Overview: One important HR management tool is strategic planning. Strategic planning is a way for an organization to define the direction it wishes to take and allocate its resources accordingly to pursue that direction. HR strategy includes planning for not only what strategies will be pursued, but also the crucial variable of when they will be pursued. As a result, HR must get input from senior management.
An employer's strategic plan should consider such factors as the changing economy, organizational design, competitive behavior and labor market trends to help it develop a long-term talent management and acquisition strategy. In addition, it should include a strategy for retaining the required workforce.
HR strategy should provide a roadmap for an employer to meet its objectives over the next few years, but also may include longer range goals. Toward that end, it should define the future workforce demographic in the form of a diversity and inclusion roadmap. Some other key factors include:
While strategic planning can take many variables into account, it should at all times be closely aligned with the employer's long-term business objectives. Toward that end, an organizational mission statement may be useful as well.
Author: Peggy Carter-Ward, Head of Content
Updated to include information on the forthcoming topics: Affordable Care Act, Flexible Spending Accounts, and Paid Time Off Benefits
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