Human resource planning is a process that identifies current and future human resources needs for an organization to achieve its goals. Human resource planning should serve as a link between human resource management and the overall strategic plan of an organization. Human resource planning is an integrated process of analysis and forecasting that must take into account the requirements of the organization, the needs of its customers, the environment in which it operates and the labor markets in which it recruits and selects personnel. HR strategy formulation addresses these four critical areas. An organization’s mission, vision and values are behind the plan, as well as the organization’s goals and objectives. There are four critical areas (identifies for human resource planner) that must be considered in developing a human resource strategy plan.
The next step is to develop the strategy to achieve the needed people. The process of developing a strategic plan and supporting systems to implement and deliver on that plan is known as strategic human resource planning. Let’s return to the 3 areas that must be taken into account in developing a human resources strategy.
Forces of supply and demand: economic changes; growth and contraction of related industries; geographic location.
Directions Downward – In order to be successful, HR strategy must be set with input from all lines of management, not just the human resources department. Directions Across the Organization – HR strategy must be a coordinated effort and must be concerned with the future. Directions to Human Resources – HR strategy is, in large measure, a way to get those people needed by the organization. Directions to External Environment – HR strategy must be created with the awareness of the continually changing external environment. Directions to Future – At this point, the organization needs to work out what they will do about the needs identified by the HR strategy. Four Components of StakeholderStakeholders are people or groups whose interests, plans or expectations are involved in the strategy and/or the implementation of the strategy. Those interested in the strategy’s success include: those who must deliver products and services and who must play a part in strategy implementation and monitoring those who depend on the strategy and must support or comply with it associated groups, suppliers and vendors. Identifying Stakeholders – Stakeholders are people who will be affected by the strategy, or in some way have a vested interest in its success – employee and employee groups, management, stockholders, government, the community, and customers. Categorizing Stakeholders – The importance of the stakeholder’s interests determines the location within the model. Knowledge of key players – and their seniority and relationship to the process – helps in developing the sales and marketing strategy. Stakeholder Information – includes the following information about each stakeholder:
HR strategy must integrate with all corporate strategies at the highest levels. This post contains affiliate links. Affiliate disclosure: As an Amazon Associate, we may earn commissions from qualifying purchases from Amazon.com and other Amazon websites.
Corporate strategy formulation is a very important process and requires serious and careful engagement. Any mistake in the first phase of strategic management (formulation) will result in problems in the next stages such as implementation and control. Today, organizations of different sizes, small and medium, and large, in the process of strategy formulation need the involvement of qualified, competent and talented employees that would influence the creation of a successful strategy. However, the main problem in designing an unsuccessful strategy lies in the fact that most companies in the process of strategy development involve high level hierarchical levels and consultants inside or outside the company, leaving aside most of the human resources that contribute to the success of the company. Various literature has emphasized that strategy formulation is an essential step in turning a company's vision and objectives into reality. Therefore, the visionary leadership of companies should be oriented towards giving more importance to human resources during the process of strategy formulation and involve any team member who can contribute to the realization of organizational goals and organizational vision. Through this paper we will present human resources at a higher level in terms of importance and provide conclusions and recommendations on how organizations today should value these strategic resources and achieve competitive advantage in the market. In this paper we will give an overview of Kosovar companies, the process of strategy formulation in these companies and analyze how human resources are involved in the process and what importance is given to them by the company. Keywords: Strategy Formulation, Human Resources, Vision and Objectives
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Shala, V. (2020). The role of Human Resources in Strategy Formulation. European Journal of Business and Management Research, 5(4). https://doi.org/10.24018/ejbmr.2020.5.4.417 |
What is strategy formulation in HR?
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