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What is Strategic Human Resource Management

What is Strategic Human Resource Management
Strategic HRM – How it helps in improved Business Performance  Don’t forget to take the HR QUIZ at the end of this article Definition: Strategic human resource management (strategic HRM or SHRM) is a tactic to managing human resources that supports long-term business goals and outcomes with a strategic framework. It means that all HR Activities will be linked to the Organization’s Strategic Objectives. Here I have to mention a little bit about strategy – A company has to plan its activities not only for short-term but for a long-term also. This futuristic activity has to be backed up by some solid policies and practices without which the firm will start limping after a particular point of time. These goals and objectives are called strategies which are formulated in lieu of internal and external business environment, and also take into account legal, political and economic considerations. “Strategic HRM is an approach that defines how the organization’s goals will be achieved through people by means of HR strategies and integrated HR policies and practices.” Basics of strategic hrm: Formulation of HR Programs to enhance overall organizational performance Strategic HR planning from start Pro-actively participate in big picture decision making Redesign organizations and the work processes Measure financial results of all HR activities  Human Resource managers need to go for: Focus on developing HR programs that improve organizational performance Pro-active decision making on mergers, acquisitions, and downsizing Restructure the work processes to enrich overall organizational performance Measure and document the financial results of all HR activities Strategic HRM is the key to improved business performance A good SHRM strategy In the majority of organizations people are now the biggest asset. Their knowledge, skills and abilities have to be employed and used to the maximum effect if the organization is to create any value. Benefits of strategic hr Enables development of high-quality workforce through focus on types of people and skills needed Helps in cost-effective utilization of labor, particularly in service industries where labor is generally expensive Facilitates planning and assessment of environmental uncertainty, and adaptation of organization to external forces  Strategic human resource management is important in both large and small companies. Small companies have an ease of managing HR because of the small number of people involved and training them for a strategic approach might be lot easier. Larger companies need to have a whole department in charge of human resources and development. Assessment 1. ————is the assessment of internal and external conditions that affect the organization Environmental scanning Environmental scrutiny 2. The elementary way of employee learning in which the employees of an organization copy the behaviors of someone else is classified as Behavioral modeling Spaced modeling 3. The completion time of training, cost of resources and number of trainees are variables that must be considered in Delivery of training Selection of employees 4. The step in recruitment process in which the candidates are shortlisted fulfilling the minimum requirements of the job is classified as Pre-employment screening Affirmative screening 5. In an organization, the research efforts that are made to evaluate current structure of human resource management are classified as HR audit HR rating Buy Handbook of Strategic HRM by Michael...
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Business Acronyms Quiz

Business Acronyms Quiz
Acronyms are inevitable components of business life and if you are not familiar with some of the important terms, life can become difficult. Try to unveil these 30 Business Acronyms Related to HR, Finance and Accounting: BKPR CAO SHRM CIPD CTO HCM HPWS CIO CPA BGT COGS EPS LC P&L ROA ROE ROI CIMS DRIFT B2B B2C CTC USP PR INC. IPO GDP EBITD ESO GASS Find the answers below the pic: 1. Book-Keeper 2. Chief Accounting Officer 3. Strategic Human Resource Management 4. Chartered Institute of Personnel and Development 5. Chief Technology Officer 6. High Commitment Management 7. High Performance Work System 8. Chief Information Officer 9. Certified Public Accountant 10. Budget 11. Cost of Goods Sold 12. Earnings Per Share 13. Letter of Credit 14. Profit and Loss 15. Return on Assets 16. Return on Equity 17. Return on Investment 18. Certified Investment Management Specialist 19. Do it Right the First Time 20. Business to Business 21. Business to Consumer 22. Cost to Company 23. Unique Selling Point 24. Public Relations 25. Incorporated 26. Initial Public Offering 27. Gross Domestic Product 28. Earnings Before Interest, Tax and Depreciation 29. Employee Stock Option 30. Generally Accepted Accounting Standards...
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Video on Talent Acquisition and Compensation

Video on Talent Acquisition and Compensation
🙂 #Talent Acquisition and #Compensation Benefits A lecture on Talent Acquisition and Compensation by Dr. #Armin Trost #Human Resource Management Lecture – Talent Acquisition What does the traditional approach in recruiting look like? How is a company able to position and present itself as an attractive place to work through building an employer brand? Which active search strategies help companies to find and approach passive candidates? How can companies retain promising and talented candidates? You Don’t Create Your Employment Brand, Your Candidates And Employees Do” – @ChiHeadhunter Talent hits a target no one else can hit; genius hits a target no one else can see. – Arthur Schopenhauer The following video lecture by Dr. Armin Trost clearly indicates his knowledge and experience on the subject. Visit this link to know more about this HR Expert- Armin Trost Human Resource #Management Lecture – #Candidate Selection During a company’s recruiting process how are the most suitable candidates selected and which risks need to be controlled? How can a company determine a candidate’s future performance? Which selection criteria are typically used? What are the most commonly used selection methods? Whenever you are asked if you can do a job, tell ‘em: ‘Certainly I can!’ Then get busy and find out how to do it. – Theodore Roosevelt Find out what you like doing best and get someone to pay you for doing it. – Katherine Whitehorn Human Resource Management Lecture – #Compensation and Benefits What is equity? Which components make up total reward and based on which factors are these components determined? How does fixed and variable pay work in practice? What are benefits and why are they there? Under which conditions does money impact motivation for performance? Strive not to be a success, but rather to be of value. – Albert Einstein The mind is everything. What you think you become.   – Buddha Related Videos:  HRM Video 1 HRM Video...
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Human Resource Management Online Courses

Human Resource Management Online Courses
I thought it would be helpful to create resource pages on some of the wonderful ‘Online Courses’ available. I recommend bookmarking these pages for your reference and convenience. Enjoy! Disclosure:  Please note that some of the links below are affiliate links, and at no additional cost to you, I will earn a commission if you decide to make a purchase.  Please understand that I have experience with all of these companies, and I recommend them because they are helpful and useful, not because of the small commissions I make if you decide to buy something. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals. Since our niche pertains to ‘management and BUSINESS ADMINISTRATION‘, let me start with a list of courses on Human Resources, the indispensable organizational factor. Learn how to recruit, hire, train and manage Human Capital. Human Resource Outsourcing ( HRO) has become necessary TO NOT ONLY HIRE BEST TALENT but also to RETAIN THEM. You would have heard of Udemy, the online learning platform, whose mission is to help ‘anyone learn anything online’. This teaching portal connects the instructors and learners in the best possible manner. A number of free and paid courses are available to suit the needs of the learner. You could become an instructor too to start monetizing your knowledge. Discover Udemy’s latest courses! Some courses are given at AMAZING DISCOUNT PRICES like the ones below. 1 Day Left! Pay $10 for top courses, originally priced up to $499! Human Resource Management Courses: Coming back to Human Resource Management Learning, let me first list some courses on HUMAN RESOURCES PRICED LESS THAN $50 These courses talk about, Startup hiring staffing Firms Effective Hiring Practices Staff Recruitment How to deal with Sexual Harassment etc. These courses give you the ease of learning from the comfort of your home at very reasonable prices and also give you an opportunity for passive income by publishing video lectures on Udemy. If you happen to be very successful, this platform might become your main source of income, since people are always hungry for more  information and knowledge. Don’t miss out on this course: As a busy entrepreneur, you may have experienced the frustration of employees that are not performing like you have hoped. In most cases, the employee has the potential of performing just the way you want, all that is needed is coaching. This course will teach you how to get the best of out your people and build a dynamic team. Hope you enjoyed this post, and come back with your valuable feedback if you were benefited by enrolling in any one of these courses. Online learning has become the ‘ORDER OF THE DAY‘ and lot of universities and educational institutions are digitizing their teaching approach and if you happen to be an expert in your niche, ‘YOU ARE MOST...
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Portfolio Analysis and Implementation

Portfolio Analysis and Implementation
What is Portfolio Analysis ? Portfolio Planning is best advised for diversified companies than the more product coherent ones. Portfolio analysis plays a vital role in planning and implementation of  various #strategic business units of the organization as a whole. Portfolio planning recognizes that diversified companies are a collection of businesses, each of which makes a distinct contribution to the overall corporate performance and which should be managed accordingly. Companies dealing with a wide #product range and divisions are expected to redefine their strategies for each of the SBU’s or Strategic Business Units. Then they classify these units on a portfolio grid according to the competitive position and attractiveness of a particular product market. What are strategic business units? A strategic business unit is a fully functional and discrete unit of the business that builds its own strategic vision and direction. Within large companies there are smaller specialized divisions that work towards specific projects and #objectives. The strategic business unit, often referred to as an SBU, remains an important element of the company and is accountable to their head office about their operational status. Typically they will operate as an independent organization with a specific focus on target markets and are large enough to maintain internal divisions such as finance, HR, and so forth. Types of Portfolio Planning: Analytical Planning: Planning is only at the initial level where traditional administrative tools are used. Process Planning: Here planning is a central part of the ongoing #management process and strategic mission is explicit in activities. Advantages of Portfolio Planning: It promotes substantial improvement in the quality of strategies formulated both at the business and corporate levels. It provides a guideline for adopting their overall management process to the needs of each business. It provides selective #resource allocation to the various SBUs. It furnishes companies with a greatly improved capacity for strategic control when portfolio planning is applied intelligently and with attention to its limitations and problems. Since the road to portfolio planning is a long one, companies often face difficulties trying to implement it and cannot realize the full potential of the approach. In implementing portfolio planning, there is a tendency for the focus to be shifted towards #capital investment rather than resource allocation. #Resource Development is the key: Implementing Corporate Level and Business Level Strategies: Corporate level #strategy is concerned with the strategic decisions a business makes that affect the entire organization. Financial performance, mergers and acquisitions, #human resource management and the allocation of resources are considered part of corporate level strategy. Business level strategy focuses on how to compete in a particular product/market segment or industry. Competitive advantages and distinctive competencies thus become dominant strategic concerns at this level. At the functional level, the primary focus of strategy is efficiency.  Boston Consulting Group Matrix: The business policy portfolio models are most popular and useful to understand the firm’s strategic concerns and choices. They define the firm’s scope or domain by highlighting the inter-relatedness of the diverse factors, such as: #Market Growth #Market Share Cash and Cash flow patterns Capital Intensity #Product Maturity #Stars – Star category represents high growth and high market share – High investments are needed to maintain the share – High cash flow outward movement in this category to maintain status – Usually in the end of the ‘Growth’ #Product Life Cycle stage – Represents emerging and good business for the company, though they need alot of attention and priority #Cash Cows – Represents low growth, high market share – This is the best quadrant of the portfolio as the company basically enjoy the ‘milk’ of success – This is where the revenue stream flows inwards...
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