This strategy binds everything that makes up the company together to form a formal business body. The components of organization are structures, systems, policies, procedures and activities of the company.
It also includes the way the company exercises its authority, takes decisions, communicates, coordinates and marries activities together for effective performance.
Below are list of other activities that should be included in organization strategy:
- Establishment of clear job description for all existing positions and creation of system for evaluating the responsibilities and authority of the position to ensure that people perform their duties accordingly
- Assessing the effectiveness of structures and system adopted by the company to evaluate the value they are adding to the corporate existence of the company.
- Analyzing the major activities of the company to determine areas of deficiency where improvement is required.
This strategy covers the technical skills, professional capabilities and attitudes of employees that can be harnessed for consolidation and expansion of the business. The growth of the company and that of the people working there go together. A, company that provides maximum opportunity for its staff to grow will have maximum opportunity to develop.
Below are list of other areas covered by people strategy:
- Reviewing of staff salaries to make sure that the compensation for each position is commensurate with the duties and responsibilities attached to the position.
- Recruitment of highly qualified people and readiness to improve their technical skill through formal training program. It is also important to develop the interpersonal and organizational skill of staff through formal training.
- Creation of standard career development path for staff with effective performance appraisal system put in place to evaluate their performance and encourage them to acquire higher level of responsibility.
- Involvement of staff in generating ideas that can lead to improvement in interaction and communication, promotion of harmony and increase in efficiency generally.
- Establishment of formal program to give social recognition to high performers.
This strategy defines the manner in which the company manages and utilizes capital resources for its growth. It also includes the quality of system and skills for accounting, cash and credit management, financial management and access to capital.
Financial strategy also includes the following to make the business grow:
- Exploring and taking advantage of all available and accessible sources of fund.
- Keeping the expenditure within or below budgeted level through proper control system.
- Having effective fund utilization process in place to avoid fund wastage and diversion.