Business Strategy - Managing Human Resources Ch 5

1. Business Strategy focuses on the choices that an organization takes to position themselves for success, while an HR strategy is focused on how to manage people. HR strategy works as an implementation factor for the overall business strategy, which is ensures the cohesiveness regarding strategic direction. Workforce plans connects to both of these strategies, as it expresses potential issues the business may run into in regards to having the right people for the job. The different aspects of HR, such as staffing, compensation package, and training, must as be consistent with the overall predicted future needs of the HR team. Therefore, this helps the HR strategy, and the overall business strategy.

4. When viewing workforce supply, you are just looking at what is out there. Both internally and externally, the company is just seeing who is available to work for the company. However, demand is extremely different. Needs of the company constantly change, so the type of employee needed is in constant flux. That idea, paired with changes in technology, consumer attitudes, different economies, types of contracts, and different regulations may cause the company to need to hire different kinds of people in different periods.

5. For situations of “buying” talent for the workforce, it is variable on a few different factors. If forecast demand is highly inaccurate, there is a lack of scale, the job ladder is short, the talent is temporarily needed, and there is a need for change in culture, then buying makes more sense. However, if forecast demand is accurate, there is a scale, job ladder is long, talent is needed long term, and company culture is fine, than making talent makes more sense.

8. A talent inventory is an organized database of existing skills, abilities, career interests, and experience of the current workforce. Some of the typical information found in a talent inventory may include:

• Current