As a values-driven business consultancy, we aim to help businesses achieve success at all costs.
Strategic management is a broad term that includes innovative thinking, a strategic planning process and operational strategising. Strategic business management, more specifically, relies largely on research. It is imperative that for a business strategy to be successful, customers’ opinions, employees’ contribution and the industry’s best practices are all taken into account. A common way to encourage strategic business management, is to incorporate a lot of planning into board meetings, have trustees with valued and varied experience, and to carefully consider the impacts of decisions on each business function within the organisation. Annual plans for businesses are often put together, but within the 21st century, it is important to be flexible and adapt to changing environments and demands.
The main importance of strategic business management is to assist the business’ profit and decision making, yet its functions can also be broken down. Here are some reasons why strategic management is a crucial business practice:
Planning: This is an essential management tool for any company. The main task in the strategic planning process is predicting future trends that will help the business in building In order to make this happen, strategic planning tools need to be used instead of simple planning processes.
Forward thinking: Through a well thought out strategy, you will be able to draw up clear, long term goals. These goals are important so that you have a distinct idea of how to move forward which can prove beneficial for an organisation’s overall growth.
Resource allocation: The tough aspect of strategy management is that you are pushed to make choices under pressure, often with limited resources. Strategy management teaches you to ensure the company’s resources, in terms of products and services, are used wisely and vested in the most promising opportunities. This is why a good strategy manager will tell you that less is more, as long as it is the best.
Strengths and weaknesses: No one knows a business better than its owner, who will be able to recognise the strengths and weaknesses of their company. However, just being aware of the shortcomings and strong points of a business is not enough. Strategic planning is employed to bridge the gap between the capability void and the strength of a company.
We will create job descriptions as per the job functions of each division, advertise job postings and source candidates, screen applicants, conduct interviews and coordinate hiring efforts with managers responsible for making the final selection of candidates. We will Develop employee performance agreement with KPA and monitor and review performance every six months.
Pay is a powerful tool for furthering the company’s strategic goals and it has a large impact on employee attitudes and behaviors. Employee compensation is typically a significant business cost and it requires close scrutiny. Total compensation includes monetary and non-monetary rewards as well as direct and indirect rewards. The modern view is that employees who work in a rewarding environment, often tend to produce high degrees of performance output.
Example: Employee benefits like:
UIF, Compensation for injuries and diseases COID (this are mandatory benefits)
Pension funds, leave (maternity, vacation & sick), medical aid schemes, insurances & employee services (this are Voluntary benefits), risk cover for permanent employees.
Labour relations is a
relationship between employees and its employers, of which needs to be nature
professionally. Labour Law governs the employment relations. Compliance with
labor and employment laws is a critical function. Non-compliance can result in
workplace complaints based on unfair employment practices, unsafe working
conditions and general dissatisfaction with working conditions that can affect
productivity and ultimately, profitability.
It is also very important for the HRM&D specialists to be aware of all the relevant laws that governs the HRM&D – which are:
Basic Conditions of employment Act, Employment Equity Act. Labour Relations Act, the Skills Development Act, Unemployment Insurance Act and Occupational Health and Safety Act.
Human Resources Development (HRD) has broadened beyond training programmes. HRD is increasingly influenced by the new skills development system based on skills development within occupations, which is training. The training legislation in South Africa regulates the training that takes place in companies. Continuous development of the professionals should also be incorporated.
Workplace safety is an important factor, employers have an obligation to provide a safe working environment for employees. One of the main functions of HR is to support workplace safety training and maintain federally mandated logs for workplace injury and fatality reporting. HR safety, HR risk and HR benefits are intertwined, the record keeping of all these are critical to manage the company’s workers compensation issues.
Workplace wellbeing relates to all aspects of working life, from the quality and safety of the physical environment to how workers feel about their work and their working environment. The aim of measures for workplace wellbeing is to complement OHS measures to make sure workers are safe, health, satisfied and engaged at work. It is proven that companies that take care of the well-being of their employees is more productive. A lack of recognition on the need to promote workers wellbeing may give raise to stress, bullying, conflict, alcohol and drug abuse and mental health disorders.
It is recommended to the company to participate in Wellness programmes, in order to create awareness amongst employees especially in the programmes related to drug and alcohol abuse.