Business Strategy
Role of Work/Life Programs in Business Strategy
Strategic Analysis
Strategic Implementation
Human Resources
Social Costs and Benefits
Work/Life Programs
Dependent Benefits
Working Conditions
Leaves
Human Resources Policies
Role in Business Strategy
Significance of Work-Life Programs for Employees and Organizations
The business strategy is influenced through multiple channels including human resources. The developments of innovative practices in offering employee benefits and maintaining a healthy organizational culture is notable technique. The management of organization takes advantage of high performing employees by offering work-life programs. The outcome of increased performance is achieved by offering multiple benefits to employees with regards to the work and non-work related issues. The notion that satisfied employees are essential to increase retention of experienced and high performance workforce is an important benefit for business strategy considerations (Wang & Verma, 2012). The organizations plan their growth and expansion in consideration with the workload and capacity of the employees to appropriately perform their tasks. The offerings of support provided to the employees through development of human resources police incorporating work-life benefits are discussed in the following sections. The role these plays in business strategies is the central focus of the research.
Business Strategy:
Business strategy is denoted as a process which is central to its core mission. The organizations practice a number of techniques to develop their mission, objectives, and goals. The mission provides a brief about the existence of the business. It is essential to define the core purpose of an organization. It provides an overview of its products, services, and values. The strategy is developed to fulfill the organizational mission. The strategic objectives provide specific standards and mile stones the business is presuming to achieve its mission. The goals of a business also possess significant strategic importance. The overall goal is set as an objective the business peruses to achieve. The goals are aligned with the overall objectives. The businesses develop strategic, tactical, and functional goals to achieve their strategic objective. The alignment of goals with the strategy and mission is important. The tactical and functional goals play a significant role in achieving overall strategic objectives.
The strategy is comprised of three distinct stages of a strategy including corporate, business, and functional level strategies. The corporate strategy is developed to cater the overall business direction and means to achieve the strategic position aimed in the mission of the business. The business strategy is also called send layer of strategy. It is regarding the operations of the business in accordance with the corporate strategy. Finally the third layer of strategy is developed in order to facilitate the direction of functional achievements. The functional achievements are important element in improving business performance. It is aligned with the business strategy and as a result compliments the corporate strategy (Campbell, Stonehouse, & Houston, 2002).
Strategic Analysis:
Strategic analysis is also an important element for devising and improving corporate strategy of a corporation. The analysis is conducted to assess the current and future position of the business in accordance with its mission. The business performs strategic analysis in two dimensions. The internal and external environment of the corporation is analyzed to understand various aspects related to the business. The Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis is a useful technique used to incorporate findings of internal and external analysis (Helms & Nixon, 2010).
Internal Analysis:
The internal analysis of the business is sought to understand the internal environment of the business. The processes, practices, and business performance is assessed. The assessment of internal environment provides a unique understanding of the strengths and weaknesses of the internal processes. The analysis is also significant in identification of issues related to business operations. All major elements of the business are analyzed and results are recorded for incorporation in the final assessment to take strategic decisions.
External Analysis:
The external analysis of the business undertakes a thorough assessment of micro and macro environment of the business. It assesses the industry environment to provide awareness for significant trends and future outlook of the business segments. The external factors including political, economic, social, technological, environmental, and legal are analyzed in conjunction with the business and its position.
Strategic Implementation:
The strategic implementation is a process which is devised on the basis of results gathered during internal and external analysis. The businesses also seek support of multiple tools and techniques to evaluate the best options to devise a strategy for achieving certain objectives. The process of strategic implementation requires eight significant steps to be fulfilled (Ram, Montibeller, & Morton, 2010). The first...
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