivery of corporate and business strategies in terms of resources and people, depending on areas such as production, marketing, sales, and human resources.

Strategy Formulation Process

A process involving gathering and processing information to make long-term decisions, including forecasting future actions and adjustingb on an ongoing basis for unforseen developments.

Strategic plan components

Factors including the product life cycle, changing comsumer tastes, expansion into other countries, the ecomony, the competition, Thechnological developments, and Ligislation.

Human Resource (HR) Strategy

A strategy that aligns people management with business goals to recruit the right people, develop skills, and retain talented employees.

Strategic Human Resource Management (SHRM)

The practice of integrating HR with overall business strategy to ensure HR supports business objectives and the workforce creates long-term value.

Role of Line Managers

Responsibilities including implementing HR policies, managing employee performance, supporting employee engagement, giving feedback, and communicating organizational values.

Human Resource Planning (HRP)

Also called Workforce Planning; it ensures an organization has the right number of people with the right skills at the right time.

HRP Process Steps

A four-step process involving: 1. Assessing the current workforce, 2. Predicting future workforce needs, 3. Identifying gaps, and 4. Creating plans to close those gaps.