Abstract 1 Essay

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Abstract 1

1. The first step in strategic planning is establishing a mission, vision, and values for the organization. At that point you know what you are doing, what you are looking for, and what you are expecting to gain and in which manner. The second step is the ongoing analysis of external opportunities and threats. Examining the industry and its development, any competitive trends such as new processes, technology innovations, changes in laws, and social concerns are examples of environmental analysis. The third step is internal analysis. If you are conducting an external analysis, you should also conduct an internal analysis. That will allow you to analyze your strengths and weaknesses in organizational skills and resources as well as employee performance levels. The fourth step is formulating strategy to get ahead of what might be a cause in the present or future problem that will affect the company. And of course the fifth and last step is implementing that strategy by taking action.
2. The three key elements of an internal analysis are capabilities, composition and culture of an organization. Those can reveal where the organization stands today.
3. The managers are forecasting that in 5-7 years a lot of nurses will have reached the age of retirement which will lower their work force. Therefore, they need to start planning now as to how they are going to balance the retirements coming up with new employees being hired.
4. The hospital can assess its human capital readiness by ensuring that they hire employees that have the skills, talent, and knowledge to

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