Question

Prepare a brief (maximum 500 - 750 word) report that examines whether, how, and why strategic management is/could/should be relevant and important for the specialization.

Specialization: Healthcare

1. A summary of the main course concepts.

-SMART objectives

-The three tests of winning strategy

-SWOT Analysis (Internal Factors, External Factors)

-Resource Based View

-Value Chain Analysis

-Porter's Five Forces Model

-Ethics, social responsibility, or environmentally sustainable polices

2. Identification of strategic management tools and frameworks used in your specialization and a discussion of their benefits

3. Identification of strategic management tools and frameworks that are not being used in your specialization and a discussion of why

3. Identification of strategic management tools and frameworks that are not currently being used but should be used in your specialization and a discussion of why.

Answer 1

solution-

Examines whether, how, and why strategic management is/could/should be relevant and important for human resource management.

Strategic management is process of scanning the business environment, formulating the strategies, Strategic implementation, and strategic evaluation and control. It is the work of top management people who will be responsible for long term business perspectives. Strategic management will be providing competitive advantage to a corporation. A company which is implementing Strategic management process will utilize functions of defining the strategic intent like mission, vision, goals and objectives for the business. Strategic management can be applied to Human resource management, marketing management, operations management, finance, research development etc.

Strategic management has many terms and tools like strategy at three level, corporate level, business level and operational level. It has tools like SWOT analysis, BCG matrix, Strategic Advantage Profile, Organizational capabilities profile, IFE and EFE matrix, GE Nine Cell, Portfolio management, Business definition, Acquisition & Merger, Takeover, ABC technique etc.

Now, we shall discuss the importance of strategic management to the human resource management (HRM). We shall also find out the factors due to which it helps HRM to gain competitive advantage in the global marketplace. As we know HRM is a function which generally deals with the procurement of people to the organization as well as handling every activity till their exit with the organization. Strategic human resource management (SHRM) can be defined as a process to develop, nurture, motivate, utilize, retain, appraise etc. in such a way that they can provide competitive advantage to the organization.

Even, experts of management said that Human resource is only the resource which cannot be copied by the competing companies’ in spite of the fact that organization has similar capital structure but they will be differ in their productivity.

SHRM can be seen the various functions of HRM as follows:

Strategic talent acquisition: It means hiring only those people who will be utilized to achieve competitive advantage in terms of knowledge, skills and abilities.
Strategic training and development :

Developing such a pool of candidates, who will be unique in terms of leadership, innovation, and global icon for the customers?

Strategic employment relationship with the people:

In SHRM, a company will focus to provide such employment policy which provides them relief, empowerment, equal opportunity to grow; equal compensation, benefits, flexible benefits, Work from home etc.It will focus to establish a rapport between, employer and employees.

Employees as a custodian of company’s brand name :

Every people, who works for an organization will have to represent their organization due to their duties as well as moral responsibilities, In SHRM, an organization believes that these will be the main torch bearers for the company’s policy.

Strategic business alliance:

Many times, organization joins hand with others in this situation, there will be many issues related to deployment and development of the existing workforce of both the companies might be important to strategically take some gain.

Implementing best attitude , etiquette and behaviour :

It will provide a long term benefit for the organization. People will make great impressions while communicating with other stakeholders.