From the course: Certification Prep: SHRM-CP
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Strategy and measuring strategic performance
From the course: Certification Prep: SHRM-CP
Strategy and measuring strategic performance
- Strategy is the organization's plan for creating value. Creating value is how the company makes money or creates efficiencies that have a financial impact. Strategy starts at the organizational level. Organizational strategy refers to the company's general vision for itself a a single cohesive entity. Business units then find ways to add value in alignment with the organizational strategy. And finally, operational strategy refers to how the organizational and business unit strategies are executed through daily operations. All three strategies require people for proper execution. So HR strategy is a part of organizational and business unit strategies. Value creating strategies for HR include, total rewards packages, workforce planning, talent acquisition, employee engagement and retention and learning and development. For example, if there's an organizational strategy to launch 50 new online training courses, written by staff authors within the next year. HR needs an internal talent…
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