Describe about “Human Resource Management”.
The rate of economic growth and development is associated with the planning process for human resource departments of different organizations within their respective industries. The predictions made my administrators regarding the right proportions combine the available capital, the intended objectives, and the employment needs are essential in defining productivity and success. Labor transitions, as well as the rate of turnover of retention and recruitment, have contributed to the performance of the economic sector regarding investment and withdrawals in the national income cycle. The actions of human resource managers define the extent to which the organizations will achieve their desired financial stability through increased profit margins (Armstrong, 2011). The human resource management processes for the government and private sector investments has facilitated the Gross Domestic Product in Singapore as well as creating a stable environment for organizational performance. The purpose of this essay is to examine the how Strategic Human Resource Management complement the efficacy of organizations during the good and bad times.
In Singapore, the economic growth rate has been fluctuating from a high value of 37% to a lower figure of -13.50% between 1975 and 2016. The actual current standings have been stable at 0.00%. The country depends on the service industry and the manufacturing sector to sustain the financial stability regarding the gross national income (Trading Economics, 2016). The country’s income is also generated from the financial transactions since the state has invested in financial management. The other corporate organizations have also contributed to the GDP performance of the country because of their Strategic Human Resource Management plans. The diversity of investors within Singapore ranges from industrial investment to service delivery, and their success is associated with the approaches they employ in managing risks as well as implementing changes in the human resource sector. The augmentation of the workers to the success of an organization depends on the levels of the remuneration and the extent of job satisfaction (Gratton et al., 1999). Once an interactive environment is established, motivational measures are brought on board to ascertain the need for performance that will contribute to effectiveness. Each organization desires to increase the profit margin, and the labor force plays a crucial role in this objective.
It is essential to recognize that Strategic Human Resource Management is important for economic stability within outside an organization. When companies are performing according to the set mechanisms, the roles carried out by the human resource managers are meant to assure the firm of an adequate supply of labor regarding skills, experience, and competence (Boselie, 2010). The economic stability in the country defines the measures undertaken by enterprises to secure their human resource culture. The period when organizations are enjoying the good times, the human resource management assists in developing an environment that will support to counter the effect of competition in the industry. The plans generated are geared towards quality improvement and productivity. Developing the skills of the employees is vital when creating a sustainable labor culture. Strategic Human Resource Management in an organization shifts the attention from planning to implementation and evaluation of performance about expected objectives and growth targets (Mello, 2014). At this point, the analysis of the needs of the company is compared with the labor market and the training structure. The forecasts in relations to costs help the organization to plan for possible crises emanating from the internal structures or caused by the factors of the external business environment.
Moreover, it is essential to note that employees enjoy the stable environment that is available when the organization is running as expected. The hardworking employees receive rewards and are complimented through the set measures of motivation. The state also benefits from the organizational stabilities recorded across the country. The income taxes are stable, investments and savings are increasing, and the compensation insurance rates are relatively low. The debenture holders and shareholders enjoy their interests and dividends respectively as forecasted by the financial analysts. For example, the economic stability in China since 2010 provided a safe environment for organizational development. The Toyota Motor strategic plan was put in place. The managers of the affiliates offered leadership that enabled the company to become the best performing motor company in the world in 2015 (Pai, 2006). The company was not facing much risks and pressure from the internal and external environment hence the focus was on the growth of the motor industry in China. The strategic approach to human resource management enabled the company to outdo Volkswagen and General Motors. Strategic Human Resource Management therefore in focused towards realizing the departmental objectives by enhancing employee participation in teamwork, training, and cooperation (Armstrong, 2008). However, the peaceful coexistence within an organization may not last for long because the success of an organization is based on diversity of factors that are subject to fluctuation and interference. The stable profits may significantly fall affecting the financial stability of the firm as well as the country’s economic performance. The number of employees may be unmanageable and proved to be an excess costs to the company. The skills and academic qualification may not match the industry competition making the business vulnerable. Such scenarios are referred to crises, and they alter the approaches to be used by the human resource managers to solve problems.
Nevertheless, the Strategic Human Resource Management approaches during crises are unique since they are meant to bring sanity in the processes of management and implementation of solutions (Chadwick, 2005). For example, during the economic recession in Singapore between 2008 and 2009 affected the Government Investment Corporation of Singapore and the Temasek holdings. Most of the organizations in banking industry had to close their operations. However, the two organizations had to restructure their operation and financial management schemes to evade receivership. The human resource in terms of expertise, experience, and commitment revived the control that the organizations had by 2012 (National Library Board, 2015). The occurrence of the uncertainties calls for measures that will reduce the impacts of the problem. The activities carried out are meant to reduce the possible losses to levels that will not incapacitate the organization. Most of the human resource measures involve the rejuvenation of the sustainable environment in the organization that existed before the risks occurred. At this moment, there is a great need to realign the objectives to fit into the existing scenario without losing the measures as well as creating generality across all aspects of the firm. Although the focus of crises interventions is to resume normal operation, the other side of the process involves analysis of the occurrence to generate a learning tool for future decision-making. The human resource team plays a crucial role in communication, developing policies, applying new skills, and implementing interventions (Kramar, 2013). The employees become the center of the crises management irrespective department that is primarily responsible. The activities carried out during the crisis within the organization may spill over to the external environment such as the industry and the state.
Besides, the after managing the crises the human resource carries out the measures meant to restructure the disoriented processes for efficient operation. The activities involved in the post-crises period are important because they define the magnitude to which the ascertained changes will enable the organization to recaptures the market and economic trends. The constant growth in GDP in Singapore may not have a drastic implication on the organization after the crises; however, states with unstable economies may prove the post crises recovery a difficult process. Impacts emanating from economic crises may affect the performance of the firm to the extent of dissolution. A strategic approach that involves the contribution of the human resource to the process of solving the problem could assist in building a new culture that will incorporate the transformations (Chew & Chong, 1999). Poor performance in organizations regarding the generated profits, losses in the company related to cash flows, and risks originating from poor planning can be solved through strategic human resource management. The employees are conversant with the operations of the organization and can embrace changes and supervision quickly.
However, some measures can be incorporated into the Strategic Human Resource Management interventions to reduce the chances of crises occurring in the organizations. Effective planning by all sectors of the firm will ensure that the decisions reflect the exact scenario in the industry to reduce the exposure to risks (Rothwell & Kazanas, 2003; Salaman et al., 2005). The degree of risk management through human resource planning is an essential aspect when managing economic recession and inevitable downturns. When the human resource team and the master plan for the future based on the desired objectives as well as the evidence from predictive analysis then the success of the organization is guaranteed. It is vital to understand that planning does not eliminate risks and crises, but it reduces the impacts they cause once they are inevitable. Companies need to improve the position of the organization in the industry; therefore, the firm should include Strategic Human Resource Management as an essential element in the planning process (Pynes, 2013). The setting of measures that guard the activities of the company should be comprehensive. The desires of the employees, the objectives of the nation, and the goals of the company should be amalgamated to create an environment of mutual benefit.
In conclusion, the management of human resource affairs is essential for the success of organizations. The objective of strategic planning in the administration of labor assist companies to generate measures that can be implemented to mitigate existing challenges related to recruitment, retentions, and motivation of workers. When the organization is excellently attaining the set objectives and financial targets regarding profit, the Strategic Human Resource Management processes assist in maintaining and sustainably generated culture. However, during crises human resource managers help in rejuvenating the stability of the organization through labor transformation, restructuring, and specialization. The performance of the human resource departments in corporate organizations is reflected in the GDP of the respective states through the annual analysis. Therefore, Strategic Human Resource Management is not only a safe tool for organizational effectiveness during crises but also a contributor to national development.
References
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