...Aligning Human Resources & Strategic Plans John P. Righeimer Maverick Energy Contents Introduction……………………………………………………….pages 3-4 The Problem: HR is not aligned with strategic planning……….....pages 4-7 The Solution: Aligning HR with organizational strategy………....pages 7-12 Conclusion…………………………………………………………pages 12-13 References……………………………………………………….…page 14 John P. Righeimer Maverick Energy PH: 815-498-3855 2 Introduction Most organizations view the department of Human Resources (HR) as an administrative function and ignore the need and opportunity to align it with its strategic plans. In circumstances where HR is included in the strategy of an organizatio n, its alignment does not go beyond a forecasting function. The main reason that HR is not aligned with the strategy of an organization is that it does not hold a seat at the strategic planning table. The irony with HR being left of out of strategy planning is that by its nature, HR is about people, which is the core of an organization and its strategic plan. The HR function not aligned with an organization’s strategy. My hypothesis is that it is hard to measure HR success and thus it is considered “soft” and not important in the strategy development. What gets measured gets done and/or receives the authority to contribute to an organization’s strategy. HR is often viewed as the organization’s “cop”, ensuring that benefits are properly administered and hiring/firing is handled to the letter of the...
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...Business600: Strategic Management Process Literature Review Keyona Henderson Liberty University July 04, 2014 Strategic Management Process Introduction The strategic management process is more than just simple rules. It is a rational approach used in businesses. It starts with management thinking strategically, then applying steps and thought to a process. This process should be understood by everyone in the business. Although it starts with upper management, it should be implemented throughout the entire business and everyone should be included. According to Popescu, in the International Conference on Management and Industrial Engineering “The process of strategic management consists of an ongoing analysis, decisions, and actions activities to create and sustain competitive advantages in order to obtain desired competitive position and achieve strategic objectives”(Popescu,2013). This process is not one simple step and can be complex. It is not a onetime occurrence and can happen multiple times. The ongoing analysis, decisions, and actions that are performed should include all people involved. Everyone should be on the same page throughout the strategic management process. Goal Setting It is important for any business to set goals. Goals give businesses a purpose. It helps to organize the direction in which a business should take. Businesses should always have goals and let the goals be clear. Goals should be clear to both managers and employees. Short term and...
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...Literature Review: Strategic Management BUSI 600 Business Research Methods Thomas Sheppard Liberty University October12, 2012 Abstract In order to have a successful study, a review of the literature will be undertaken. Then the methods and standards that were used will be addressed, and any questions that are being considered for further research into the area of strategic management will be discussed. From that point, it is vital that conclusions be drawn and recommendations be offered to wrap up the study. Without these components, it is often not clear whether a researcher has a thorough understanding of what the study was designed to do, and it is also not clear if said researcher is certain as to what else should be done in the area and should be questioned when it comes to that particular issue. In short, studies without these components lack completeness and that can make it difficult for anyone in the future to use the study as a jumping off point for similar studies or studies into related issues. The concept of strategic management is one that is highly important to organizations around the world (David, 2009). It involves taking a look at the top management of a company and the resources that management team is using on behalf of the company's owners and in order to show a specific level of performance. The mission, vision, and objectives of the organization must be examined, and it is necessary for them to...
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...Excellence in Financial Management Course 10: Strategic Planning Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a concise overview of how to do a strategic plan. The entire strategic planning process is outlined within this course. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Chapter 1 Preliminary Considerations What is Strategic Planning? The essence of management includes the ability to plan. As you work your way up the organization, planning moves from operational to strategic. Strategic Planning is one of the principal responsibilities of upper-level management. Once management decides on the Strategic Plan, lower-level managers implement the Strategic Plan through an Operating Plan. Strategic Planning attempts to answer a very fundamental question: Where do we want to be one year from now, two years from now, three years from now, etc.? Strategic Planning requires that an organization develop a vision of itself - how do we see ourselves in the future? Strategic Planning looks at the big picture from a long-range perspective whereas the Operating Plan represents the specific tactics for carrying out the Strategic Plan year to year. Strategic Planning is a process whereby an organization makes choices about: ▪...
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...banking industry in addition to competition in market is getting intense day by day. The management is required to optimally deploy its resources for enhancing profitability and growth of business. The need of minimizing to vulnerability of depending on single market is also crucial and required business expansion in different regions. It is therefore necessary for the management of the bank to strategically utilize its limited resources so that the growth of the bank can be maintained in the competitive environment. The role of management practices is crucial in ensuring the business growth but necessary to be aligned with the rapidly changing behavior of market. It was highlighted by Charles Hill & Dr. Jones (2007; pp. 335) that management enhances its skills for exploring new business opportunities and deploys its resources to fulfil the needs of market. In this regard the strategy of business is also required to be appropriate so that it can enable the management to attain its goals. These measures particularly enhance the management skills through which the influence of market environment on operations can be ascertained. It is therefore crucial for the management to adopt appropriate strategy because it helps in strategically managing the operations of bank. Through strategic management practices the growth of bank can be instigated in the market. In this project, strategic management practices of the Royal Bank of Scotland (RBS) are explored. 2. Research Questions ...
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...Chapter 2 Strategic Management and the Entrepreneur 1) The strategic management process: Topic: Introduction 2) A small business's "aggregation of factors that sets it apart from its competitors" is its: Topic: Building a Competitive Advantage 3) How is the strategic planning process for small companies different from that for large Page Ref: 41 Topic: Building a Competitive Advantage 4) ________ focuses everyone's attention and efforts on the same target market. It is an expression of what the owner believes in. Topic: The Strategic Management Process 5) Answering the question "What business am I in?" defines the company's: Topic: The Strategic Management Process — Develop a Clear Meaningful Mission 6) Once the vision and mission are established, the entrepreneur needs to: Topic: The Strategic Management Process 7) ________ are positive internal factors that contribute towards accomplishing the company's objectives. Topic: The Strategic Management Process 8) When the small business owner assesses her company's strengths and weaknesses, she is dealing with the ________ business environment. Topic: The Strategic Management Process 9) Corey notices a "backlash" against health food among people who eat out. He decides to open a restaurant that stresses "good home cooking," heavy with gravies, breads, oils, etc. Corey has identified and is trying to capitalize on a(n) ________ in the market environment. Topic: The Strategic Management Process...
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...THE ROLE OF CEO IN THE STRATEGIC PLANNING SYSTEM IN NIGERIAN BANKS BY DR. (MRS.) S. L. ADEYEMI DEPARTMENT OF BUSINESS ADMINISTRATION UNIVERSITY OF ILORIN ABSTRACT The purpose of this paper is to analyze the CEO’s strategic role in the strategic planning system in the Nigerian banking industry. 69 Chief bank planners were selected for the study from banks that are generally considered to be at the leading edge of bank strategic planning in Nigeria. The paper explores the key dimensions of CEO’s participation in and relationship to bank strategic planning. First the impact of the rapidly changing internal and external environment on bank planning was examined. The survey findings indicating the current involvement of banks CEOs in specific dimension of corporate strategic planning are evaluated. However, while CEOs recognise the need, strategic planning has never really caught on as a basic bank management tool. INTRODUCTION The strategic importance of the Chief executive officer (CEO) in big organization is widely recognized. Lorange, (1986). The magnitude of the CEO’s potential impact on the success of an organization highlights the need to more fully understand the ways a firm may attempt to ensure that CEO acts in a manner that maximizes firm success. As every banker in Nigeria is well aware today the changes that have occurred in commercial banking over the years, together with emerging trends in “how business is done have added a new challenging dimension...
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...1101IBA- Management Concepts Assessment 2: Report Report on Strategic Management at Eastman Kodak Prepared by: Alisiya Bell S2944536 Due Date: Tuesday, 23 September 2014 Word count: 1426 Introduction: Once a great leader and legendary brand in the photographic film industry, Eastman Kodak is now fighting to recover from a tech revolution that is strangling its core business. Kodak Chief Executive Antonio M. Perez is on the road to innovation. Taking in to consideration of the mistakes and lessons learnt from the past, Perez is reinventing the company’s core business model. As Perez reassembled the business he replaced a lot of executives to get the organisation on track. While Perez’s innovation of the organisation could be argued that this will help Kodak recover, there are also many substantial problems that could occur. One major problem for Kodak is the lack of strategic management. Although there are many various ways to define strategic management, David, F.R (2009) defines strategic management as a “continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organisations with the purpose to achieve and maintain a competitive advantage.” Problem Identification: All main business ideas for Kodak seem to come just from the Chief Executive Perez. Leaving a lot of the main strategic planning just up to him. Kodak has previously displayed what an organisation with the absence of strategic management can look...
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...UNIVERSITY OF BOTSWANA DEPARTMENT OF POLITICAL & ADMINISTRATIVE STUDIES MPA 713 – STRATEGIC PLANNING & MANAGEMENT IN THE PUBLIC SECTOR TERM PAPER Discuss the relationship between strategic planning and strategic management as well as indicate the importance of the latter in the attainment of organizational goals. KEALEBOGA R. MOOKETSI 200301911 Introduction This paper intends to discuss the relationship between strategic planning and strategic management as well to indicate the importance of the latter in the attainment of organizational goals. . In order to lay a proper foundation for the essay, it is important to start by looking at the concept of strategy and linking it to planning and management. Defining Strategy A strategy is a plan of action designed to achieve a specific goal. Strategy is all about gaining (or being prepared to gain) an advantage over adversaries or best exploiting emerging possibilities. According to Jeffrey Pfeffer (1997:4), a strategy is a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. It can also be defined as the art and science of planning and marshaling resources for their most efficient and effective use. Kvint, Vladimir (2009, pg. 67), defines strategy as “a pattern in a stream of decisions" to contrast with a view of strategy as planning’’ while Max McKeown (2011, pg. 342) argues that "strategy is about shaping the future" and is the human attempt to get to "desirable...
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...How Strategic Portfolio Management relates to Project Management Derilene McCloud CPMGT/301 January 11, 2016 Michael Koma How Strategic Portfolio Management relates to Project Management Strategic portfolio management is the centralized management of one or more portfolios. A portfolio is a collection of programs, projects and operations managed as a group. These programs, projects, and services may not necessarily be related or interdependent, however, they are managed together as a group to achieve the strategic objectives of the organization. Strategic portfolio management includes selecting the right programs and projects, prioritizing the work, assigning resources, authorizing, managing, and controlling other related work to achieve the organization's strategic business objectives (Kerzner, 2013). Conversely, project management develops and implements plans to achieve a particular scope that is driven by the goals of the program and portfolio that aligned to the specific organizational strategy. While both strategic portfolio management and project management need to align with the organizational goals and objectives, it is important to understand the similarities and differences between the two disciplines, and how each one contributes significantly to the organization's strategic objectives. Project management is focused solely on achieving specific deliverables that support key organizational objectives. The deliverables could be to create a unique...
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...OVERVIEW 3 3. PROBLEM IDENTIFICATION 5 4. SOLUTION 6 4.1. Establish Strategic Transformation Programme Office (Step 1) 9 4.1.1. Leadership Responsibilities 9 4.1.2. Authority, Responsibility and Accountability System 10 4.1.3. Reporting Structures and Communications 12 4.1.4. Strategic Transformation and Change Roles and Responsibilities 12 4.2. Strategic Analysis (Step 2) 13 4.2.1. Core Business and Competency 13 4.2.2. Preferred Culture 13 4.2.3. Create a Value System to Promote a Preferred Organisational Culture 13 4.2.4. Create a Vision and Mission of the Future 14 4.2.5. Create a Strategy Map 14 4.3. Strategic Development (Step 3) 15 4.4. Strategy Implementation (Steps 4 & 5) 16 5. RECOMMENDATIONS 17 6. CONCLUSION 17 7. BIBLIOGRAPHY 18 List of Figures Figure 1: Different steps 7 Figure 2: BSPM learning organisation value chain schematic 8 Figure 3: Shared Authority, Responsibility and Accountability 10 Figure 4: Programme structures for portfolios adapted from Steyn and Schmikl (2010: 130 11 Figure 5: Strategic Transformation Project-Portfolio adapted from Steyn et al. (2010: 79) 11 Figure 6: Establish Programme Office adapted from Steyn et al. (2010: 80) 12 Figure 7: Developing Strategic Options adapted from Steyn et al. (2010: 82) 15 List of Tables Table 1: Problems Identified against performance improvement strategies 5 Table 2: Strategic Transformation Programme Management Process 8 Table 3: Differences between Vision and Mission 14 Table...
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...INTRODUCTION A strategic management audit is a technique of measuring the organization's performance. It helps to evaluate the performance of management team. An audit of management performance with regard to external strategies helps to identify problem areas and correct strategic approaches that are not effective. An assessment of the external environment shows where change has happened and where strategic management no longer matches the demands of the marketplace. Thus the organization can improve business performance by periodically conducting such an audit (http://smallbusiness.chron.com/conduct-external-strategic-management-audit-67898.html) External strategic management audits provide management with both insight and preparation for the changing marketplace, it helps finding hidden opportunities and reducing the impact of future threats in a rapidly changing business environment through identifying and evaluating trends and events that are beyond the control of an organization, such as increased foreign competition, population shifts, an aging society, information technology, and the computer revolution. An external strategic management audit reveals key opportunities and threats (the OT portion of the SWOT Analysis) confronting an organization, so managers can formulate strategies to take advantage of the opportunities and avoid or reduce the impact of threats (www.freeessays123.com/.../externalstrategic.html). 2. CONDUCT AN EXTERNAL STRATEGIC MANAGEMENT AUDIT Management...
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...intellectual and physical labor ability which can contribute to the entire economic and social development. The focus of human resource management (HRM) is on managing people within the employer-employee relationship. Specifically, it involves the productive use of people in achieving the organization’s strategic business objectives and the satisfaction of individual employee needs. (Stone, 2010) The Strategic Human Resource Management focuses in the linking of all human resource activities with the organisation’s strategic objectives. (Stone, 2010) It was first developed in the late 1980s and then it has an impressively development in the following 20 years. This idea has been discussed and researched intensively, European, American and Japanese business management practices proved that it has competitive advantage to approach a long-term strategic for sustainable development. Compared to traditional Human Resource Management, Strategic Human Resource Management (SHRM) is positioned to support corporate strategic role and functions of human resource management. This assessment is to discuss the idea of Strategic Human Resource Management and the roles that a Human Resource manager will need to undertake. It is aimed to develop a comprehensive understanding of the study of Human Resource Management. Thompson and Strickland define strategic management as “the process whereby managers establish an organisation’s long-term direction, set specific performance objective, develop strategies...
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...Strategic Management Process Aleslie Davis MGT/498 September 12, 2013 Virginia Hillman Strategic Management Process In business relationships, strategy is a plan the business develops in to accomplish its objectives and long-term goals. These objectives are basically to secure constant success of the business and meet the expectations and demands of stakeholders in the business. The primary components of a strategic management process consist of three main factors. Translating the strategy into action, strategic choices, and strategic position are the components a business needs to use if it wants to manage effectively and efficiently A company needs a strategic management process because it cannot stand alone. Translating the strategy into action Successful and positive actions of translating the strategy into action are an important step in process management. Businesses have to ensure resource location and the relationship and interactions are corresponding efficiently. Strategic choices Strategic choice is the same as choice, which means gathering information and reviewing it before the decision-making process. Strategic position External forces are something businesses cannot act on independently therefore the businesses need to look into the strategic plan and decide its strengths and weaknesses to determine how these forces will affect the business. “The strategic management process is more than just a set...
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...LEVEL 7 EXTENDED DIPLOMA IN STRATEGIC MANAGEMENT & LEADERSHIP STRATEGIC CHANGE MANAGEMENT ASSIGNMENT UNIT: STUDENT NAME : COLLEGE ID : TUTOR : SUBMISSION DATE : WORD COUNT : TABLE OF CONTENTS Introduction …………………………………………………………………………… 03 LO1. Understand the background to organizational strategic change 1.1 Discuss a minimum of three established models of strategic change, highlighting the differences in approach. 1.2 Evaluate the relevance of models of strategic change, and using examples from organizations, Explain why the models for change are appropriate in their selected examples. 1.3 Assess the value of using strategic intervention techniques that are used in organizations. LO2. Understand issues relating to strategic change in an organization 2.1 Examine the need for strategic change in an organization. 2.2 Show an understanding of the forces that are impacting on an organization and driving the need for Change. 2.3 Assess the resource implications of the organization not responding to strategic change. It is Expected that learners will assess the relevant financial, human and physical resources. LO3. Be able to lead stakeholders in developing a strategy for change 3.1 Develop systems to involve stakeholders in the planning of change. The systems need to be Appropriate and...
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