For organizational success, an entity needs a robust Human Resource Management Strategy. Every organization has its obvious mission of becoming the most profitable organization and without competent, self-motivated and skilled workforce it will not be able to accomplish its mission. Human capital is the most important asset of an organization and it is one of the key factors among other factors of production.
The main objective of an organization human resource management strategy is to attract, recruit, maintain and develop a competent workforce that ensures the future staff needs of the organization. Human Resource management is basically the acquisition, upgradation and development of the entity personnel and aligning the workforce individual objectives with the overall aim of the organization.
Steps to develop Human Resources Management Strategy:
In order to gain competitive advantage, an entity needs to formulate proper human resource management strategy with a view of adhering it in the long run.
Step 1: Understand your organizational needs. Observe your long term needs. Also perform a comparative analysis of your organization with other entities in the same industry. If your organization belongs to labor intensive industry then it will need more care while understanding organizational needs for human resources.
Step 2: Conduct SWOT Analysis in order to know about your strengths and weaknesses regarding the personnel. Answer the following questions:
Do you have the competent workforce that you need?
Are you facing any bottleneck issue like labor shortages or unavailability of skilled labor?
Is there any other possible alternative available to you? Like can machines be the alternative to labor as in most high-tech industries or do you belong to an industry like Writing and translation services where the need of a writer cannot be replaced by the machine.
Is your workforce motivated to work or not? If not, then apply appraisal techniques to motivate them towards work.
Step 3: Formulate plans that how you satisfy those organizational needs.
Do you need to outsource workforce or train them in-house? Perform Cost vs. Benefit analysis while choosing between options.
If you want to train your own workforce, then access training needs, nature, timing and extent of the training sessions.
If you want to outsource then also locate the efficient and effective contractor for the work.
Step 4: Implement or execute the HR strategy. HR strategy should be uniformly executed across the organization. There should not be any double standard in the implementation of the strategy because if that would be practiced then it will lead to grievances among employees.
Step 5: Monitor the overall strategy to make sure that strategy is being completely implemented throughout the organization. While implementing the strategy, if deviations occur then, go back to Step 2 and repeat the whole cycle in order to achieve desired results.
Step 6: Review the overall results achieved from the strategy and keeps repeating the same cycle if there is no any variation in the organizational needs.
Apart from attaining and maintaining the competent workforce, it is also necessary to keep them motivated towards work. Regular appraisals and rewards help employees to work better and in a much efficient way. It can be safely stated that having an efficient workforce is like a blessing for the entity.