Strategic Management and Human Capital

Flashcards covering key vocabulary related to strategic management, job design considerations, and human capital implications discussed in the lecture.

Micro-mentoring Moments

Little interactions between more junior and senior people where mutual learning and development occur.

Can We Versus Should We Question

A critical consideration in decision-making, differentiating between what is technically feasible and what is advisable or appropriate.

Strategic Management

The ability for an organization to determine a strategic direction and drive towards it, essential for success and for addressing challenges.

Strategy Formulation

The initial phase of strategic management focused on developing and designing an organization's strategy.

Strategy Implementation

The phase of strategic management where the developed strategy is put into action.

Corporate Social Responsibility

The concept of embedding social responsibility as a fundamental thread within an organization's strategic activities.

Vision (Strategic Management)

An organization's overarching future aspiration or ultimate goal.

Mission (Strategic Management)

Defines how an organization will achieve its vision, including its purpose, values, and how it treats stakeholders.

Goals (Strategic Management)

Specific objectives that need to be accomplished to support the organization's mission and vision.

SWOT Analysis

A strategic planning framework used to evaluate an organization's internal Strengths and Weaknesses and external Opportunities and Threats.

Strengths (SWOT)

Internal positive attributes or capabilities of an organization that can be leveraged.

Weaknesses (SWOT)

Internal negative attributes or limitations of an organization that may hinder success.

Opportunities (SWOT)

External favorable factors or chances in the environment that an organization can exploit.

Threats (SWOT)

External unfavorable factors or risks in the environment that an organization must address.

Strategic Plan

A comprehensive plan that integrates an organization's vision, mission, goals, and the insights from a SWOT analysis to define its future direction.

Human Capital Practice Implications

The consequences or adjustments required for people management practices (e.g., job design, compensation, recruitment, training) that arise directly from an organization's strategic plan.