Final answer:
Determining corporate objectives, policies, and plans, as well as other HR objectives and policies, is an essential part of strategic management in business.
Step-by-step explanation:
In the field of Business, determining corporate objectives, policies, and plans, as well as other HR objectives and policies, is an essential part of strategic management. Corporate objectives are the long-term goals that a company aims to achieve, while policies are the guidelines and rules that guide decision-making and behavior within an organization. HR objectives and policies specifically focus on managing and developing the organization's human resources.
For example, a corporate objective may be to increase market share by 10% within the next five years. To achieve this objective, the company may implement policies such as investing in research and development, expanding distribution channels, and improving customer service. In terms of HR objectives and policies, these may include attracting and retaining top talent, providing training and development opportunities, promoting employee engagement, and ensuring equal opportunities for all employees.
Overall, determining the various objectives and policies in business is crucial for setting direction, aligning activities, and achieving strategic goals.