The Evolving Role of HR: Shaping Strategies for Business Performance

This report analyzes the evolving role of Human Resource Management (HRM) in the contemporary business world, addressing challenges like globalization and technological advancements. It examines various HR models, including the matching model, Harvard model, contextual model, and David Ulrich’s model, emphasizing the strategic importance of HRM in achieving organizational goals. The report discusses Strategic HRM and its key dimensions, such as people, organization, culture, and HR framework, highlighting its impact on business performance, particularly in the banking sector (pension funds) in the UAE. It explores HR insights that drive a compelling work brand and improve employee performance, and discusses HR solutions for enhancing business outcomes through collaboration with key leaders. Furthermore, the report emphasizes the importance of business ethics and accountability in fostering a value-based culture and ensuring responsible behavior. It compares tools for analyzing the business environment, including SWOT, PESTLE, and Porter’s 5 Forces, assessing their strengths and weaknesses in strategic decision-making. Finally, it identifies factors affecting an organization’s business or HR function, such as government regulations and globalization, and outlines key stages in strategy formulation and evaluation of business performance.

The Evolving Role of
Human Resource
Management
Role of human resource in the
contemporary business world

ROLE OF HUMAN RESOURCE MANAGEMENT 1
Table of Contents
Introduction................................................................................................................................2
Models of HR.............................................................................................................................2
Types of models of HRM.......................................................................................................3
Strategic HRM...........................................................................................................................4
HR Insights.................................................................................................................................5
HR Solutions for Business.........................................................................................................6
Business Ethics...........................................................................................................................6
Accountability............................................................................................................................8
Comparison of Tools for Analysing Business Environment......................................................9
Swot........................................................................................................................................9
PESTLE................................................................................................................................10
Porter’s 5 Forces..................................................................................................................11
Comparison..........................................................................................................................13
Factors That Affect the Organization’s Business or HR Function..........................................14
Key Stages in the Formulation of Strategy..............................................................................15
Models for Strategy Formulation and Implementation............................................................17
Evaluation of Business Performance.......................................................................................17
Assessment of Different Sources of Data................................................................................18
Conclusion................................................................................................................................19
Bibliography.............................................................................................................................21

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Introduction
There have been a number of challenges in the present business environment. For examples:
growing globalization, fast innovative change, organizational changes, such as new ways of
assigning work, new structures and packing orders. Inside these organizations, there is a
requirement for (and the open door for) human asset/resource to predict a basic job in serving
the organization to explore through these problems. So as to assume this job, in any case, HR
will have to expand its real and recognize value (May, 2019).
With the change in business environment, the job of human resource has been developing for
quite a while. The move from "workforce" to "HR," is the thing of the development (May,
2019).
This report would evaluate the business issues, the impact of HR on the business operations,
shapes of HR agenda, compatibility in the tools of the business environment, HR functions in
relation to Life Assurance Industry (pension fund) UAE.
Models of HR
The human resource has a bright future in the event that is overseen and structured in a
strategic way. The targets of the human resource spin around the successful usage of the HR,
an ideal dimension of working connections among the representatives (Preeti, 2017).

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Types of models of HRM
(Taylor, 2014)
Some of them are briefly explained below:
The matching model of HRM
In 1984, Fombrun et al suggest the 'matching model', which showed that HR frameworks and
the association design ought to be overseen in a way that is harmonious with the authoritative
strategy (Taylor, 2014).
The Harvard model of HRM
In 1984, Beer et al suggested the ‘Harvard framework’. They started with the proposal that:
Human asset management (HRM) includes all association choices and activities that affect
the idea of the relation between the association and representatives – its HR (Taylor, 2014).
The contextual model of HRM
Th e m atch in g m o d e l o f H R M
Th e H arvard m o d e l p f H R M
C o n te xtu a l m o d e l o f H R M
Th e 5 -P m o de l o f H R M
E uro p e an m o d e l o f H R M
H ard an d sp ft m o d e l o f H R M
D av id U lrich’s M o d e l o f H R M

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The relevant model of HRM significance of ecological elements by including factors, for
example, the effect of social, institutional and political powers, which are highlighted in
various models (Taylor, 2014).
David Ulrich’s model of HRM
David Ulrich conveyed the incredibly famous Ulrich model or the 3 legged stool models. He
defines 4 essential HR jobs that are the reason for a successful association. This model is
utilized even in the current situation because, it is a unique model, yet it provides a
satisfactory remark point to the human resource system. This is on the grounds that this
model characterizes an unmistakable job of the HR and makes a structure for the expansion
of significant worth for the association (Shingal, 2019).
Strategic HRM
Strategic HRM is a way to deal with choices on the goals and plans of the organization in the
state of the arrangements, policies, and works on taking care of the business relationship,
learning, and development, the performance of management, reward, and worker relations
(Cristina, 2018).
A combination of actions of the organization, individual as well as systems so that the
organization can accomplish its companies objectives, are known as HR strategy (Weena
Yancey M Momin, 2014).
The HR procedure has four key measurements, for example, individuals, association, culture,
and the HR framework. The association includes the activity jobs, and the progression
structures present in the association. This way of life comprises of the beliefs, standards,
values and the administration style of the association. The HR frameworks comprise of the

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choice of the representatives, preparing, interchanges, professional advancement, vocations,
and others. Every one of these variables mutually adds to the definition of the HR procedure
(Luxembourg, 2010).
The HR procedure is a dream of the association. The HR strategies require the investment of
the whole employees. The HR strategies ought to be defined after the appraisal of the present
business practice just as the HR practice (Jonathan Crawshaw, 2017).
Effect of human resource management (HRM) practices on association’s performance in
the banking area (pension fund) in the United Arab Emirates (UAE) showed that
association’s change fully conciliates HRM-association production link. Moreover, with
the presence of creative strategy, HRM conciliates the connection in innovation master
plan and association’s innovation (Sherine Farouk, 2016).
HR Insights
The human asset work brings the change in process of no. of organizations towards high
results, connected with, suitable modify and extremely able organizations. The HR work has
changed from an operational job to an inside administration job. The HR division additionally
tries to drive a convincing brand of work, better the exhibitions of the representatives and to
touch off the education and advancement process. Three HR bits of knowledge that will
propel the working environment culture (Richmond, 2017).

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(Richmond, 2017)
HR Solutions for Business
The human asset capacities assume an urgent job in business exhibitions. The HR faculty
ought to have a running association with all the key association’s leaders. The HR can
include the association leaders of the association in the arranging forms and the
administration (Mayhew, 2019).
These business bits of knowledge help the business chiefs for better basic leadership. The
usage of the right HR methods of insight ought to be done as such that the workers can add to
business achievement (Mayhew, 2019).
Business Ethics
The business morals involve all the diverse parts of business leaders, deals procedures,
accounting practices, meeting room techniques, and others. The business entity ought to take
Lineup, or realign, your workers to your association's identity
Employee appointment surveys are still functional and practical .
Educate and learn

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at exclusive expectations of business, which depends on the moral standards and corporate
duty programs. The codes, programs, preparing, backing, and others should support a moral
culture. The morals and HR capacities should recognize their individual jobs in the
association. The great relations between the morals group and the HR office help the
association to accomplish a value-based culture.
The HR group ought to stress on the moral conduct of the workers. The organization
environment should not undergo unethical conduct of the workers and ought to severe detail
rules for dishonest activities (Grace College Online Education, 2017).
HR plays a vital role in ensuring how ethical values are embedded in the organization.
(Alexandr Artemov, 2019)

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Accountability
Accountability in the association is basic, as the standards morals of administrators.
Responsibility is likewise an administrative procedure that guarantees representatives answer
to their predominant for their activities and that administrators carry on capably too.
Accountability tends to both the organization desire for the agents and the worker's desire for
the organization. Responsible workers help to expand the implementation of business in
general and to keep up a good association culture, sights, and morals (Boundless
Management, 2019).
Accountability on a global scale, especially on account of NGOs, is complicated by the way
that different nations have been shifting management points of view with regards to authority
(Boundless Management, 2019).
(Grace College Online Education, 2017)

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The workers ought to satisfy their individual accountabilities so that there is a successful
human asset the board rehearses in the association.
(Employee Benefit Trends, 2016).
Comparison of Tools for Analysing Business Environment
Swot
SWOT is a brilliant strategy for understanding the shortcoming and qualities of an
association. The dangers can likewise be killed by the correct investigation of the SWOT
(Mind Tools, 2019).
SWOT investigation is a structure used to evaluate an organization's focused location and to
create essential arranging. SWOT presents strengths, weaknesses, opportunities, and threats.
SWOT study evaluates inward and outside factors, just as current and later potential.

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(Bafna, 2008)
PESTLE
PESTLE its full meaning means P for Political, E for Economic, S for Social, T for
Technological, L for Legal and E for Environmental. It gives high-level thinking in all
circumstances from a broad variety of boundary that one needs to control while ruling over
on a particular plan (PESTLE Analysis, 2019).

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(Ashley Rohan, 2018).
Porter’s 5 Forces
His theory is an amazing asset for understanding the area of intensity in a business situation.
It speaks to the quality of the present focused position of an association. The five powers that
impact the association are provider control, purchaser control, and focused competition, the
risk of the new section, the danger of substitution and others (Jurevicius, 2013).