Human Resource Strategy and Planning

Vocabulary flashcards covering the key terms and concepts of Human Resource Strategy, including approaches to strategy, SHRM, the role of line managers, and the steps of Workforce Planning.

Strategy

The long term direction of an organisation.

Prescribtive approach

A linear and rational method of strategic development where main elements of strategy are determined in advance, often working well when growth is continuous and predictable.

Emergent approach

A method where strategy emerges over time and cannot be summarized usefully in a plan.

Corporate and business strategies

Strategies focusing on the overall direction of the organization, including market entry, country expansion, and business allocation.

Functional strategies

Strategies concerning the delivery of corporate and business strategies in terms of resources and people, depending on areas like marketing, finance, and human resources.

Strategy Formulation Process

The process of gathering and processing information to make long-term decisions, including forecasting and adjusting for unforeseen developments.

Human Resource (HR) Strategy

The alignment of people management with business goals to recruit, develop, and retain employees who fit company values.

Strategic Human Resource Management (SHRM)

The integration of HR with overall business strategy to ensure the workforce creates long-term value and HR policies support business objectives.

Line Managers

Individuals responsible for implementing HR policies, managing performance, and communicating organizational values to employees.

Human Resource Planning (HRP)

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

HRP Step 1

Assessing the current workforce.

HRP Step 2

Predicting future workforce needs.

HRP Step 3

Identifying gaps.

HRP Step 4

Creating plans to close those gaps.