Instructions
Supporting Lectures:
Review the following lectures:
- Strategic Planning Process
- HRM Planning
Project
The project assignment provides a forum for analyzing and evaluating relevant topics for this week on the basis of the course competencies covered.
Introduction
The fundamental premise of this course is that different organizational strategies require different human resource policies and practices. Before HRM strategies can be utilized, it is important to understand the different types of strategies that organizations formulate and implement. It is important to understand the strategic planning process because HR professionals are expected to navigate the language of business and to be able to discuss HR programs using the terminology of strategic planning. Corporate strategies are organization-wide strategies focused on the overall strategy for the organization and its businesses or interests. These strategies are usually focused on long-term growth and survival goals.
Listed are three corporate strategy options:
- Restructuring
- Growth
- Stability
Each strategy option includes several forms:
- Restructuring: turnaround, divestiture, liquidation, or bankruptcy.
- Growth: incremental growth, international growth, or mergers and acquisitions.
- Stability: maintain the status quo.
Tasks
Select a public company to research. Pick one of the corporate strategy forms listed above, and answer the following questions:
- Describe your chosen organization.
- Define the corporate strategy that you researched.
- Evaluate the strategy used by your chosen organization and explain why it was selected.
- Examine if the strategy focus on long-term growth or survival goals for that organization?
- Conclude if the growth was achieved.
To support your work, use your course and text readings and also use the
South University Online Library
. As in all assignments, cite your sources in your work and provide references for the citations in APA format.
Submission Details
- Present a 2- to 3-page paper in a Microsoft Word document formatted in APA style. Cite any sources using the APA guidelines.
- Name your file as SU_HRM5010_W1_Project_LastName_FirstName.
Human Resources
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Strategic Planning Process
When thinking of the best analogy for strategic planning that organizations use to compete, we may use
chess to illustrate the methods used by executives to move their organizations forward. Like chess,
strategies can be reactive or proactive. Strategies may be reactive, such as when there are changes in
various environments: legal, economics, political, sociocultural, competitive, etc. Strategies may be
proactive, such as when an organization enters new markets, introduces new products/services, or
withdraws from competing within a specific industry. Just like in chess, organizations make strategic moves
through a well-created and executed plan, the competition contemplates how to react with their strategy,
and there is back and forth movement for advantage.
The strategic planning process requires thinking and planning ahead. Good chess players do this—they
calculate their strategy depending upon how a game unfolds. If the game is moving slowly, chess masters
focus on conceptual plans. When the game is more defensive, a chess master will think ahead by several
moves.
You have to make strategic moves to win the game. There are rules in the game and you can change the
rules, but that is not recommended. You start any game at the beginning and follow a series of steps to
achieve a singular or set of results. You miss some steps and you might lose some grounds that you did
not wish or plan to lose. The same idea applies to the strategic planning process.
The basic rules for the strategic planning process includes the following rules:
1. Understand your current environment (Assess)
2. Identify your resources—what is available to you to work with? (Tools)
3. Recognize where you want or need to go (Goals)
4. Determine how you will get there (Path)
Additional Materials
From your course textbook, Managing Employee Performance and Reward (2nd ed.), read the following
chapters:
Performance and reward basics
Managing for engagement
Strategic alignment
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Managing for results
From the Internet, read the following articles:
Forbes. (n.d). Five steps to a strategic plan. Retrieved from
http://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#4023692361af
Hitt, M.A., Ireland R.D., Hoskisson R.E. (2007). Strategic management, competitiveness and globalization
concepts. Mason, OH: Thompson Higher Education. Retrieved from
https://kafebisnis2010.files.wordpress.com/2011/11/strategic-manag-concept-n-case-hitt-et-al
On Strategy. (n.d.). Essentials guide to strategic planning. Retrieved from
http://onstrategyhq.com/resources/strategic-planning-process-basics/
- Local Disk
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