Thus, a fair compensation system is created in every organization on order to make the most of most important ‘M’ element.

Why is it important to know where your organization stands at the moment? The importance of planning cannot be over emphasized for an organization or even for an individual. 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. Compensation attributes to all forms of pay and rewards received by employees for their performance, including all forms of benefits, perks, services and cash rewards. If your organization conducts strategic planning, the mission statement should be discussed — and even evaluated — at the beginning of every planning cycle. The narrow field of strategic planning is comprised of three steps: first the changing demands of the

Planning: This is an essential management tool for any company. Daily priorities often overtake long-term initiatives – and these longer-term, important items can get lost. Strategic planning is important for businesses in all industries and for good reason.

Why strategic planning is important Given that a strategic plan is the map by which an organization achieves its goals, planning is crucial. A strategic plan is a management tool that serves the purpose of helping an organization do a better job, because a plan focuses the energy, resources, and time of everyone in the organization in the same direction. NOTES: OutlineThis presentation will explain what strategy is, the difference between operational planning and strategic planning, and the difference between goals and objectives as they relate to an organization’s strategies.It will shed light on why planning strategies is important in moving the company forward in order to achieve its goals and actualize its vision.

Why Is the Implementation of Projects Important to Strategic Planning and the Project Manager?. Strategic planning, disciplined effort to produce decisions and actions that shape and guide an organization’s purpose and activities, particularly with regard to the future. Importance of Strategy. Strategy is a set of choices that defines the nature, direction and value system of an organization. Strategic management is a broad term that includes innovative thinking, a strategic planning process and operational strategising. Importance of Planning. Just as planning is important in our daily lives’, planning forms an integral part of an organization. Which is why organizational planning becomes an important and ongoing process for your business. Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. After all, to achieve success, strategic plans rely on the activities of many people in the organization -- not just the planning team. It is important for an organization, business or department to have strategy in place for the success of the organization, business or department. Understanding how your organization operates is the key to creating an effective strategic plan for the entire healthcare system to succeed. Going deeper than purpose and goals, your employees need actionable work strategies. Realizing the Importance of Strategic Planning helps the organization to be more proactive rather than being reactive to the forthcoming issues and problems in attaining the goals and objectives. This plan is a game changer so why is it important to know how the organization is doing at this very moment? It is here that priorities are set. Strategic Planning in Higher Education Abstract Higher education institutions around the world are taking on more responsibility for their own future planning.

Strategic planning is a fundamental component of organizational management and decision making in public, private, and nonprofit organizations. Strategic planning in healthcare is critical for healthcare organizations to succeed. Why would you want to know its health? From the start of a small business, to managing a large business, from starting your own career, to the last stages of your working life, planning is important to your organization and helps in growth. An organization’s success lies to a great extent to the skill, creativity and dedication of its employees. The process of strategic planning can be as important to an organization as the results. Surprisingly, many organizations tend to overlook this aspect of HR and some are even not completely aware of it.