How to prepare an effective and efficient strategic human resource management plan?
|✓ Paper Type: Free Assignment||✓ Study Level: University / Undergraduate|
|✓ Wordcount: 332 words||✓ Published: 22nd Jun 2020|
QuestionHow to prepare an effective and efficient strategic human resource management plan?
AnswerStrategic human resource management (SHRM) aims to utilise human resources (also called human capital) in a way that supports the long term goals and strategies of the business. The most important aspect is therefore that the SHRM strategy is aligned closely to the overall business strategy, if the two strategies diverge then gaps will occur which could leave the business lacking crucial human talent. So, the SHRM strategy should be designed conjointly with the overall strategy, with input from all business areas, not just HR. A crucial aspect to address in the SHRM strategy is the issue of talent management, this relates to the process of ensuring that relevant skills are developed or recruited within the business in order to meet requirements as the business progresses. This needs to be balanced against the cost of recruitment and retention as well as the unavoidable effects of staff turnover. As such, it is very necessary that measures are put in place to monitor and control staff retention, along with developing a budget and plan for remuneration and rewards. The plan may cover many other areas, such as overcoming any existing issues, or generally improving the quality of the working experience for staff. Another important aspect to consider is how to ensure that a good plan, translates to effective action; in achieving this some target setting theory can be used. SMART (simple, measured, achievable, realistic, timed) targets can be employed for various aspect of the plan in order to give clear end points which can be pursued. This can be aided by setting milestones and holding frequent performance reviews to measure progress and adjust to changing requirements. A well-designed plan is only effective and efficient if it is managed and enacted equally well - the plan must be created with practical goals in mind.
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