Human Resource& Strategic Management

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Presentation Transcript

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Strategic Management Management 3 WEEK 24 April- 30 April

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Strategic Management What kind of business should we become? Are we in the right fields Are there new competitors What strategies should we pursue? How are our customers changing?

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Strategic Management Does the senior management have a clear understanding of how the industry may be different in the next 10 years? Is it regularly defining new ways of doing business, building new capabilities and setting new standards of customer satisfaction

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Strategic Management definition Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives.

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Strategic Management definition The process which deals with the fundamental organizational renewal and growth with the development of strategies, structures, and systems necessary to achieve such renewal and growth, and with the organizational systems needed to effectively manage the strategy formulation and implementation processes”

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Strategic Management definition Set of managerial decisions and actions that determines the long-run performance of a firm.

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Business Ethics & Strategic Management Provides basis on which policies can be devised to guide daily behavior and decisions in the workplace

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Benefit Strategic Management Financial Benefits Improvement in sales Improvement in profitability Productivity improvement

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Benefit Strategic Management Benefit Strategic Management Non-Financial Benefits Improved understanding of competitors strategies Enhanced awareness of threats Reduced resistance to change Enhanced problem-prevention capabilities

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Phases of Strategic Management Basic financial planning Forecast-based planning Externally-oriented planning Strategic management

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Strategic Management Model Environmental Scanning Gathering Information Strategy Formulation Developing Long- Term Plan Strategy Implementation Putting Strategy In Action Evaluation & Control External: Opportunities& Threats Societal Environment General Forces Task Environment Industry Analysis Internal: Strength& Weakness Structure: Chain Of command Culture: Beliefs, Values Resources: Assets, skill, Mission Reason For Existence Objective What Result To Accomplish By when Strategies Plan To Achieve The Mission & Objective Policies Broad Guide Line For Decision Making Programs Activities Needed To accomplish Plan Budgets Cost Of The Program Procedure Sequence Of steps Needed To do The job Performance Actual Result Feed Back: Make Correction Action

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Environmental Scanning process of collecting information to carry out a systematic analysis of the forces effecting the organization and identifying potential threats and opportunities with view to generation future strategies

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Environmental Scanning Societal Environment Sociocultural Forces Political Forces Technological Forces Economic Forces Internal Environmental Structure Culture Resource Task Environment ( Industry ) Governments Special Interest Group Customers Creditors Communities Trade Association Competitors Labour Union Supplier Share holder

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Societal Environment Variable outside organization& not Typically within the short-run control Of top Management. These variable Form corporation Exist

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Economic Forces Regulate exchange of materials, money, energy and information Unemployment Level Economic Development Monetary& Fiscal Policies Currency Convertibility Wage Levels Nature Of Competition Outsourcing Capability

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Sociocultural Regulate values, mores, and customs of society Life Expectations Language Demographics Life Style Religious Beliefs Human Right Health Care

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Political – Legal Allocate power; provide laws and regulations Tax Law Form Of Government Political Ideology Stability Of Government Trade Regulation Foreign Polices Legal System

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Technological Generate problem-solving inventions Transportation Network Regulation On technology Transfer Energy Availability/ Cost Skill level of Work force Internet Availability Telecommunication Infrastructure Computer Hacking Technology

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Task Environment ( Industry ) Includes Those elements or Group That directly affect a corporate And in turn are affected by it

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Task Environment ( Industry ) Analysis of societal environment Economic, siocultural, legal. Technological Community Analysis Interest Group Analysis Market Analysis Competitors Analysis Supplier Analysis Government Analysis Selection of Strategic Factors Opportunities Threats

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External Scanning Mechanism

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Internal Scanning Mechanism Organizational Scanning Critical strengths and weaknesses that are likely to determine if the firm will be able to take advantage of opportunities while avoiding

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Internal Scanning Mechanism Resource Capabilities Competency Core Competency Distinctive Competency Corporation ability to exploit its resource Cross-Functional Integration& Coordination of capabilities Collection of competencies that cross divisional Boundaries Competencies Are superior to those of competition

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Internal Scanning Mechanism VRIO FRAME WORK Value Rareness Imitability Organization Dose It provide customer Value& Competitive advantage Do other cometitors possess it Is It for other to imitate Is The firm organized to exploit the resource

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Internal Scanning Mechanism Resources Organization Assets and are thus The basic building blocks of the organization: Physical Assets Human Asset Organizational Assets

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Internal Scanning Mechanism Basic Organization Structure Simple Structure Functional Structure Divisional Structure Conglomerate Structure

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Internal Scanning Mechanism Corporate Culture Collection of beliefs, expectations, and values learned and shared by a corporation’s members and transmitted from one generation of employees to another

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Internal Scanning Mechanism

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Strategy Formulation Vision & Mission Strategy Formulation Situational Analysis Tows Matrix Long-Term Objectives Alternative Strategies Strategy Selection

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Situational Analysis SWOT Analysis process of finding a strategic fit between external opportunities and internal strengths while working around external threats and Internal weaknesses

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SWOT Analysis

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TOWS Matrix

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Vision What do we want to become?

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Mission What is our business?

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Goals Open ended statement of what One wants to accomplish . With no Quantification of what is to be Achieved and no time criteria for Completion

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Objective The end results of planned activity It stated by action verbs& tell What is to be accomplished by When& quantified if possible

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Strategies Comprehensive Master plan that state how the corporation Will achieve its mission and objective

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Policies Broad Guideline for decision making That links the formulation of a strategy With its implementation

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Strategy Implementation Annual Objectives Policies Employee Motivation Resource Allocation

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Strategy Implementation Strategies& Polices are put into action Through the development of programs Budgets, and procedure. This process Might involve changes within the overall Culture, structure, management system Of the entire organization

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Strategy Implementation Programs Budgets Statement of the activities needed to accomplish a single use plan Restructuring the Organization Statement of a corporation programs in terms of dollars Budgets lists the detailed cost of each program System of sequential steps that describe in detail how Particular task to be done Procedure

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Strategy Evaluation Internal Review External Review Performance Metrics Corrective Actions

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Evaluation & Control Process in which corporate activities& Performance results are monitored so that actual Performance results are monitored so that actual Performance can be compared with desired Performance

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Evaluation & Control Determine What To measure Establish Predetermined Standards Measure Performance Take Corrective Action Does Performance Match Standards ? Stop

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Human Resource Planning Human Resource Planning is the process by which an organization ensures that it has the right number and kind of people, at the right places, at the right time, capable of effectively and efficiently completing those tasks that will help the organization achieve its overall objectives.

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The Role of HRM in Strategy Administrative Linkage One-Way Linkage Integrative Linkage Lowest level of integration; HRM function's attention is focused on day-to-day activities. No input from the HRM function to the company's strategic plan is given. The strategic business planning function develops the plan and then informs the HRM function of the plan. HRM then helps in the implementation. Is based on continuing, rather than sequential, interaction. The HR executive is an integral member of the strategic planning team. Allows for consideration of human resource issues during the strategy formulation process. The HRM function is expected to provide input to potential strategic choices and then help implement the chosen option. Tow-way Linkage

Slide 47: 

Human Resource Planning Important process to maintain the link between business strategy and it operation. It follows different procedures including the need to assess the impact of technological changes on new jobs and new skills Why Link Between Business Strategy& Operational Strategy

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Human Resource Planning By forecasting the needs of technical and other human resources it can minimize the future risk of loosing. Delay in recognizing human resources might be costly and expensive in the future Why Minimizing the risk of loosing

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Human Resource Planning HRP is important for planning the investment in the development and utilization of human resources. Any investment in the HR activities is considered an investment for the future growth and development of the organization. Why HRP needs for HRD

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Human Resource Planning HRP recognizes that there must be an explicit link between planning function of human resources and other organizational functions, such as strategic planning and market forecasting. Why HRP is not in isolation

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Human Resource Planning For solving any sort of future HR problem HRP is pro-active rather than re-active. Why HRP is pro-active, not reactive

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Human Resource Planning HRP promotes the awareness that human resource activities are equally important at every level of the organization. Both lone and staff managers have to be involved in HR planning activities. Why HRP is promotes awareness

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Organizational structure Types of Information Task design Selection, training, and development of people Reward systems Product market strategy Performance Human Resource& Planning

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Man Power Planning HR/ Manpower Planning is the process of acquiring and utilizing human resources in the organization. It ensures that the organization has the right number of employees in the right place at the right time.

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Employment planning is the process of formulating plans to fill future openings based on an analysis of the positions that are expected to be open and whether these will be filled by inside or outside candidates Recruitment Planning

Slide 56: 

Training Planning A training strategy is a mechanism that establishes what competencies an organization requires in the future and a means to achieve it.

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Job Analysis Strategy Job Analysis is a process to identify and determine in detail the particular job duties and requirements and the relative importance of these duties for.

Slide 58: 

HRIS Strategy An integrated software solution designed to provide information for HR decision making.

Slide 59: 

Performance Management Strategy Performance management strategy starts with gathering activity data for all levels of the system stack. The data is used to check against the current system behavior and to estimate future performance.

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Home Work Establish Vision for your organization Establish Vision for your Organization. Develop Situation Analysis for your project. Develop SWOT analysis Develop TOWS Matrix Design HR formulation strategy. Design HR implementation strategy. Design HR evaluation strategy