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Strategic Human Resource Management (HRM) Assignment

   

Added on  2020-05-04

12 Pages3728 Words53 Views
Running head: STRATEGIC HUMAN RESOURCE MANAGEMENTStrategic human resource managementName of the studentName of the universityAuthor note

1STRATEGIC HUMAN RESOURCE MANAGEMENTExecutive summaryThe aim of this report is to discuss about the stakeholders that are being involved in theorganizational performance. In addition, the environmental factors in strategic human resourcemanagement have also been discussed. Moreover, the most effective selection and recruitmentapproaches had also been discussed in this report along with the best policies to retain theperforming employees. This report concludes that initiation of the strategic human resourcemanagement will help Best buy to enhance their organizational productivity and effectiveness byeffectively managing the internal stakeholders.

2STRATEGIC HUMAN RESOURCE MANAGEMENTTable of ContentsIntroduction..................................................................................................................................3Stakeholder analysis....................................................................................................................3Employees...............................................................................................................................3Upper level management.........................................................................................................4Customers................................................................................................................................4Investors..................................................................................................................................4Implications of environmental factors on Best Buy.......................................................................5Socio-cultural environment.......................................................................................................5Technological environment......................................................................................................5Legal environment....................................................................................................................6Effective modes of selection and recruitment...............................................................................6Selection interview...................................................................................................................6Psychological test....................................................................................................................7Assessment centers.................................................................................................................7Strategic reward approaches.......................................................................................................8Intrinsic rewards.......................................................................................................................8Financial rewards.....................................................................................................................8Recognition..............................................................................................................................8Conclusion...................................................................................................................................9Reference..................................................................................................................................10

3STRATEGIC HUMAN RESOURCE MANAGEMENTIntroduction Contemporary business scenario is much more competitive than it was a few years ago.Thus, organizations operating in the current business scenario have to maintain and considervarious aspects or elements in order to gain competitive advantages in the market andeffectively operate in the market (Campbell, Coff & Kryscynski, 2012). However, in the currentbusiness scenario, another aspect that has been overlooked many times is the effectivemanagement of the internal stakeholders. Effective management of the internal stakeholders inthe organization is required due to the reason that it will help to enhance the effectiveness andproductivity of the employees along with enhancing the competitive advantages for theorganizations. Thus, strategic human resource management is being introduced which will helpthe business organizations in adhering their organizational objectives with the management ofthe human resources (Truss, Mankin & Kelliher, 2012). Best buy is one of the leading and prominent electronic retailers in the United Statesalong with their branch in Canada and Mexico (About Best Buy - Best Buy Corporate News andInformation, 2017). They have also faced issues related to their employees in the past. Howeverwith the help of effective implementation of human resources management theories, they haveovercome those issues. This report will discuss about the stakeholders who need to be involvedin the process of human resource management along with determining the key environmentalfactors that may have implications on the internal management of Best buy. In addition, themost effective selection and recruitment approaches will be discussed in this report along withthe best policies to retain the performing employees. Stakeholder analysis EmployeesThe key motive and objective of the human resource management is the welfare of theemployees and thus employees are the prime stakeholders for the strategic human resourcemanagement (Marchington et al., 2016). Employees is having the interest in enhancing theperformance of the organization due to the reason that, the more profitable will be theorganization, the more compensation and job security will there for them. On the other hand, ifthe organization cannot able to survive in the market, then the employees may have to lose theirjobs. Thus, they are also having interest in the initiation of the strategic human resource

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