Corporate Strategy Essay

Corporate strategy does not have fix approach, it can be planned in a way that fits the business needs. The prevailing circumstances in an organization can dictate how a strategy should be planned and implemented. Corporate strategy typically is based on the following:

• Where the organization is

• Where the organization want to be

• How the organization intends to get where it want to be Failure to modify or changing the organizational strategy can have negative impact on the progress of business because today 's business world is highly competitive and your competitors are changing their plans too as the needs of the customers changes. The business plans needs to be carefully monitored and adjusted when necessary, in order to be efficient,

Make goals as clear as possible and align with organization 's visions. Beware of the implications of the proposed goals. Make your plans are flexible and subjected to changes. Make sure employees understands, focused on the organization 's vision and as well as distribute the necessary resources for goal achievement. Monitor and evaluate the desired result against the outcome. The corporate strategy should clearly state the following:

Vision: It gives directions about how the employees are expected to behave and give their best.

Value: It guides how an organization should function and what is important to the organization.

Mission: It describes the entire function or purpose of the organization.

Policies: Policies are principles and regulations which gives directions on how an organization needs to be operated.

After implementing a corporate strategy, it is important to conduct a strategic review. When conducting a review, the following needs to be considered:

• The demand for the existing good or services

• The current financial status of the company

• The availability of the skills and people needed for the job ( the current

A well trained and motivated employees are invaluable assets to the company as far as the attainment of the organizational strategy is concerned. At Westport, the Human Resource Management strategy is carefully implemented in way that aligns with the corporate strategy to enable the meeting of the needs of the human capital. The HR functions at Westport is divided into different practical areas. Below are some the different areas:

• Compensation: the compensation package is designed in a way that enables fair rewarding, and acknowledgement of skills and efforts employees put in to achieve goals. Compensation plans involves; incentive plan design, job description, and development of new organizational structure to match with a new or revised job description.

• HR Audit: this is a culture that has been in practice. It helps to respond to a specific need and make adjustments on area that requires action.

• Benefits: Benefits are considered to be an important factor in attracting and retaining employees at Westport. Because they believed that motivated employees means success. The following are considered in the benefit setting; plan design, compliance with corporate strategy and