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Developing and executing an effective business strategy May 2012
The document provides an overview of developing and executing an effective business strategy. It discusses several types of strategies, including defender, prospector, analyzer, reactor, cost leadership, and differentiation strategies. It also covers topics like competitive advantage, behaviors required for strategy, HR strategy, recruitment strategy, learning and development strategy, recognition and reward strategies, employer brand strategy, social media strategy, sales compensation strategies, resource-based strategy, and leadership. The document emphasizes aligning all business functions and employee behaviors with the overall business strategy.
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Developing and executing an effective business strategy May 2012
- 1. Developing and executingan effective strategy by Toronto Training and HR May 2012
- 2. 3-4 Introduction to Toronto Training and HR Contents 5-7 8-9 Types of business strategy Conversations around strategy 10-11 Competitive advantage 12-15 Behaviours required 16-17 Silent killers 18-23 HR strategy 24-26 Recruitment and selection strategy 27-30 Learning & development strategy 31-33 Recognition and reward strategies 34-35 Employer brand strategy 36-39 Social media strategy 40-41 Sales compensation strategies 42-43 Resource-based strategy 44-47 Leadership 48-49 Drill 50-51 Conclusion and questions
- 3. Introduction Page 3
- 4. Introduction to TorontoTraining and HR โข Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden โข 10 years in banking โข 10 years in training and human resources โข Freelance practitioner since 2006 โข The core services provided by Toronto Training and HR are: - Training event design - Training event delivery - Reducing costs - Saving time - Improving employee engagement & morale - Services for job seekers Page 4
- 5. Types of businessstrategy Page 5
- 6. Types of businessstrategy 1 of 2 Defender Prospector Analyser Reactor Page 6
- 7. Types of businessstrategy 2 of 2 Cost leadership Differentiation Page 7
- 8. Conversations around strategy Page 8
- 9. Conversations around strategy Whatis strategy and how do you create it? What roles should employees at different levels play in strategy? Page 9
- 10. Competitive intelligence Page 10
- 11. Competitive intelligence Be proactive Whatโsit for? Make it action-based Start with whatโs published Find primary sources Listen and observe Build a picture Be timely Keep your nose clean Think counter-intelligence Page 11
- 12. Behaviours required Page 12
- 13. Behaviours required 1of 3 LEADERS; CREATE STRATEGY Aspire Evaluate Integrate Optimize Uphold Page 13
- 14. Behaviours required 2of 3 MANAGERS; RESPONSIBILITY FOR STRATEGY Align Educate Inform Organize Utilize Page 14
- 15. Behaviours required 3of 3 FRONT-LINE EMPLOYEES; SUCCESSFUL EXECUTION OF STRATEGY Apply Engage Innovate Own Understand Page 15
- 16. Silent killers Page 16
- 17. Silent killers Quality ofdirection Quality of learning Quality of implementation Page 17
- 18. HR strategy Page 18
- 19. HR strategy 1of 5 Recruitment and retention Compensation Performance management Training and development Succession planning Page 19
- 20. HR strategy 2of 5 SOCIAL HR INITIATIVES Identifying your purpose Engagement Research Alerting Support Page 20
- 21. HR strategy 3of 5 HR PLANNING Scanning the horizon to see what likely changes are coming up and what are the implications for staffing Examining the supply of labour within the organization in terms of age, experience, qualifications, pay, conditions and performance of existing employees Making a comparison between the demand and supply of applicants Page 21
- 22. HR strategy 4of 5 HR PLANNING-QUESTIONS TO ASK Accommodation Costs Culture Development Industrial relations Layoffs Organization development Outplacement Page 22
- 23. HR strategy 5of 5 HR PLANNING-QUESTIONS TO ASK Promotions Productivity Recruitment Retirement Reward systems Training and retraining Transfer Working practices Page 23
- 24. Recruitment and selection strategy Page 24
- 25. Recruitment and selection strategy 1 of 2 PRIMARY FEATURES Recruitment and selection practices should reflect the organizationโs strategic plans A long-term focus should be apparent A bridging mechanism for translating long-term plans and organizational priorities into practical recruitment and selection policies/practices Page 25
- 26. Recruitment and selection strategy 2 of 2 SECONDARY FEATURES Sophisticated and complex approach to recruitment and selection with a wide array of methods used Recruitment and selection processes which are accorded high status as activities within the organization The use of practices which are clearly sensitive to the impact on candidates Page 26
- 27. Learning & development strategy Page 27
- 28. Learning & development strategy 1 of 3 Horizontal integration Vertical integration Page 28
- 29. Learning & development strategy 2 of 3 Corporate strategic level Business unit/managerial level Operational level Page 29
- 30. Learning & development strategy 3 of 3 HOW TO GO ABOUT IT: Allocate responsibility for L&D strategy development Clarify organizational mission Explore core organizational identity and values Carry out SWOT or PESTLE analysis to identify the strategic issues facing the organization Agree a strategy Produce a strategic plan Page 30
- 31. Recognition and reward strategies Page 31
- 32. Recognition and reward strategies 1 of 2 RECOGNIZE AND REWARD PEOPLE THAT: Particularly demonstrate or contribute to core values/attributes Come up with outstanding ideas for improvement or that impact significantly on revenue or cost- saving Share relevant knowledge and best practice with other members of the team that leads to marked improvements in performance Page 32
- 33. Recognition and reward strategies 2 of 2 RECOGNIZE AND REWARD PEOPLE THAT: Achieve professional qualifications etc. that enhance their ability to deliver projects Page 33
- 34. Employer brand strategy Page 34
- 35. Employer brand strategy HOWIS IT DEVELOPED? Market research Product research Marketing method research Motivational research Attitude surveys Page 35
- 36. Social media strategy Page 36
- 37. Social media strategy1 of 3 ACCEPTANCE LEVELS OF SOCIAL NETWORKS Creators Critics Collectors Joiners Spectators Inactives Page 37
- 38. Social media strategy2 of 3 Research and listen Creating strategy Page 38
- 39. Social media strategy3 of 3 External social strategy Diversify Stay up to date with technology Regularly monitor progress Measurable ROIs Internal social strategy Executive buy-in and commitment Grassroots v systematic approach Intended audience Page 39
- 40. Sales compensation strategies Page 40
- 41. Sales compensation strategies Clarifybusiness/strategic objectives Assess current plans Define objectives of sales plan Assess eligibility of jobs Establish compensation levels Select performance measures and weightings Develop the formula(s) Page 41
- 42. Resource-based strategy Page 42
- 43.
- 44. Leadership Page 44
- 45. Leadership 1 of3 DEFINE A CLEAR SET OF KNOWLEDGE, SKILLS AND BEHAVIOURS: A common โstandardโ of what an effective leader of people looks like, understood at all levels across the organization, which could then contribute to a continued consistent approach to leading others and continuing development Page 45
- 46. Leadership 2 of3 DEFINE A CLEAR SET OF KNOWLEDGE, SKILLS AND BEHAVIOURS: A fair and transparent approach to the recruitment, selection and development of future leadership roles, as there would be a list of specific leadership skills against which to select and develop people Page 46
- 47. Leadership 3 of3 DEFINE A CLEAR SET OF KNOWLEDGE, SKILLS AND BEHAVIOURS: Development of effective processes to support leadership training, learning and development in these areas, and identification of learning and development needs which can then feed into future training plans Increased effectiveness of performance evaluation and development of leaders Page 47
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- 50. Conclusion and questions Page 50
- 51.