Human Resource Management: gaining a competitive advantage - Strategic Human Resource Management
7 important questions on Human Resource Management: gaining a competitive advantage - Strategic Human Resource Management
What are Generic strategies?
- Cost, differentiation, or focus
- Defender, analyzer, prospector, or reactor
Business organizations engage in generic strategies, but they also make choices about developing strategies for achieving the company’s goals in light of its current environment
What are the 2 independent phases of the strategiuc management process?
- Strategy formulation: the process of deciding on a strategic direction by defining a company’s mission and goals, its external opportunities and threats, and its internal strengths and weaknesses
- Strategy implementation: the process of devising structures and allocating resources to enact the strategy a company has chosen
What are the 5 variables that determine the success of strategy implementation and on which 3 out of 5 has HRM direct responsibility?
- Organizational structure
- Task design
- Selection, training, and development of people
- Reward systems
- Types of information and information systems
HRM responsibility:
- Task design
- Selection, training, and development of people
- Reward systems
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What does vertical alignment mean?
What are the 6 HRM practices?
2. Recruitment and selection
3. Training and development
4. Performance management
5. Pay structure, incentives, and benefits
6. Labor employee relations
How are role behaviours tied to different strategies?
What are the 4 directional strategies companies can implement to meet objectives?
- Increase market share
- Reducing costs
- maintain current skills
- New market and product development
- build upon existing strengths
- Growth requires constant hiring
- merges and acquisitions
- different businesses have different cultures, HRM programs may face difficulties
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