HRM301 Chapter 1: Chapter 1 - Strategic Management

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM301
• Professor: Vince Di Ruzza

Document Summary

Unless the hrm strategy is appropriately formulated and skillfully implemented, the success o the organizational strategy is at risk. Strategic management of people within organizations a ects important organizational outcomes such as survival, pro tability, customer satisfaction levels, employee performance. Strategy plan for how the organization intends to achieve its goals. Strategy - formulation of organizational objectives, competitive scopes, action plans for gaining advantage. Top management team determines strategy through a process of environmental analysis and discussions. The strategy developed by senior management is then approved by the board and negotiated and revised. Some feel that the strategic planner would establish an objective for ve to ten years and then formulate plans for achieving the goals. Others feel that the future is not that predictable and planning for the long term is di cult. Hence, it would be more appropriately judged as a best guess. Many planners look at a term of 3-5 years due to uncertainty.