STRATEGIC HUMAN RESOURCES MANAGEMENT

STRATEGIC HUMAN RESOURCES MANAGEMENT

Strategy:

“Strategy is a way of doing something. It includes the formulation of goals and set of action plans for accomplishment of that goal.”

Strategic Management:

“A Process of formulating, implementing and evaluating business strategies to achieve organizational objectives is called Strategic Management”.

Definition of Strategic Management: -

“Strategic Management is that set of managerial decisions and actions that determine the long-term performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control.”

Steps in Strategic Management:

1.               Environmental Scanning: Analyze the Opportunities and Threats in External Environment

2.               Strategy Formulation: Formulate Strategies to match Strengths and Weaknesses. It can be done at Corporate level, Business Unit Level and Functional Level.

3.               Strategy Implementation: Implement the Strategies

4.               Evaluation & Control: Ensure the organizational objectives are met.