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Strategy and Human Resource Management - Essay Example

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Strategy and Human Resource Management 1. Why HR Metrics are integral to Strategic HRM? Give specific examples of HR Metrics in various HR functions and explain whether and how they can justify the effectiveness of HR function. As businesses strive to become more competitive in the modern world of business where remaining competitive is at the core of survival, there has been realization that the human resource asset is to the most vital resources available to organizations to increase their competitiveness…
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Strategy and Human Resource Management Why HR Metrics are integral to Strategic HRM? Give specific examples of HR Metrics in various HR functionsand explain whether and how they can justify the effectiveness of HR function. As businesses strive to become more competitive in the modern world of business where remaining competitive is at the core of survival, there has been realization that the human resource asset is to the most vital resources available to organizations to increase their competitiveness. This realization has led to more attention being paid on human resource practices to improve the contribution of the human asset towards general business performance. The input from human resources management cannot be steeped in intangibles of the past, but rather be made of set of quantified measures for it to be use in the strategic decision making of a business organization. No longer is the influence of gut important in strategic human resource management, but hard cold facts on the elements of the human asset measured using the appropriate technologies to enable the prudent use of human and other resources in ensuring the success of strategic business decisions. There are a large number of HR Metrics. Rate of absenteeism is an HR metric that can give the hard facts on the productivity loss thrust on the organization by employees keeping away from work. Turnover rate is another HR metric that allows the organization to calculate the costs to the organization due to poor retention of employees. Motivation level of employees is a HR metric that gives valuable input to the organization for rewards policy decisions. Technology usage by the employees provides insight into whether the organization is deriving the full benefits of technology employed in the organization. Safety HR metrics gives the actual picture of the number of accidents occurring in the organization from work hazards and the costs of such accidents (Beatty, Huselid & Schneir, 2007). 2. Explore the role of technology in harnessing the potential of HRM and briefly analyse some of the key success factors in technology implementation. Current information, communication, and analysis technologies make it possible for the potential of Human Resources Management (HRM) to be enhanced considerably. Planning of future workforce requirements and recruiting and selecting the appropriate personnel to meet the workforce demands are key functions of HRM. These functions can be performed in a better manner with the assistance of technology. Technologies are available that enable HRM to correctly forecast the demand and supply needs of employees to meet the objectives of the strategic objectives of the organization. It also enables to analyse the job to arrive at the job description (TDRs) and job specification (KSA), so that the recruitment and selection fit the bill of the requirements. E-recruitment is the use of Internet technology to open job portals on the web site of the business enterprise that makes it convenient for applicants to access job vacancies in the organization, and apply for the post. HRM can use the same facility for initial screening and selection tests to reduce costs and time involved in the recruitment and selection processes. Another key function of HRM is to provide training and development to the human asset s of the organization to increase their worth to the organization. Technology advances in the field of information and communication technology improve HRM function in this key area. Using E-learning it is possible for HRM to conduct an analysis of training needs in employees, conduct the training programs and evaluate the success of the training and development programs in meeting the expected objectives. The training may be conducted conveniently, efficiently and cost-effectively through the use of computer based training (CBT), multi-media based training (MBT), open distance learning (ODL), virtual learning environment (VLE), and web-based training (WBT). Performance and rewards management is another critical function of HRM. For the successful implementation of technology in support of HRM functions there is the need for support of the top management, availability of adequate and timely resources, continuing communication, an organizational culture that is conducive for the use of technology, involvement of the users, champions for the project, structure of the organization, employing change management methodology, control and monitoring of the technology implementation project, and cross integration between business systems (Johnson & Guetal, 2011) 3. Discuss the future of Strategic HRM in the context of ever changing business environment, technology, demographics and employee expectations. Strategic management will face new challenges in the ever changing modern business environment and equip itself to cope with these challenges. Globalization has resulted in the emergence of new markets and the requirement for talent to successfully manage operations in these new markets. There is already competition for talented workers in these new markets strategic HRM will be further challenged to equip itself to handle this global talent management. Corporate social responsibility is becoming more and more important in the competitiveness and sustainability of an organization. In the future Strategic HRM will face the challenge of developing a culture in the organization that contains the elements of commitment to business ethics and corporate social responsibility. Strategic HRM will face higher expectancies in its ability to provide better health, safety and security for employees and provide a better balance between work and personal life to prevent stress and burnout in employees. HRM metrics is going to play a bigger role in Strategic HRM. This means that Strategic HRM will have to ensure development and standardisation of appropriate HRM metrics for efficient use in its functions. Employee performance is getting recognized as a key element in making organizational strategies successful through the meeting of the objectives, calling for greater interaction with employees for better involvement of the employees in meeting organizational strategies. While there is likely to be a reduction in union presence in support of employees, there is likely to be more governmental scrutiny of business practices and processes and Strategic HRM will have to be compatible to this change in the environment. Finally, there is growing pervasion of technology in organizations and strategic HRM will have to be prepared and equipped to harness the benefits of technology to increase its potential benefits for the organization (SHRM, 2009). Literary References Beatty, R. W., Huselid, M. A. & Schneir, C. E. (2007). New HR Metrics: Scoring on the Business Scorecard. In Randall S. Schuler & Susan E. Jackson (Eds.), Strategic Human Resource Management, Second Edition (pp.352-365). Malden, MA: Blackwell Publishing Ltd. Johnson, R. D. & Guetal, H. G. (2011). Leveraging HR Technology for Competitive Advantage. SHRM Foundation Executive Briefing. SHRM. (2009). Future Insights: The Top Trends According to SHRM’s HR Subject Matter Experts. Alexandria, VA: Society for Human Resource Management. Read More
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