Strategic human resource provides effective management of the staff, including retention, and turnover processes, selection of employees that fit with both the organisational strategy and culture, and cost effective utilisation of employees through investment in identified human capital. Studies revealed that executives and managers put more importance on strategic management than any other subject of interest in the organisation.
Also discussed in the literature are the models of strategy: the Industrial Organization (I/O) and Resource-Based View (RBV) models, first formulated by University of London Professor of Economics Edith Penrose. Penrose states that firms are heterogeneous and there is money to be made from exploiting the differences. Resources should meet the criteria of value, rarity, imperfect imitability and non-substitutability. RBV assumes that each organization forms each own data base, a collection of unique resources and capabilities from customers, employees, and competitors. And this uniqueness is the basis for a firm’s strategy.
The subject of the research for this paper is the organisation Oman India Fertiliser Company, a global based in Oman. This is a partnership cooperation between the government of Oman and the India Company to manufacture ammonia and urea fertiliser.
The study is conducted through a review of the literature, focusing on various aspects of performance and strategic management, HRM functions, including knowledge economy, the information revolution, and other related subjects. Qualitative research using questionnaires and interviews were used in the research.
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(Performance and Strategic Management Essay Example | Topics and Well Written Essays - 15000 Words)
“Performance and Strategic Management Essay Example | Topics and Well Written Essays - 15000 Words”, n.d. https://studentshare.net/miscellaneous/397378-performance-and-strategic-management.
Based on this research the desires of employees are often significantly different from that of their employers. While employers seek high production, employees do not generally have loyalty to the overall outcomes of the company. This disparity means that many employees often do not work at their full potential and consequently the productivity of the company itself is lower than it could potentially be.
With employees in several organisations complaining of flawed performance management systems lacking clear performance goals, honest feedback and unable to innovatively exploit the available technology, this essay explores the concept of Performance management in a profound and authoritative manner.
Adez?, 2009, p314). Performance management plays a major role in the success of a business as it is involved in the human resource framework, which brings huge benefits to a business if handled properly. Incentives in form of pay, bonuses, stock option among others can greatly boost the morale of employees and consequently increase their productivity, however, the results are not guaranteed and sometimes the relationship between performance and incentives is complex and not straightforward.
658). The formal strategic planning has been related to the subject of strategic management from its initial basis. The term strategic planning is also identified with several other labels including "corporate planning", "long term planning", and "strategic management".
So far, I am assured by my reflections that I am in the right career, although I am humbled by the fact that I do need to learn so much more in order to be a great future leader. This Personal Development Plan helps me organize my
remunerations, compliance to the set standards, creating and transmitting the organizational culture, making important decisions, management, marketing, and other organizational factors (Townsend and Lee, 2010). Generally, human resource management concerns itself with the
Strategic human resource management is defined as an approach to human resource management that has the goal of using people most wisely with respect to the strategic needs of the organisation”.The study also concludes that workers are essential in all performance management processes and drives.
This component assesses various forces within the environment that are likely to interfere or affect the strategy implemented. The environment scanning process involves the use of tools such as SWOT analysis and Porter’s five forces.
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