A strategic plan is essentially a set of goals for your company’s future. For example, if you want to diversify your company, you may set a goal of buying another business in an area in which you would like to expand, or developing new products for your company to sell. If you want to improve your company’s cash flow, you may decide to change customer payment terms or hold less inventory in your warehouses. Similarly, Human Resource planning is also considering what your business will need in the future. Some of the ways they do this is by reviewing the cost of employee benefits plans, evaluating the return on investment of voluntary employee benefits, and verifying you are in compliance with all federal and state laws regarding employment and labor. When the two are considered together, it is clear that Human Resources staff is needed to carry out any item in a company’s strategic plan. In fact, their activities are essential.
There are some major ways in which your Human Resources team can assist you with implementing your strategic goals. One is through impact assessments. If you are considering a new idea, Human Resources can provide you with the costs involved in implementing it in terms of hiring new employees, overtime pay for current employees, and employee training. A second way is in the execution of your idea, which would include handling the items previously mentioned, hiring and training. Finally, a crucial way in which your Human Resources team can assist you with carrying out a new idea is through financial and employee monitoring. They will be able to let you know if the implementation of the plan has created unforeseen costs, as well as if your project has created any issues with employees.