Strategy and human resource management

The strategic plan details the long-term objectives and what a business is anticipated to have accomplished at a later time. A long-term objective that is essential to every operational company, whether for profit or not, is market share. Businesses that need to generate supernormal profits should outperform their rivals' expectations. It suggests that significant profits are generated in direct proportion to market share. According to Boxall & Purcell, when the management team makes the right choices, a sizable market share can be gained. The management is obligated to make decisions such as; good advertising, getting better staff to perform company’s activities, learning best tactics used in the competitor's companies.

Employee traits

An employee is a basic figure in an organization that is a going concern. Companies that make a huge profit have the best employees on board. To accomplish the market share strategic plan the company has to employ employees that depict characters such as; persistent, innovative, and goal oriented.

A goal oriented employee always dedicates all efforts towards producing quality and quantity. Targets are set for a particular period, a day, a week and monthly targets are common in this scenario. The employee has a duty to work towards the targets and ensure they are achieved. Therefore, if a target is set based on the market share, then the employee will work towards the target with minimum supervision.

Persistence refers to sacrifice given by an employee. Sometimes a company may be in a recession period, or growth period, therefore, the demands of its employees may not be met as expected. A persistent employee will not quit the company; instead, he will work towards improving the status of the company. The hard work channelled towards the business operation will finally result in a large share of the market.

Innovation refers to a process of developing new ideas that will have an attracting end product. Innovation and creativity combined will have a synergistic effect on the company. It means that an idea is developed and creativity is employed on the idea to develop an end product that will attract a large market share. An innovative employee will always work based on the market trends and demands.

Strategies for attracting employees

The world is a platform for competing industries to do business. Every entity would prefer to have the best employees. Therefore, best strategies would be used by the companies to attract employees. Attracting salaries and incentives and favourable working conditions are the most common strategies employed.

Employees that are well salaried will take the time to provide quality goods and services that will attract the market. Similarly, favourable working conditions will create ample time for the employee to execute his duties to the best of his knowledge hence increasing productivity.

Employees from diverse backgrounds and qualifications will be considered in the salary scheme. The diversity will aid in the exchange of ideas in the form of networking. As a result quality products and services will be provided and hence a large market will be attracted.

Training

Training of employees is perfect when it is done face to face. Training the employees to face to face will help the management understand them better. It will assist in determining employees that are really into working hence maximizing productivity and quality.

New hires should be familiarized with the rules and regulations of the business. They should also be orientated on the operations of their competitors. The training will give a general picture of the company’s activities.

Retention

Growth opportunities and better compensation are the best conservation techniques. Growth helps the employee develop his career. Better compensation gives the employee no option of looking for an alternative job. Both growth and salary will increase costs that are related hence stretching the budget.

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References

Boxall, P., & Purcell, J. (2011). Strategy and human resource management. Palgrave Macmillan.

Bamberger, P. A., Biron, M., & Meshoulam, I. (2014). Human resource strategy: Formulation, implementation, and impact. Routledge.