LESSON 2 Flashcards
is an approach to managing human resources that aligns HR practices with the organization’s strategic goals and objectives.
Strategic Human Resource Management (SHRM)
helps organizations achieve their strategic goals by ensuring they have the right people
with the right skills in the right place at the right time.
SHRM
Objectives of Strategic HRM
- Align HR strategies with business strategies
- Develop a high-performing workforce
- Improve employee engagement and retention
- Create a competitive advantage
- Support organizational growth and innovation
unemployment rates and economic growth, can impact the availability of talent and the cost of labor
Economic factors
what are the External Environment
- Economic factors
- Legal and regulatory factors
- Technological factors
- Social and cultural factors
examples of Economic conditions (factors)
unemployment rates and economic growth
Legal and regulatory factors examples
Employment laws and regulations such as anti-discrimination laws
wage and hour laws
Technological factors examples
automation and artificial
intelligence
Social and cultural factors
work-life balance and diversity
what are the internal environment
- Organizational culture
- Organizational structure
- Human resources
- Technology
: The shared values, beliefs, and norms that characterize an organization can impact employee behavior and perform
Organizational culture
The way an organization is structured can affect communication, decision-making, and collaboration
Organizational structure
The skills, knowledge, and abilities of an organization’s employees are critical to its success.
Human resources:
: The technology infrastructure available to employees can impact their productivity and effectiveness.
Technology
is crucial for ensuring that HR activities support the organization’s overall goals, boosting efficiency, productivity, and overall company performance.
It involves making sure that HR decisions and actions help the company reach its objectives, ensuring the right people are in the right roles with the skills and motivation needed to get good results.
Aligning HR strategies with business objectives
How to Align HR Strategies with Business Objectives:
- Understand Business Goals
- Set Clear Expectations
- Prioritize Strategic Workforce Planning
- Align HR practices with business strategy
- Integrate HR processes with strategic planning initiatives
HR leaders should have a comprehensive understanding of what the business wants to achieve. Giving HR leaders a seat at the executive table helps them learn firsthand about the company’s vision, mission, and goals. Regularly engaging with other departments to understand their specific needs and challenges is also essential.
Understand Business Goals
Translate high-level business goals into specific and actionable HR initiatives. Clearly communicate these expectations to everyone in the department and across the entire organization.
Set Clear Expectations
: Analyze the organization’s current workforce capabilities and use these findings to forecast future needs and develop strategies to bridge any potential gap.
Prioritize Strategic Workforce Planning
: Link HR programs, such as talent acquisition, performance management, and training, directly to the strategic goals and business plan.
Achieving alignment with the business starts with knowledge of the business plan, including the industry landscape, competitive challenges, and future growth plans.
Align HR practices with business strategy
: to ensure that HR initiatives support the company’s overall direction. This involves actively participating in strategic planning discussions, aligning HR initiatives with company objectives, and adapting HR strategies to meet changing business needs.
Integrate HR processes with strategic planning initiatives
involves defining the organization’s mission, vision, and values, as well as setting strategic goals and objectives.
Strategic formulation
a continuous process of analyzing and forecasting workforce supply and demand to ensure an organization has the right people with the right skills in the right roles at the right time.
Strategic workforce planning (SWP)
It involves identifying gaps and developing plans to meet current and future business goals. SWP is led by both business and HR leaders.
Strategic workforce planning (SWP)
