Discuss about the Strategic Management of University Business Incubators.
Strategic human resource management (SHRM) reflects the practices that align business strategies with the HR practices to achieve strategic goals and objectives of the organization (Hill, Jones and Schilling 2014). SHRM plays a significant role in performing all the organizational activities in an appropriate manner. It also allows organizations to utilize internal strengths and weaknesses for countering external threats and opportunities in an effective manner. Now, higher educational sector has also faced several changes in the process over the years. International competition, technology advancement, innovation and globalization have provided higher education sector the opportunity to provide effective educational services to the global student.
In the essay, the focus will be on highlighting the significance of HRM functions on an India based university namely Lovely Professional University (LPU). Ashok Mittal established the focus university in 2005 with the objective of becoming one of the best educational institutes in the country. It is semi-residential university developed under the Punjab State University Act. Presently, Lovely Professional University offers around 200 courses or programme for graduate, undergraduate, post-graduate and doctoral level students. More than 30,000 students become graduates from Lovely Professional University every year (lpu.in 2017). LPU also provides distance education facilities for including maximum number of students. For that reason, it has become essential for LPU to maintain appropriate administration within the university to fulfil all the responsibilities in an effective manner. The essay will include discussion about the external environment to highlight the significance of HRM model within the educational university. The essay would also include in-depth information about the several HR functions for creating positive impact on the external environmental condition.
Jackson and Schuler’s HRM model has highlighted the fact that a variety of macro-environmental factors that can have impact on the HRM policies, practices and philosophies. LPU has emerged as one of the prime university in Indian economy over the past few years. As a result, it is expected that all the external environmental factors is likely to have major impact on the policies and procedures initiated by the HR management. Firstly, Jackson and Schuler’s HRM model has mentioned changes in the international economy on the HR practices (Wright, Coff and Moliterno 2014). In the present time, international economy is fluctuating in a significant manner. It has created direct impact on the foreign exchange rate of the organizations. Therefore, it has also affected the overall profit level of LPU over the past few years. Moreover, continues growth in the foreign economy would also create impact on the wage rate or salary level of the employees. Therefore, it would increase the bargaining power of the employees working in the LPU. On the contrary, it will also induce management to set specific rules at the time of setting education fees for foreign and domestic students.
Secondly, Jackson and Schuler’s HRM model have mentioned changes in technology would also create major impact on the physical and mental health of the employees. Moreover, changes in technology would also provide the opportunity to LPU to develop proper substructure within the workplace (Paillé et al. 2014). In addition, it would also allow management of LPU to maintain effective coordination among different departments. Therefore, it would help to perform all the organizational responsibilities in an effective manner. Now, changes in technology also require specific skills and knowledge from the employees (Cooke, Saini and Wang 2014). Therefore, it would increase the need of providing training and development facilities within the university. In addition, technological advancement would increase the revenue level of the organization in a major way. As a result, HR management of LPU will have to focus on providing performance appraisal and other additional facilities for maintaining proper atmosphere. Thirdly, Jackson and Schuler’s HRM model has also highlighted that national culture and traditions can affect the HRM activities in terms of transferring national characteristics to the business life. HR management of LPU also have to assess the kind of impact local cultures are creating on the operational activities. Ployhart et al. (2014) have mentioned the fact that LPU management has to consider myths, rituals, values, expectations and occasion of the local society for developing proper HR strategies.
Fourthly, Jackson and Schuler’s HRM model have highlighted industry characteristics, as it can have major impact on policies and procedures. Educational sector creates its own type of HRM system. For instance, all the organizations dealing in the educational sector is more sensitive towards the needs of the human resources. Moreover, education industry is very much dependent on the skills, abilities of the human resources (Paillé et al. 2014). Therefore, HR strategy will have to focus on the retaining of the customers for longer period of time. Fifthly, legislative rules and regulations is another prime factor that Jackson and Schuler’s HRM model has mentioned can induce LPU to navigate different HR strategy.
External environmental factors of the organization can have major impact on the functionality of the organization. For that reason, it has become essential for the LPU to initiate different adjustment for creating maximum impact on the operational procedure. Firstly, LPU needs to focus on students for providing educational facilities to as much as possible (Obeidat and Abdallah 2014). As the competition level in the Indian educational structure is increasing, it will have to focus on initiating effective marketing strategies for grabbing the attention of the customers. For that reason, LPU not only have to invest huge amount for marketing activities but also have to recruit people with specific knowledge and skills. It has been assessed that HR management of LPU need to take additional responsibilities of including best talent in the market. On the other hand, government regulations are another prime factor that can have major impact on the external operating procedure of LPU.
Specifically, as LPU is looking to encourage foreign students to complete their study from the university, government rules and regulations will provide effective guidelines for the university. For instance, HR management of LPU will have to focus on understanding foreign procedure of providing education to ensure all the foreign students can adjust with the provided environment. Moreover, HR management will have to focus on providing proper diversity management atmosphere for fulfilling all the needs in an effective manner. As per the article by Collings (2014), maintenance of healthy relationship among the students is prime responsibilities of the HR management. For that reason, it will have to focus on developing different strategies like functions and induction programs for both students and office staffs in order to handle diversity in an appropriate manner.
Economical condition is another prime external factor that can have major impact on the revenue level of universities. Specifically, as the cost required for completing higher education is increasing on continues basis, it require high and stable income from majority of the people (Andries and Czarnitzki 2014). Now, economic growth will increase the per capita income and spending nature of the people. Therefore, it will induce more people to complete their higher education on a regular basis. Inclusion of huge number of students will also create challenges for the HR management of LPU to develop effective strategies for maintaining desired condition of the operational process. In addition, increasing competition in the educational sector in India has also created challenges for the universities to include required amount of students per year. As a result, it has influenced LPU to focus on direct marketing and other promotional activities. It has been assessed that LPU has focus on utilizing advertisement for television, radio and newspaper for increasing popularity in the market, which is a relatively new trend for the educational universities (Gifford and Nilsson 2014). However, utilization of effective marketing strategies requires individuals with specific skills and knowledge. For that reason, HR management of LPU will have to make some adjustments in the recruitment and other operational activities for fulfilling all the provided responsibilities in an appropriate manner.
In the present competitive educational sector, HR management needs to perform several activities for ensuring fulfilment of all the needs of the operational process in an effective manner. For that reason, utilization of all the HR functions is essential to achieve all the aims and objectives in an appropriate way. Now, HR functions firstly focuses on developing long-term and short-term plan in order to ensure that the organizations do not have to face any challenges in performing all the requirements of the operational process (Khanna, Jones and Boivie 2014). Now, overall success of higher educational sector heavily depends on the kind of individuals it has for performing all the necessary operational activities. Therefore, HR management of LPU will have to focus on developing plans for resourcing employees with superior skills and knowledge. It will induce HR of LPU to utilize various types of resourcing strategies for including individuals with best knowledge and skills available in the market. Moreover, HR management of LPU will also have to focus on developing strategies to retain the present human resources for longer period of time (Lippert and Govindarajulu 2015). For that reason, it will have to focus on utilizing effective performance measurement techniques, which will help to provide appropriate and timely appraisals. In addition, it will also induce HR management to focus on providing some additional benefits to keep the satisfaction level of the employees in an effective way.
As per the article by Woodrow and Guest (2014) recruitment and selection is among the prime activities that HR management will have to perform for ensuring continues growth in the market. Now, LPU requires both skilled and non-skilled staffs for performing all the activities related to operational process. For that reason, it will induce HR management of LPU to focus on variety of recruitment strategy based on needs and wants of the university. For instance, in case of recruiting any professor, HR management of LPU will have to focus on assessing the educational and job experience of those personnel. Moreover, HR management will have to focus on conducting several tests to ensure that the best possible talent is selected from the market. However, in case of non-skilled staffs, HR management needs to focus on using very simple technique, which would consume lesser amount of time.
Providing proper training and development to the employees is another important HR functions. In the present educational structure, introduction of advance technologies and changes in the educational procedure have increased the significance of providing training to the employees working in the higher educational structure (Jiang and Liu 2015). Therefore, HR management will have to focus on identifying the training needs of each individuals working in the university. HR management of LPU will also have to identify the prime area of challenges that can have major impact on the effectiveness of the operational process. Moreover, HR functions of LPU will also have to focus on assessing the provided remuneration and rewards to all the employees. For that reason, it will have to focus on analyzing the kind of benefits other universities are offerings. As a result, it will ensure LPU to develop effective counter strategies for covering all aspect of the employee benefit aspect. It has been assessed that remuneration and rewards can have maximum impact on the motivational level of the employees (Hauff, Alewell and Hansen 2014). Therefore, it can actually affect the effectiveness of the operational process, which can have major impact on the future of all the students associated with the university.
Development of employee relation is another key function of HR that can have huge impact on the internal environment at the workplace. It has been assessed that employee relation can allow organizations to avoid several types of conflicting situations in an appropriate way. Therefore, it helps to create strong interpersonal bonding among each other. For that reason, HR management of LPU will have to focus on utilizing different employee engagement program apart from the daily work schedule. It will ensure that all the employees working in LPU can understand each other perspective in a better way. As a result, it will also help LPU to develop strong communicational network within the workplace, which is critical for maintaining success in this competitive market.
As mentioned by Bauer and Matzler (2014) external factors create huge amount of impact on the way all the HR functions are performed within the workplace. Firstly, changes in the international economy will induce HR management of LPU to focus on assessing the value of currency in the international market. It has been assessed that fluctuating nature of foreign exchange often creates mistake for the HR management in setting up fees structure for international students. Moreover, continues economical growth in international market would influence HR of LPU to provide higher salaries and other benefits to attract any foreign individual to accept the job opportunity available in the university. Thus, it will create impact on the remuneration and reward strategies of the organization.
On the other hand, technological changes or acceptance of advance technologies with the educational sector will induce LPU to focus on providing proper training and development facilities for maximizing the utility of available resources (Somsuk and Laosirihongthong 2014). Moreover, it has been assessed that technological advancement has allowed LPU to utilize e-learning techniques, where a professor can take his class from some other countries through the video conference and other facilities. Therefore, HR management of LPU will have to ensure that these types of employees receive all the required benefits in an effective way. For that reason, HR management will have to focus on utilizing different types of payment method, which will ensure all the employees receive their salaries within the given timeframe.
Conversely, economy’s culture and values also creates major impact on the HR functions, as it induce to implement different types of strategies for fulfilling all the requirements (Birasnav 2014). For instance, HR management of LPU will have to develop holiday list as per the festivals and other occasions in India. At the same time, it will have to be flexible enough to provide additional facilities regarding leaves or holidays to the foreign students so that it can cover all aspect of the operational process. Industry characteristics also create major impact on the way HR activities are performed within the higher educational framework (Al Ariss, Cascio and Paauwe 2014). For instance, it induces LPU to provide higher pay structure for all the employees. Moreover, it will also induce HR management to be extremely strict at the time of selecting or recruiting any individual, as any compromise in the recruitment process can have major impact on the future of the students.
Conclusion:
The above discussion has highlighted the fact that effective evaluation of all the external factors is essential for performing all the HR functions in an appropriate manner. It has also established the fact that external factors can actually induce HR management to make huge adjustments in the initiated strategies for creating desired impact at the workplace. It has been assessed that appropriate use of HR functions has become essential for LPU to perform all the activities associated with the operational process in an appropriate manner.
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