Final answer:
A surplus occurs when the quantity supplied exceeds the quantity demanded. HR can respond to surplus strategies by reallocating resources and devising strategies to utilize surplus resources effectively.
Step-by-step explanation:
A surplus occurs when the quantity supplied of a good or service exceeds the quantity demanded at a given price level. This can happen when the price is set too high or there is a decrease in demand. In the context of goal setting and strategic planning, a surplus strategy refers to a situation where an organization has more resources or capacity than it actually needs to achieve its goals.
When it comes to HR responding to surplus strategies to contribute to strategic planning, they can play a crucial role in identifying areas of excess and reallocating resources accordingly. For example, they can identify areas where there is an excess of manpower and redistribute employees to areas where there is a shortage. HR can also work with other departments to devise strategies to utilize the surplus resources effectively, such as offering training programs or expanding into new markets.