Diffterence between Human recourse planing and Business planing Essay

Diffterence between Human recourse planing and Business planing - Essay Example Therefore, a business plan can be defined as a document which is utilised to describe the business along with its â€Å"objectives, strategies, target market and financial forecasts† (Small Business Development Corporation 2014, paragraph 2). So business planning is a strategy level activity which is most vital while starting a business or embarking on a new venture. An HR plan is oriented towards the workers of the enterprise. One of the direct concerns of HR planning is to chalk out the key industrial relationship management tactics (Planning for Staff Development: Fanning the Flame 1990). HR planning is closely related with human resource development. The process encourages talent hunt and consistent staff training, so that company or department specific highly skilled workforce can be developed. However, a business plan is based on a financier, banker, or shareholder oriented persuasive strategy (Chen, Yao, and Kotha 2009). Business plans are more elaborate. Apart from HR planning, business planning is also related to other planning processes like marketing plan development, product planning, knowledge management, investment planning, etc. Again, an HR plan is specific; it handles matters related to the staff and recruitment processes (Braham 1989). It nay also involve blueprint for staff training, payroll management, and educational programs. On the other hand, a business plan involves not only securing the staff, but also handling the investors, sponsors, suppliers, and clients (Butler 2000). So it can be deduced that the stress of HR planning lies on business tactics where short term processes like staff selection, condensed training session, database management, etc. are given highest priority. That is why strategic HR is regarded as an enhanced branch of HR planning (Planning for Staff Development: Fanning the Flame 1990). At the strategic level, complicated HR planning with long term goals must be preceded by elaborate