Discussion: Strategic planning with HR planning

Team D selected Target Corporation to create a strategic HRM plan. This memo will summarize the assessments and evaluation measure directives Target plans to implement to measure divisional effectiveness.
Planning
Targets strategic human resources department integrates strategic planning with HR planning. The planning process deploys activities that enable Target to achieve company goals and objectives. The planning process prepares Target to address competition, supply and demand, innovation, social concerns, and external and internal trends.
Benchmarking
Target uses a benchmarking process to identify the company’s best practices, productivity, efficiencies, training, hiring practices, and management of employees. Once target collects the data the company uses the information to compare the company’s practice and performance with the company’s competitors. Target plans to create a team to collect data from competition as well as its own company. The team will also compare the data to determine gaps. The gaps identify the differences between the company itself and the competitions company. The benchmarking team determines the causes of difference and then uses that information to determine the best practices to remain profitable and competitive.

Measuring metrics
In order to evaluate their performance, firms need to establish a set of parameters that focus on the “desired outcomes” of strategic planning, as well as the metrics they will use to monitor how well the firm delivers against those outcomes. Because strategic management is ultimately aimed at creating a competitive advantage, many firms evaluate their performance against other firms.

Comparison
We have ranked as the fourth highest-ranking company according to a survey by Forrester in 2012. In the survey of over 7,000 consumers they were asked questions about their interactions with 14 different industries within the last 90 days. In the retail segment of the survey, Target ranked ahead of Amazon, Costco, JC Penney, and Walmart. We have gained the competitive advantage in three major areas. Ease of doing business, effectively meeting their needs, and being enjoyable to do business with.

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