Conceptual clarification of planning and strategic thinking in human resource management

Many of the concepts and techniques for strategic management have been developed and successfully applied within many companies. As managers are trying to manage better and to face the changes in economical climate, a company develops over four phases of strategic actions and management. These phases consist of basic financial planning, prognosis-based planning, external environment oriented planning and strategic management. Moreover, strategic management consists of four basic elements which ensure a structured format for examination of company strategies: scanning the business environment, strategy formulation, strategy implementation, evaluation and control.