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The Human Resources Strategy as a Source of Competitive Advantage - Essay Example

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The paper “The Human Resources Strategy as a Source of Competitive Advantage” discusses the role played by human resource functions, which is best explained by determining the key objectives that they seek to align strategies, develop effective policies, systems and activities…
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The Human Resources Strategy as a Source of Competitive Advantage
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Download file to see previous pages The role played by human resource functions is best explained by determining the key objectives that they seek to align strategies, develop effective policies, systems, and activities which are significant to the firm’s overall success (Torrington, Hall & Taylor, 2002; Storey, 1995). HRM functions are critical to running an effective organization.
Organisations need to have competitive HRM functions in order to maintain a competent workforce and attain business objectives (Newman & Hodgetts, 1998). The HRM function includes planning, training and development, career development, performance appraisal, and employee relations. These functions help organizations to facilitate strategies that allow them to achieve efficiency and effectiveness (Stone, 1998). HRM functions must change in a manner that it accomplishes new roles and new competencies. It also has to be transformed to deal creatively and practically with the emerging challenge.        
Human Resource Planning.  This function deals with the demand and supply of labor. It involves the acquisition, development, and turnover of employees. However, the practice of HRM planning has not received the same level of interest from line managers as planning for material, equipment, and financial resources for the reason that managers try to attain different business objectives/expertise (Dessler, 2000).
The purpose of HRM planning is to ensure that a fixed number of employees with the appropriate skills are available for future vacancies (Gupta & Singhal, 1993). HRM planning process has four stages involving analyzing, forecasting, planning, and implementing (Noe, 2005). Analyzing deals with environmental factors, organization direction, and internal and external workforce. Forecasting focuses on demand and supply of workforce.    ...Download file to see next pagesRead More
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