Strategic Planning and Strategic Trends

The Basis of Suategic Planning – A strategy is the company’s plan for low it will balance its internal strengths and weaknesses with its external opportunities and threats and maintain a advantage. Managers engage in three levels of strategic planning corporate-level strategy, business-level compentive strategy, and functional strategies The Strategic Planning Process entails conducting a SWOT analysis to identify its strengths, weaknesses, opportunities, and threats.

Basic Strategic Trends

Globalization refers to the tendency of firms to extend their ownership, and/or manufacturing to new markets abroad.
businesses everywhere, the rate of globalization in the p past decade has heen enormous, and has several strategic implications for firms.

Technological Advances have been forcing, and enabling, firms to

become more competitive The Nature of Work is changing due to new technological demands. The Workforce demographics are changing as well. It’s becoming

more diverse as women, minority-group members, and older workers enter the workforce. (like those previously discussed) with their firm’s strengths and weaknesses, such as global expansion and improved competitiveness strategies. These types of strategies are driving other organizational changes

HR’s Strategic Role

HR’s Evolving Role – It’s the firm’s workforce that provides the competitive advantage for the firm HR’s role is shifting from protector and screener to strategic partner and change agent.

Strategic Human Resource Management tefers to improving business performance and developing an organizational culture that fosters innovation and flexibility by linlang HRM sath the strategic grals and objectives of the firm

HR’s Rule As a Strategic Partner can be seen as either adapting individual HR practices to fit specific corporate and competitive

strategies or as an equal partner in the strategic planning process HR’s Role in Executing Strategy –

Execution has been HR’s traditional

strategic role.

HR and Value Chain Analysis – Strategy execution usually involves identifying

and reducing costs, and therefore value chain analysis.

HR’s Role in Formulating Strategy HR Dfa Ho management can play a role in environmental scanning by assisting in identifying and analyzing external opportunities and threats that may be crucial to the company’s success