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Chapter 2

Chapter 2 Summary

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School
McMaster University
Department
Commerce
Course
COMMERCE 2BC3
Professor
Gordon Qi Wang
Semester
Winter

Description
Human Resource ManagementChapter 21122012Strategic HR Management SHRM is defined as the process of linking the HR function with the strategic objectives of the organization in order to improve performance SHRM links human resources vertically and horizontally Vertical linkages require connecting HR practices with the strategic management process of the organization while horizontal linkages involve the coordination of various practices within hr through a patterned or planned action Some recognized HR best practices which can be categorized in the HRM activities includeEmployment securitySelective recruitingHigh wages incentivesInformation sharing participationTrainingcrosstrainingPromotion from withinMeasurementThere are four theories for explaining strategic HRM resourcebased theory where management of HR leads to competitive advantages behavioral theory where HR strategies influence employee behaviors and human capital theory where employees are a capital resource that requires investment measured by knowledge education vocational qualifications professional certifications and workrelated experienceOrganizational Strategy can be defined as the pattern of decisions in a company that determines and reveals its objectives purposes or goals and produces the principal policies and plans for achieving those goalsPorters Strategic Models has three main strategies for creating a defendable position and outperforming competitors in an industry A CostLeadership Strategy is a strategy that approaches competition on the basis of low price and high quality of product or service Typically the implementation of this program involves the employment of a high number of contract and parttime employees using tightly defined job descriptions using employee referrals as opposed to placing recruitment ads pay below market offer little to no training have more rules and focus on supervisorybased control measure but to ensure higher quality of product the organization may have to offer more training A DifferentiationStrategy is more appropriate in a dynamic environment characterized by rapidchange and requires continually finding new products and new markets The organization is usually hiring more fulltime employees with formal succession plans use loosely defined jobs attract highly skilled labour scientists or creative people use structured interviewing and teambased rewards and pay above market with average or better training opportunities little supervisory control and
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