University of Phoenix Material
Strategic Human Resource Management (HRM) Plan Overview
Strategic planning is a necessary process to ensure an organization understands its future, and emerging operational environment and issues. Strategic planning also develops measurable plans, processes, and procedures to prepare for that environment and the future.
Strategic planning examines all business aspects and is more than envisioning the future, because it requires setting goals and establishing critical success factors and actions necessary to reach those goals. Goals and actions are tactical plans updated annually or semi-annually to track progress. Strategic plans are made according to each company’s process. Some complete the process every few years, whereas others prefer a five-year interval. Some companies plan a five-year timeframe, whereas others set longer timeframes. In any case, implementation and tracking are never-ending responsibilities for management and employees.
Many models for strategic planning are available. Companies select a model or a variation that best fits their business. Some models include the applied strategic planning model; the goal setting model; the strengths, weaknesses, opportunities, and threats model; and the resource-based model.
The HRM team must work with all divisions to perform strategic human resources (HR) planning, using the existing model.
General Business Requirements
Strategic planning requires a disciplined and thoughtful approach using critical analysis and interdisciplinary actions. Strategic planning is an examination of every line of business (LOB) in a company and the requirements necessary to implement an LOB’s goals. For HRM, this requires determining the specifics of workforce planning to meet LOB needs, skill and competency requirements, compensation and benefit costs, training and development needs and costs, and so forth. HRM must work closely with every business function to determine what is required.
Working with senior managers of separate LOB functions, HRM helps determine emerging HR organizational needs, including the number of people needed, required skills and competencies, specific training and development required to meet LOB programs, succession plans, planned acquisitions or mergers, and emerging products. The HRM organization must work closely with finance to determine HRM costs, fulfilling an LOB’s requirements. In some companies, an Excel spreadsheet is used to show the planning results; other companies use more sophisticated planning tools such as Primavera Systems, Inc. Details of the plan are dependent on a company’s planning format and requirements.
Strategic planning is a critical HRM function. HRM determines business costs directly and indirectly required to acquire and retain the current and future workforce, develop necessary skills and competencies, and remain an employer of choice.
Choosing a Company for Your HRM Strategic Plan
Your Learning Team must select from the following list or select another company with facilitator approval. In all cases, the company must be public and have public information. Research the website of the company your team selects. If a company has more than one division, select one division to develop the strategic plan.
List of Approved Companies
Glaxo Smith Kline®
Strategic Plan Guidelines and Format
The purpose of a strategic plan is to define and focus resources to meet a company’s needs and enable superior performance. The strategic HRM plan must focus on how, as a business...
Please join StudyMode to read the full document