What are some of the benefits of strategy formulation to organizations? Identify and briefly describe five benefits.

.Clarity – to help focus and guide decision-making about resource allocations
∙ Coordination – everyone working together towards the same goals
∙ Efficiency – daily decision-making guided toward the question “does it fit our strategy?”
∙ Incentives – employees understanding the behaviours and performance that will be rewarded
∙ Change – if major change is under consideration, then understanding current strategy is essential
∙ Career development – clear outline of organization’s strategy can help you decide if you want to work for the company, if there is a skills fit, and what training and development you will need in order to facilitate the achievement of strategy
∙ Understanding of the strategic planning process is the essential first step to creating an HR strategy that makes sense for the organization