International Journal of Management Research and Social Science
Yazarlar: Sheerali Arya, Michelle Guco Simbulan
Konular:-
Anahtar Kelimeler:Strategic Human Resource Management,Corporate Strategies,Highly Skilled Employees,Employee Involvement.
Özet: Human Resource Management (HRM) is said to be a distinct methodology of managing employees wherein the main objective is to achieve and sustain advantage over the competition through strategic use of skilled and committed employees through well planned techniques of organizational culture, vision and mission (Storey, 1995). Strategic Human Resource Management (SHRM) is the formulation and implementation of a Hunan Resource (HR) plan incorporating HR strategies and practices that can give competitive advantage and at the same time is aligned with the corporate strategies of organizations (Kaufman, 2001). According to Wright and McMahan (1992), SHRM involves an organized pattern of deploying human resources and HR activities to reach organizational goals. It has been pointed out that some areas need to be explored further in this field including promoting employee involvement, highlighting diversity, and international HRM (Wright, 1998). The theories of SHRM are vital for successful deployment of HR policies as they form the foundation of an organizations strategies and core objectives. Through a thorough understanding of these theories the managers can seek to administer required procedures for the employees. This paper explored several HRM models that can be aligned to the strategic goals of a semi fictious company called as Vantage Fintech Ltd. The company is a leading bitcoin trading platform in New Zealand and was developed by ex-bankers with backgrounds in computer science, financial engineering, and traditional finance. Having such highly skilled workforce creates challenges for HR as employees are increasingly likely to abandon their employment in favor of other prospects, making it even more challenging for HR to keep the talent pipeline full. The aim of this research is to examine different theories of Strategic HRM like Vroom’s Expectancy model, Guest model, Fombrun model (Michigan Model), Harvard model, and Warwick model to provide wholistic practices which can be adopted by the Managers to retain their high skilled employees while keeping in view the strategic goals of the organization. Some of the key findings of the paper were while employers have traditionally used benefits to attract and retain employees, they are now particularly targeting certain incentives to highly skilled individuals. Some of the key benefits which can be used to retain these employees were health care, retirement plans, leave benefits and flexible work arrangements. These benefits along with a nourishing workplace environment is imperative for personal and professional development of the employees and overall growth of the Company. The Expectancy theory can be applied in improving Vantage Fintech’s reward system. The Guest model can be used to integrate strategies in HR functions such as Recruitment and Selection, Training and Performance Appraisal. The Fombrun model can be applicable to improve their compensation programme. The Harvard model can be utilized in organizational development and the Warwick model can be utilized in strategic HR planning. It is therefore recommended to align organizational goals with HR practices by utilizing SHRM models and theories to achieve wealth maximization, improvement of performance and employee retention.