Revolutionizing the Workplace: Unleashing the Potential of Functional HR Strategies

Watch this video to learn how we can strengthen and support your organization by using each HR function. 👇👇👇

What is the Resourcing strategy?

The resourcing strategy is a key part of the SHRM process. It is concerned not only with obtaining and keeping the number and quality of staff required but also with selecting and promoting people who fit the culture and the strategic requirements of the organization. Thus, it involves a radical change in thinking about the skills and behaviors required in the future to achieve sustainable growth and cultural change.

The integration of business and resourcing strategies is based on an understanding of the direction in which the organization is going and the determination of:

·       The number of people required to meet business needs.

·       The skills and behavior required to support the achievement of business strategies.

·       The impact of organization restructuring.

·       Plans for changing the culture.

Components of employee resourcing strategy

·       Workforce planning

·       Developing the organization’s employee value proposition

·       Resourcing plans

·       Retention strategy

·       Flexibility strategy

·       Talent management strategy

Do you know about the Learning & Development Strategy? 🤔🤔🤔🤔

 

Learning, Training, and Development are the 3 key elements of HRM development.

Strategies to create a learning culture.

·       Develop a shared vision.

·       Empower employees.

·       Provide employees a supportive learning environment.

·       Use coaching techniques.

·       Guide employees through their work challenges

·       Recognize the importance of managers as role models.

·       Encourage networks.

·       Align system to vision.

Learning organization strategy

Learning organizations should be able to adapt to their context and develop their people to match the context.  Garvin (1993) suggested learning organizations are good at:

·       Systematic problem solving

·       Experimentation

·       Learning from past experiences

·       Learning from others

·       Transferring knowledge quickly

Individual learning strategies are driven by the organization's HR requirements which are expressed in terms of the sort of skills and behaviors that will be required to achieve business goals.

Learning strategies should cover:

·       Identification of learning needs

·       The role of personal development planning and self-managed learning

·       Support for individual learning

Let’s see the Strategies for managing performance. 👇

Performance management is strategic in the sense that it is concerned with the broader issues facing the organization if it is to function effectively in its environment and with the general direction in which it intends to go to achieve longer-term goals.

Why Performance Management is that important in today’s organizational context?

Performance management is integrated with:

·       Vertical integration- Linking business, team, and individual objectives.

·       Functional integration- Linking functional strategies in different part of the business.

·       HR integration- Linking different aspects of HRM.

·       The integration of individual needs with those of the organization as far as possible.

Reward Strategy – Don’t you think this strategy is quite tricky?
Let’s learn about it

Reward strategy is the declaration of intent that defines what an organization wants to do in the longer term to address critical reward issues and to develop and implement reward policies, practices, and processes that will further the achievement of its business goals and meet the needs of its stakeholders.

The reward strategy may be a broad-brush affair, simply indicating the general direction in which it is thought reward management should go.

·       The department of a total reward approach in which each aspect of reward, namely base pay, contingent pay, employee benefits, and non-financial rewards are linked.

·       The replacement of present methods of contingent pay with a pay-for-contribution scheme.

·       Introducing new grade and pay structure.

·       Replacement of an existing job evaluation scheme.

·       Improvement of the performance management process.

·       Introduction of a formal recognition scheme.

·       Flexible benefit scheme.

·       Conduct equal pay reviews

Do you want to avoid mistakes and build an effective reward strategy? Watch this!

Now let’s see how to Develop a reward strategy according to Armstrong-2009.

There are 4 key development phases:

1.    The diagnosis phase, when reward goals are agreed upon, current policies and practices assessed against them, options for improvement are considered and any changes are agreed upon.

2.     The detailed them, options for improvement, and changes are detailed, and any changes are tasted.

3.     The final testing and preparation phase

4.     The implementation phase, is followed by ongoing review and modification.

 

Figure 1: A model of the reward strategy development process (Armstrong-2009)

There are 03 components of an effective reward strategy:

1.     Clearly defined goals and well-defined links to business objectives.

2.     Well-designed pay and reward programs, tailored to the needs of the organization and its people and consistent and integrated with one another.

3.     Be effective and supportive of HR and reward processes in place.

One of the most important - Retention strategy!! 

This is all about making your employees stay.

This aims to ensure that key people stay with the organization and that wasteful and expensive levels of employee turnover are reduced. The retention plan could address areas such as:

·       Pay

·       Job design

·       Performance

·       L&D

·       Career development

·       Commitment

·       Teamwork

·       Manager and supervisor support

Conclusion

The article underscores the vital importance of developing functional HR strategies that align seamlessly with the overarching business strategies of an organization. It delineates several pivotal components of HR strategies, including resourcing, learning and development, performance management, reward, and retention strategies. The resourcing strategy focuses on acquiring and retaining a skilled workforce that embodies the organization's culture and strategic vision. Meanwhile, the learning and development strategy emphasizes fostering a culture of continuous growth and adaptation among employees. Performance management strategy aims to align individual, team, and organizational objectives, while the reward strategy aims to implement policies that further business goals and meet stakeholder needs. Lastly, the retention strategy is geared towards mitigating employee turnover and ensuring the retention of key talent. Effective HR strategies are characterized by clearly defined goals linked to business objectives, well-designed pay and reward programs, and supportive HR processes, all essential for navigating the complexities of today's competitive landscape and fostering a culture of excellence and innovation within the organization.

Reference

·       Indeed, Career Guide. (n.d.). The 8 Functional Areas of Human Resources. [online] Available at: https://www.indeed.com/career-advice/career-development/functional-areas-of-human-resources.

·       ‌Valamis. (n.d.). Learning and Development (L&D) Strategy: 6 Steps to Create [2023]. [online] Available at: https://www.valamis.com/blog/learning-and-development-strategy.

·       Valamis. (n.d.). Learning and Development (L&D): Key Components and Importance [2022]. [online] Available at: https://www.valamis.com/hub/learning-and-development.

·       ‌Yadav, S. and Agarwal, V. (2016). Benefits and Barriers of Learning Organization and its five Discipline. Journal of Business and Management, [online] Available at: https://doi.org/10.9790/487X-1812011824.

·       ‌Assignment Point. (n.d.). Reward Strategy. [online] Available at: https://assignmentpoint.com/reward-strategy/.