Strategic Action Plan for Combating the Challanges of HRM_V1.1
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This document discusses human resource management (HRM) challenges and strategies to address them. It begins with defining HRM and outlining the typical HRM lifecycle from hiring to retirement. It then identifies key challenges at each stage of the lifecycle such as attracting and retaining talent, making hiring decisions, training employees, performance appraisals, succession planning, and knowledge retention. The document concludes by proposing mitigation strategies to address these challenges, such as clear job descriptions, career development plans, effective performance management systems, and proper succession planning.
Strategic Action Plan for Combating the Challanges of HRM_V1.1
- 1. HRM challenges and strategies to mitigate them Human Resource Management Sai Prasad Group Of Companies
- 2. I believe in the adage: Hire people smarter than you and get out of their way Howard Schultze, CEO of coffee chain Starbucks (1994) Agenda What is Human Resource Management? Questions Key Challenges in the HRM Life Cycle Cases The Human Resource Life Cycle Hire to Retire Mitigation Strategies Summary 1 2 3 4 5 6 7 Sai Prasad Group Of Companies
- 3. What is Human Resource Management? Sai Prasad Group Of Companies Human resource management (HRM, or simply HR) is the management of an organization's workforce, or human resources. It is responsible for the attraction, selection, training, assessment, and rewarding of employees, while also overseeing organizational leadership and culture, and ensuring compliance with employment and labor laws. - From Wikipedia Simply put, Human Resource Management (HRM) is a management function that helps managers recruit, select, train and develop employees for an organization. K Aswathappa (Management Guru)
- 4. Take our 20 best people away, and I will tell you that Microsoft would become an unimportant company Bill Gates, CEO of Microsoft in Fortune, November 25th, 1996 Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 5. The Human Resource Life Cycle Hire to Retire Sai Prasad Group Of Companies HRM Recruitment Hiring Training Appraisal Succession Planning Retirement
- 6. True motivation comes from achievement, personal development, job satisfaction, and recognition Frederick Herzberg 1923-2000, US psychologist Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 7. Key Challenges in the HRM Life Cycle (1 of 2) Sai Prasad Group Of Companies Recruitment Attracting & Retaining Talent Profile Match Demand & Supply Gap Hiring Make or Buy decision making Workplace Diversity Training Whats in it for me? I know my job- attitude Lack of Management Focus
- 8. Key Challenges in the HRM Life Cycle (2 of 2) Sai Prasad Group Of Companies Appraisal KRAs not aligned with business needs Employees not aware of the appraisal process Succession Planning Reactive and ad-hoc Retirement Knowledge retention from senior employees
- 9. If an institution wants to be adaptive, it has to let go of some control and trust that people will work on the right things in the right way Robert B. Shapiro, CEO of chemical company Monsanto in Harvard Business Review, Jan-Feb 1997 Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 10. Mitigation Strategies (1 of 2) Sai Prasad Group Of Companies Recruitment Job clarity Mutual discussion & counselling Establishing priorities of the firm Career development plan along with professional competency Hiring Focus on technical skills at entry level Focus on conceptual skills at middle & senior level Develop systems & procedures for employee adaptability in cross-cultural environment Training Management of change Cost-Benefit analysis based on learning inputs given to participants
- 11. Mitigation Strategies (2 of 2) Sai Prasad Group Of Companies Appraisal Effective PMS strategy & its implementation Focus on KRA strategy & its achievements Succession Planning Proper planning & execution of succession plans for each department Retirement Effective Manpower plans
- 12. If an institution wants to be adaptive, it has to let go of some control and trust that people will work on the right things in the right way Robert B. Shapiro, CEO of chemical company Monsanto in Harvard Business Review, Jan-Feb 1997 Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 13. Cases Sai Prasad Group Of Companies Case A Case B
- 14. Always recognize that human individuals are ends, and do not use them as means to your end Immanuel Kant 1724-1804, German philosopher Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 15. Summary Sai Prasad Group Of Companies While HR challenges are greater than ever before, so too are the opportunities for companies to excel through people strategies The HR function must be able to measure, count, and calculate the effectiveness of both its internal operations and the companys overall people strategies. One of the reasons that HR ranks lower on the corporate ladder today than the finance department is that HR managers often cannot quantify their successes. People can make a difference when they dare to believe in creating advantage for themselves, their communities, and their future.
- 16. The soft stuff is always harder than the hard stuff Roger Enrico, Vice Chairman of PepsiCo, referring to areas like HRM as opposed to quantitative factors in Fortune, November 27th, 1995 Agenda What is Human Resource Management? The Human Resource Life Cycle Hire to Retire 1 2 3 4 5 6 7 Sai Prasad Group Of Companies Questions Cases Mitigation Strategies Summary Key Challenges in the HRM Life Cycle
- 17. Questions ??? Sai Prasad Group Of Companies
- 18. THANK YOU! Sai Prasad Group Of Companies