Human Resource Management Strategies Doc

Added on - 22 Nov 2020

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Introduction to humanresource management
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1HR strategies and new mission statement...................................................................................1TASK 2............................................................................................................................................2Human resource planning...........................................................................................................2TASK 3...........................................................................................................................................5HR practices and performance management...............................................................................5TASK 4............................................................................................................................................6Impact of employment legislation on HR practices....................................................................6CONCLUSION AND RECOMMENDATIONS............................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONHuman resource management may be defined as a strategic approach for managing thepeople effectively in a particular organisation with the objective of achieving competitiveadvantage over the rivalry firms. The basic objective behind managing the employees in anorganisation is to improve their productivity towards the attainment of business objectiveseffectively and efficiently. Greenwich pharmaceuticals is the leader in US pharmaceuticalindustry in the field of medicines which have been cannabinoid prescribed. The company wasable to achieve this position through persistence and constant innovation. This report will includeHR strategies aligned with new mission statement of the company as well as detailed discussionon human resource planning in the specific business environment(Cascio, 2015). Apart fromthese, effective HRM practices along with performance management system in a particularcompany would be discussed in detail. Moreover, impact of employment legislation on the HRMpractices would be taken into consideration.TASK 1HR strategies and new mission statementHR strategiesHuman resource strategy may be defined as an overall plan of a business organisation toalign its management of human resources with the activities of a business. It is very important todevelop efficient human resource strategies in order to run the business smoothly towards theattainment of the business objectives effectively and efficiently. There are numerous strategies ofhuman resource management but the strategies that should be adopted by Greenwichpharmaceutical company towards its attainment of new mission statement are as follows:Performance appraisal: it is the most important for the company to adopt this strategybecause by appraising the performance of the employees, company would be able to boost themorale of the employees which in turn would lead to decrease in the employee turnoverrate(Shields and et.al., 2015). Employee turnover rate would be decreased as the employeeswould be motivated to retain in the company for a longer duration of time rather than joining therivalry firms. Thus, it is very essential for the company to appraise the performance of itsemployees on a timely basis in order to increase the retention rate of employees.1
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