Human Resource Strategy
Human resource is a vital part of any business, as the success of an organization is only possible with effective recruitment, development, and management of its human resources. A Human Resource Strategy is an approach to defining an organization’s human resource goals and objectives and how it will achieve them. It is the key to successful organization and provides the foundation upon which a sustainable competitive advantage can be achieved.
Generally, a Human Resource Strategy consists of five components: (1) defining the organization’s human resource goals, (2) creating a job mix that best meets the organization’s needs, (3) creating a recruiting, selection and compensation process, (4) developing a training and development program that builds on the strengths of existing employees and (5) creating an effective performance evaluation system. All of these components must be integrated in order to create a successful human resource strategy.
First, an organization must define their human resource goals. These goals should consider both the short-term and long-term objectives of the organization and include both quantitative and qualitative measures. Quantitative goals may include measuring productivity, efficiency, hiring percentage, and turnover rate. Qualitative goals might include job satisfaction, morale and loyalty among employees, and overall customer satisfaction.
Once the goals have been set, the organization must then create a job mix that best meets its needs. This mix should consider the size of the organization, its industry and the internal structure of the organization. It may also include job functions and skills that are necessary for the organization to reach its goals.
The next step is to create a recruiting, selection and compensation process. This must be done in order to select the best qualified candidates for the vacant positions in the organization. This process includes identifying the relevant educational qualifications, experience levels and skill sets required for the position, designing a selection process and developing an effective wage and benefit structure.
Once the job mix and recruiting process has been established, the organization must also create a training and development program. This should provide employees with the necessary skills and knowledge to perform their jobs in the most effective and efficient way. Additionally, it should also provide employees with opportunities for personal and professional development.
Finally, an effective performance evaluation system should be implemented. This system should be designed to measure the performance of each employee against his or her predetermined goals and objectives. An effective system should provide feedback to employees on their progress, while at the same time, recognize and reward those employees who reach their goals.
The Human Resource Strategy is a key element in the success of an organization. There are many factors that must be taken into account in order to create an effective strategy, but if done effectively, it can help an organization reach its goals and objectives and remain competitive in its industry.
