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Strategic Human Resource Management- Assignment

Added on - 23 Nov 2020

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STRATEGIC HUMAN RESOURCEMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11.1 Contribution of strategic management in achievement of organizational goal.....................11.2 SWOT analysis of AIA Malaysia.........................................................................................22.0 Importance of Strategic Human Resource Management.....................................................32.1 Human resource plans for an organization to predict number of employees needed...........43.1 Importance of human resource policy for AIA Malaysia.....................................................54.1 Importance of structure and culture to Strategic human resource management...................64.2 Effectiveness of Human resource management....................................................................7CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10APPENDIX....................................................................................................................................12
INTRODUCTIONStrategic human resource management includes components like hiring, retaining, attracting,developing workers for the benefit of both employees and company. It also includes factors likepay roll, reward system and self-discipline which boosts or encourages the motivation level ofemployees. AIA Malaysia is the biggest independent publicly listed insurance company coveringmore than 18 countries across tworld. Vision describes the long term goals of company which isto become world's number one insurance providing organization. Main aim of company is toprovide best services to consumers and shareholders. Mission of AIA are short term aims ofcompany which they want to fulfil includes play a prominent leader role in driving economic andsocial development across the world. Company provides medical and life insurance, accident,critical illness and disability protection(Jackson, Schuler & Jiang (2014).MAIN BODY1.1 Contribution of strategic management in achievement of organizational goalStrategic human resource management helps AIA in ensuring that organization is filledwith skilled, committed and motivated workers. It makes sure that business planning is setaccording to strategic goals. It helps company in providing specific business strategy and avision for the future of organization. This management also helps AIA in retaining talentedemployees which helps in increasing their productivity and efficiency. Organization are builtwith help of individual, consumers and suppliers so SHRM helps company to meet withrequirements of these people. For building successful firm, managers must have a keenunderstanding of needs, wants, demands, likings, preferences of consumer which will help themin attracting , retaining customers.In accordance with strategic human resource management it also helps AIA in gainingcompetitive intelligence that may be useful in planning process of company. Enterprise can alsorecognise external environment factors like political, economic, social and technological easily.Firm can also follow a right path by making strategic decision with the use of strategic humanresource management(Brewster, (2017). It also helps company in recruiting, retaining andhiring talented employees and providing them training so it can help company in increasing theirmarket share.1
Strategic human resource management also help company in recognising their strengthand weaknesses by interacting with employees and encouraging them to provide feedback. It alsohelps them in building relationships with workers. In accordance with strategic human resourcemanagement, firm can also recognise threats and opportunities which can help them in gainingcompetitive advantage over competitors. Risks can be in the form of substitute products, threat ofnew entrants, low price of other commodities, change in economic condition of company etc.Organization can also be built with the help of Fiedler's contingency model whichincludes that there is no best style of leadership rather managers' effectiveness in particularsituation define success for company. This model keeps a key focus on building relationshipswith sub-ordinates which includes level of trust and confidence between them. Initiatives takenby team leader to make their employees understand the particular situation and positive attitudeof managers towards which can help them in increasing motivation and self confidence.1.2 SWOT analysis of AIA MalaysiaSWOT can be described as strength, weaknesses, opportunities and threat which canhamper or foster the growth of enterprise. It is a fundamental model that measures what companycan do to achieve success. Strength defines about in field company excels which makes themunique from their competitors(Kramar, (2014).Weaknesses is the part where organization needsto improve. Opportunities refers to external environment that an organization can use and gaincompetitive advantage. Threats are the factors which can hinder the growth of company.BasisAnalysisStrengthCompany has strong base of cash flows and has more than 18 outletsacross the world. Leaders of organization are supportive and emotionalwhich have helped company in retaining existing talented employees.They have various distributive channels which helps them in coveringwider market areas. These design their products according to the needsand wants of consumer and keeps them satisfied.WeaknessesAIA faces many challenges due to globalisation like changes in rulesand regulations of government, increase in tax rates for importing orexporting products.OpportunitiesInnovating new products according to the needs, demands and2
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