The evidence from research into the link between HRM and organizational performance is now compelling – organizations that pay attention to their human resource strategies and policies outperform those that do not. It is widely accepted that in the field of human resources management there are several critical areas which make the difference. According to recent research there are a number of HR practices found in high performing business. These are:
1. Employment security
2. Selective hiring
3. Self-management and local decision making
4. Comparatively high compensation linked to organization performance
5. Extensive education and training
6. Reduced statues distinctions
7. Extensive sharing of performance and financial information
8. The importance of managing corporate culture as part of overall HRM strategy
All the above practices are inter-linked and mutually dependent. In times of fast change, globalisation and increasing competition, these elements are not easy to manage. Successful companies are those that manage to balance these elements effectively. Write a report of 4500words (excluding appendices and references) that includes the following analyses for an organization.
• Identify the main issues and trends in the organization’s internal and external labour markets and explain how they are affecting the organization.
• Summarize the key competences that your organization needs (up to 1000 words)•
• Critically evaluate your organizations HRM practise with particular reference to the management of high potential and high performing people. (up to 2500 words) •
• Critically evaluate your organization approach to strategic HRM. How strategic is it? (Up to 1000 words) •
• From the above analyses give conclusions and recommendation to improve performance in your workplace (Up to 500 words)
The question belongs to Human Resource Management and it is about strategic human resource management where in the organizational performance is given the highest priority and the recruitment, training, compensation to employees and the retention of employees play a vital role in the organizational performance. This is explained with a live example of Mayo Clinic.
Total Word Count 4508