![]() ![]() Three strategies which a firm competing in a single market generally follows are: (1) Growth Strategy (2) Retrenchment Strategy and (3) Stability Strategy. ![]() The corporate strategy should be closely tied to HRM policies within the firm and only then higher level of corporate performance can be achieved. Employees are important resources that are difficult to copy or replace. A firm can gain competitive advantage if they recruit the right personnel efficiently train them put them in right jobs motivate them to give their best efforts and retain them as long as the company requires their services. To attain the above objective firms require employing and retaining the best available human resources. There are competitors who are targeting the same customer base or trying to sell the same products and each of them seeks the best possible returns for its shareholders. An organization must choose HR practices that fit its strategy and mission, and so there cannot be any universal best practices. ![]() This view also has important implication in training of HR managers and designing of HRM courses. Under this view HR managers job is to help the line managers at all level to achieve their strategic goals. This process starts with an understanding of organization’s purpose and mission and culminates with the HR managers serving as a strategic partner to the operating divisions of the organization. But with changing times, aligning human resource strategies with corporate strategies have become very important for competing successfully with other organizations. In this article, some major business strategies and their implication for HRM practices has been analyzed. Human Resource Management (HRM) was once viewed as a support function to business organizations. ![]()
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