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Thefirstistheorganizational

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Unformatted text preview: omy to make decisions and work creatively (Why is this important?) • Hiring people who match the culture and values of the business • Providing incentives and rewards that attract, keep and motivate the best people (Why is this important?) • Matching HRM practices and policies to support the company’s competitive business strategy How Does HRM Contribute to How Does HRM Contribute to Organizational Success? • Organizational success can be measured in many ways such as: profitability; share price; longevity; awards; reputation; market position and so on. • To identify how HRM makes a contribution to the success of an organization we will look at two theories of success. The first is the Organizational Life Cycle theory and the second is the Stakeholder theory. Organizational Life Cycle Organizational Life Cycle • Organizations, like people, go through developmental stages in their life. Success means different things at different stages. • There are 4 stages in the organizational life cycle. At each stage, HRM plays a critical role in creating success. Organizational Life Cycle Organizational Life Cycle Stage Goal Entrepreneuria Survival then growth l Communal Develop shared identity and cooperate Formalization Efficient production Elaboration Adaption and renewal Human Resource Contribution Need to hire and retain employees; emphasis on developing roles, measuring performance and setting rewarding pay and benefits Team­building; skilling; good communication; creating loyal and creative employees Formalize hiring; training; career paths; developing policies; aligning people with strategy; motivation Redesign things like values; culture; job roles; retention strategies to adapt to changing internal and external circumstances Stakeholders as Measures of Stakeholde...
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