INTRODUCTION TO SHRM

Strategy meaning
Strategy concept
Strategic management
Strategy management process
Strategic HRM
Aims of strategic HRM
Approaches to strategic HRM 
HR strategies
Types of Hr strategies
Difference between strategic HRM and HRM 
Hard & soft elements of HRM 

1. Chapter 1 : INTRODUCTION TO SHRM

2. Course Objectives: Identify, devise and implement appropriate strategies to ensure organizational survival / growth and response to the market of external and internal contextual turbulences and uncertainties, taking into account the values and ethical standards which organization operates.

3. Learning Outcome I Identify the contexts, including the international one, within which organisations operate affect strategy and people management. Strategy meaning Strategy concept Strategic management Strategy management process Strategic HRM Aims of strategic HRM Approaches to strategic HRM  HR strategies Types of Hr strategies Difference between strategic HRM and HRM  Hard & soft elements of HRM 

4. Strategy meaning A strategy is all about integrating organizational activities and utilizing and allocating the resources within the organizational environment so as to meet the present and future objectives.  Strategy can be defined as “A direction set for the company and its various components to achieve a general desired state in the future. Strategy, in short, bridges the gap between “where we are” and “where we want to be”.

5. CONCEPT OF STRATEGY The concept of strategy is based on three subsidiary concepts:

6. Competitive advantage Competitive advantage is what makes an entity's products or services more desirable to customers than that of any other rival. Competitive advantages can be broken down into comparative advantages and differential advantages. Comparative advantage is a company's ability to produce something more efficiently than a rival, which leads to greater profit margins. A differential advantage is when a company's products are seen as both unique and of higher quality, relative to those of a competitor. Example: https://www.youtube.com/watch?v=9Ch58j0pRug&feature=emb_title

7. Strategies for Competitive Advantage Differentiation means companies deliver better benefits than anyone else. A firm can achieve differentiation by providing a unique or high-quality product. Focus means the company's leaders understand and service their target market better than anyone else. They either use cost leadership or differentiation to do that. https://www.thebalance.com/what-is-competitive-advantage-3-strategies-that-work-3305828 Cost leadership means companies provide reasonable value at a lower price. Firms do this by continuously improving operational efficiency.

8. Distinctive capabilities Distinctive capabilities or core competences describe what the organization is specially or uniquely capable of doing . They are what the company does particularly well in comparison with its competitors. Key capabilities can exist in such areas as technology, innovation, marketing, delivering quality, and making good use of human and financial resources. Four criteria have been proposed by Barney (1991) for deciding whether a resource can be regarded as a distinctive capability or competency: value creation for the customer; rarity compared to the competition; non-imitability; non-substitutability.

9. Strategic fit Strategic fit expresses the degree to which an organization is matching its resources and capabilities with the opportunities in the external environment. The matching takes place through strategy and it is therefore vital that the company has the actual resources and capabilities to execute and support the strategy

10. Strategic management Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success. The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies. https://www.youtube.com/watch?v=icqu2Kl1Imc

11. Components of Strategic Management Process

12. Strategic management process has following four steps: Environmental Scanning- Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization. After executing the environmental analysis process, management should evaluate it on a continuous basis and strive to improve it. Strategy Formulation- Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies. Strategy Implementation- Strategy implementation implies making the strategy work as intended or putting the organization’s chosen strategy into action. Strategy implementation includes designing the organization’s structure, distributing resources, developing decision making process, and managing human resources. Strategy Evaluation- Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial / corrective actions. Evaluation makes sure that the organizational strategy as well as it’s implementation meets the organizational objectives.

13. Strategic Human Resource Management ( SHRM ) Strategic Human Resource Management is a combination of Strategy and Human Resource Management (HRM).  Strategic Human Resource Management is the practice of aligning business strategy with that of HR practices to achieve the strategic goals of the organization.   The aim of SHRM (Strategic Human Resource Management) is to ensure that HR strategy is not a means but an end in itself as far as business objectives are concerned.  The idea behind SHRM is that companies must “fit” their HR strategy within the framework of overall Business objectives and hence ensure that there is alignment between the HR practices and the strategic objectives of the organization https://www.deputy.com/blog/7-steps-to-strategic-human-resource-management

14. APPROACHES TO SHRM There are five approaches to strategic HRM .

15. https://www.businessmanagementideas.com/differences/difference-between-strategic-hrm-and-hrm/20803

16. HR Strategies HR strategies set out what the organization intends to do about its human resource management policies and practices, and how they should be integrated with the business strategy and each other. The purpose of HR strategies is to guide development and implementation programmes . They provide a means of communicating to all concerned the intentions of the organization about how its human resources will be managed. They enable the organization to measure progress and evaluate outcomes against objectives.

17. Types of HR strategies

18. Within the HRM view, two approaches have been identified. Storey (1989) labelled these two approaches hard HRM and soft HRM.  The ‘hard’ approach, rooted in manpower planning is concerned with aligning human resource strategy with business strategy, while the ‘soft’ approach is rooted in the human relations school, has concern for workers’ outcomes and encourages commitment to the organization by focusing on workers’ concerns.  Simply, hard HRM Views people as a resource used as a means of achieving organizational goals while soft HRM Encourages employers to develop strategies to gain employee commitment. Hard and soft HRM

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