Strategies and Factors in Human Resources for Business Performance

This essay delves into the intricate relationship between human resource strategies and business performance. It begins by defining business performance and outlining various measures used to assess it, such as management by objectives and forced ranking. The essay then explores how unique human resources, particularly talent management, contribute to improved performance by aligning individual and corporate goals. Furthermore, it identifies key strategies for enhancing business performance, including fostering a strong company culture, enhancing leadership development, embracing digital adeptness, and promoting knowledge sharing. The essay also acknowledges non-HR strategies in areas like production, finance, and marketing. Overall, the essay concludes that both HR and non-HR strategies are essential for driving organizational success and achieving pre-determined goals.

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
ESSAY.............................................................................................................................................3
Business performance and the measures for using it...................................................................3
Unique human resources and other factors that lead to improved performance .......................4
Strategies to improve business performance................................................................................4
Non strategies of HR for improving business performance ........................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
Business performance refers to the relationship between management and analytic
processes which helps the managers to achieve the pre-determined goals in an organization
(Defining: Business performance, 2016). It mainly involves three activities which include
selection of goals, consolidation of measuring the relevant information to achieve the goals and
lastly the interventions made by the managers for the information. This document includes the
meaning and measures of using the business performance in an organization. Further, the ways
by which the performance can be improved are defined.
ESSAY
Business performance and the measures for using it
According to Markos and Sridevi (2010), business performance means to achieve the
pre-determined goals set by the managers. This approach look forward to see the business in a
holistic way which goes beyond each division and areas of the business process. This includes
the selection of goals, measuring the relevant information and the interventions made by
managers to focus on the information. This method align the strategic and operational objectives
of the organization which is helpful to achieve the goals in a better way.
From the view point of Rolstadas ( 2012) , measures of business performance include
several methods which includes management by objectives, forced ranking, graphic rating scales
etc. MBO is an efficient tool used for measuring the performance of the employees included in
the supervisory or managerial positions. In this the employee goals are being identified and the
resources are allocated to achieve the goals. Further, the time period is defined for reaching the
targets. In this evaluation period the managers keep a check on the progress of the employees
and also include the reset of goals they are not achieved within the required resources and time.
Another method is by forced ranking, in this the measurement of employees performance is
against of their peers, rather comparing the individual's current evaluation period with their own
past performances. This methods leads in creating a competitive work environment within
employees in the organization. Further, graphic rating scales method can also be used measure
the performance. This is mainly used in production oriented work environment or the ones which
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move at a fast pace. Their is rating scale which consist of numbers usually from 1 to 5. It helps in
rating the job duties, performance standards etc of the employees.
Unique human resources and other factors that lead to improved performance
According to Zeng and et.al (2010), HR managers need to focus on the talent
management for acquiring, hiring and retaining talented employees. For inciting the workforce to
greatness it should align talent management with the company strategy, defining consistent
leadership in different functional areas (Talent Management Strategy to Create a Higher-
Performing Workforce, 2016). In addition to this there is a need to identify specific competencies
for cultivating regular growth. The performance can be improved by aligning individual goals
with the corporate goals. This tool not only clarify the job roles for an individual rather they also
demonstrate the ongoing value of the employees in an organization. When the individuals are
engaged in the work with the defined goals, this leads to greater employees greater ownership in
the ultimate success of the company. As they become more committed towards the firm and in
achieving the higher levels of job performance. Schiuma (2012) stated that there are several
other factors which are considered for increasing the performance.
Their are several other factors which help in increasing the business performance of the
organization. Firstly, their should be upgraded technology used in the company which ensures
the production of latest products with high quality for serve to the customers. This help the
company to increase their business performance as they become competitive in the industry.
Secondly, the marketing strategies of the company also helps in increasing the performance of
the business. The products should be marketed in an efficient way so that they may attract the
customers and helps in increasing the sales of the firm. Thirdly, the infrastructure of the
company should be good as it directly affects the performance of the business. The employees
feel motivated by the workplace and this leads to increase in the efficiency of the employees
towards the work.
Strategies to improve business performance
Taticchi (2010) stated that, human resource strategy refers to the completion of the
responsibilities with overall goals, mission and also the future aspirations of the company. It
needs to be proactive so as to provide employees with the necessary tools and attitudes which
align them with the direction of the company. Their are mainly four HR strategies to improve the
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business performance. The company should follow a common culture which includes the system
which incorporates with the employees which leads to increase in the business productivity.
Team support, social activities makes the employees more hardworking. In addition to this,
leadership development should be enhanced. This means that every department should be
involved in leadership programs which helps to clear the vision of the organization. Every
employee must be asked for their views and ideas which helps in increasing the morale of the
individuals. The gap between the higher and the lower management should be bridged so as to
have higher period retention of the employees.
Moreover, the digital adeptness also helps in increasing the business performance. The
company should adopt latest technology in the organization. This helps to increase the
productivity of the firm. They help in time debt management for the running projects and
meeting the deadlines. Lastly, knowledge should be increased timely to increase the
b[performance of the business. The company should come up with new innovative ideas and
innovations for recruiting and retention of the employees. Special training, seminars, workshops
etc. should be arranged to increase the level of knowledge in each member of the company.
Non strategies of HR for improving business performance
From the view point of López-Nicolá and Meroño-Cerdán (2011) there are several other
strategies other than HR which helps in increasing the business performance in an organization.
Every department needs some strategies to achieve the targets. In the production area, the
manager should make sure the amount of raw materials needed, latest technology to be used,
defining the process by which raw materials are converted into finished goods etc. He should
also motivate the employees to increase the productivity. Further, finance development is
important for the company in every aspect. In this the manager need to identify the needs of the
funds to accomplish the goals of the company. The funds raised should be invested efficiently so
as to increase the performance of the business. They need to keep some liquid money in the
business so that it can be used at the time of emergency. Research and development department
is very important for the growth of the organization. The company should come up with new
innovations and ideas for creating new products with the latest technology. This help the
company to increase their business performance. The marketing department is very important to
move the products from the concept to the customers. Company should come with innovative
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ways to market the products to the customers. It helps in increasing the sales of the company
which leads to develop performance.
CONCLUSION
From this essay it can be concluded that business performance helps in developing the
company. Several human resource factors leads to increase the performance. The HR as well as
non human resource strategies are involved as an effective contributor towards the performance.
Hence the employees as well as the structure of the organization both are equally required for
enhancing the performance.
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REFERENCES
Journals and books
López-Nicolás, C. and Meroño-Cerdán, Á. L., 2011. Strategic knowledge management,
innovation and performance. International journal of information management. 31(6). pp.
502-509.
Markos, S. and Sridevi, M. S., 2010. Employee engagement: The key to improving performance.
International Journal of Business and Management. 5(12). p.89.
production
Rolstadas, A. ed., 2012. Performance management: A business process benchmarking approach.
Springer Science & Business Media.
Schiuma, G., 2012. Managing knowledge for business performance improvement. Journal of
knowledge management. 16(4). pp. 515-522.
Taticchi, P., 2010. Business performance measurement and management. Berlin: Springer-
Verlag.
Zeng, S. X and et.al., 2010. Impact of cleaner production on business performance. Journal of
Cleaner Production. 18(10). pp. 975-983.
Online
Defining: Business performance. 2016 [Online]. Available through: <https://rivalfox.com/what-
is-business_performance>. [Accessed on 11th August 2016].
Talent Management Strategy to Create a Higher-Performing Workforce. 2016 [Online].
Available through: <https://www.successfactors.com/en_us/lp/articles/strategic-talent-
management-training.html>. [Accessed on 11th August 2016].
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