Final answer:
Strategic planning is crucial for ensuring that managers and departments are aligned and do not work at cross-purposes. It involves aligning daily operations with the company's goals through training and ongoing development, which also enhances human capital investments.
Step-by-step explanation:
Since most well-run firms utilize a hierarchy of goals to guide major decisions, strategic planning is especially important to managers at every level to prevent departments from working at cross-purposes. Strategic planning is critical as it aligns the company's mission and vision with daily operations, ensuring all departments are moving towards common goals.
Effective strategic planning incorporates orientation training to educate new employees about the organizational culture, expectations, and procedures, as well as ongoing training to adapt to new duties or tools relevant to the job. Furthermore, thoughtful investments in human capital through hiring and training are key to leveraging the initial investment made during the hiring process, and performance appraisals are part of the continuous improvement in aligning individual objectives with the overall strategy of the organization.