HRM strategies also emphasise on communication among the internal user of the company. The fourth example is operations strategies. According to Newton, operations strategies are plans of business to work up until achieve the goals which are set by company. Finally, the last of example is financial strategies. Financial strategies include income statement, cash flow statement and balance sheet which stated by Anthony.
Task 1 Criteria 1.1 (Explain the importance of strategic human resource management in organizations) To be a successful organization, there are required to manage some resources such as human resource, technology resource, financial resource, physical resource. Among them, human resource is a key factor for an organization. Because other resource depends on human decision. Therefore, it commonly recognized to use the strategic approach to people manage is known as ‘Human Resource Management’ or HRM. Human Resource Management (HRM) may be defined as “a strategic approach to managing employment relations which emphasizes that leveraging people’s capabilities is critical to achieving sustainable, competitive and advantage, this being achieved
Introduction The key to any successful firm or an organization is its resources. Resources are always scarce and need to be used efficiently and sustainably to maintain a competitive advantage over other firms. Human Resource is one of the most valuable resources of a firm or an organization and knowing how to manage human resources is critical for survival of organizations and firms (Armstrong, 2008). Human Resource management is crucial in efficiently allocating human resources for maximum efficiency to achieve organizational goals. Wright et al (2011) argues, “In times of plenty, ﬁrms easily justify expenditures on training, stafﬁng, reward, and employee involvement systems, but when faced with ﬁnancial difﬁculties, such HR systems fall
(Management Principles, 2012) The text’s definition of strategy compares as they both mention strategy needs to take place to accomplish a goal or objective. They differ as the website goes more in to the business side of strategy regarding creating a competitive advantage, versus, the text mentions strategy in a general sense (which means it can be applied to any organization.) Strategy can be applied to any goal. All it takes is critical thinking and
However, the new comers to the field of human resource management state that the management of human resources in the organizations is a combine of Harvard model, soft model and the Michgam model of human resource management. When consider about these three types of models associate with the human resource management it can identify differences between three models (Agarwala, 2003). When consider about the human resource management model, which is mostly adopted by the organizations it is the normative human resource management model. The normative model of human resource management has two common themes (Chen et al., 2009). The first theme is that the policies of human resource management should integrate with the strategic business plans of the organization.
These factors are usually considered by all managers in their efforts to design HR plans. The first factor is the overall strategy of the organization. Designers of HR plans should ensure that the larger organization’s strategies are put into perspective (Thite,2013). The financial environment as well as the strategy of the organization should also be factored in to ensure that they are in line with the environmental factors that usually affect the organization. During the steps, the following Methodology The methodology approach use by this paper involves the utilization of secondary sources to determine the current and past evidence of the Human Resource planning in KIA Motors Company.
2.2 Personal Management vs. Human Resource Management Many researchers believe that there is a difficulty in distinguishing clear differences in terms of Personal Management (PM) and Human Resource Management (HRM). Some of them such as Torrington (1989, citied in Koster 2007), support that the difference stands in the change of title and that in fact there is no difference in the content of HRM. On the other hand, there are researchers such as Guest (1987, citied in Arsmtrong, 1999), who argued that the administration of HRM differs from the traditional personnel management. HRM is engaged in the implementation of operating activities that traditionally were carried out by the staff. However HRM performs these functions in a qualitatively
2. SIGNIFICANCE OF HR BEST PRACTICES Rowan (2009) argues that, the workforce is both a significant expense and the most important asset of any organization. Therefore, HR has to deploy appropriate process & systems to manage the workforce in turn to serve the business as a strategic partner. In effect, HR needs to implement best practices that are supported and facilitated by integrated, robust systems. The challenge for HR professionals today is living up to the high expectations that come with a seat at the table — expectations to drive business results through people and culture (Hollon, 2011).
One of the critical parts of SWOT analysis is the data which you have use to set new strategies and goals for the company. For instance, create a plan to build up strengths, set goals to reach the opportunities your company may have, how to minimize and avoid falling under weaknesses and possible threats. What is more, there are lots of tools which help designing a strategy. For instance, Boston Consulting Group Matrix, included four quadrants: stars, question marks, cash cows and dogs; also Porter’s 5 Forces and many more. Strategy design and choice refers to the process of choosing the most appropriate action responsible for the realization of organizational goals and objectives and thereby achieving the organizational vision and mission statement.