Strategic Management
What is the primary goal of strategic management?
To achieve a competitive advantage and long-term success.
What are the primary functions of HR strategy?
Attracting, developing, rewarding, and retaining employees.
What are the three levels of strategy?
Corporate-level, business-level, and functional-level strategy.
What is Ulrich’s HR Model?
A model that defines HR roles as a business partner, change agent, employee champion, and administrative expert.
Why is SHRM critical in modern organizations?
It links human capital with business goals, enhancing performance.
What are the three components of strategic management?
Strategy formulation, strategy implementation, and strategy evaluation.
How does HR strategy align with corporate strategy?
By ensuring human resources support overall business objectives.
Give an example of corporate-level strategy.
Expanding into new markets or industries.
What are the components of the Three-Legged Stool Model?
HR Business Partners, Centers of Expertise, and Shared Services.
How does SHRM contribute to business growth?
By developing talent, optimizing workforce planning, and fostering innovation.
Define "strategy" in a business context.
A plan of action designed to achieve a long-term goal.
What is the purpose of an HR Scorecard?
To measure and track HR’s contribution to business performance.
How does business-level strategy differ from functional-level strategy?
Business-level strategy focuses on competition, while functional-level strategy optimizes operations.
How does the HR Business Partner Model function?
It integrates HR professionals within business units to support strategic goals.
Why is SHRM important in digital transformation?
It ensures employees are equipped with skills to work efficiently in a tech-driven environment.
What is the significance of environmental scanning in strategic management?
It helps analyze internal and external factors that affect decision-making.
How does talent management fit into HR strategy?
It focuses on hiring, developing, and retaining skilled employees.
What is the key focus of functional-level strategy?
Improving efficiency and effectiveness in specific business functions.
What is the purpose of Centers of Expertise?
To provide specialized knowledge in areas like recruitment, learning, and change management.
What are the key benefits of SHRM alignment with company goals?
Increased employee engagement, better productivity, and long-term success.
How does strategic management influence business growth?
By aligning company objectives with market conditions and competitive advantage.
What role does workforce planning play in HR strategy?
It ensures the right people are hired at the right time to meet business goals.
How do different levels of strategy interconnect?
Corporate strategy sets the direction, business strategy defines market competition, and functional strategy ensures execution.
How do HR models impact strategic HRM?
They help align HR practices with business strategy and improve efficiency.
How does SHRM help in employee retention?
By creating career growth opportunities, work-life balance, and competitive compensation.