The final stage of the strategic human resource management process is the monitoring stage. It is the stage where you check out everything you have done so far and its progress. At this stage, you get to determine if the strategies were effective, or you need to go back to the draining.
Before going further, let us explain the strategic human resource management process. It is a process of developing and creating strategies that are usually called HR programs to solve certain challenges in a business.
Hence, why the last stage of the process is called the monitoring stage as you get to see if these strategies were helpful to solve the challenges.
Typically, the strategic human resource management process has five stages.
Stages Of Strategic Human Resource Management Process
Now, let us give an in-depth insight into the various stages of the strategic human resource management process:
Goal-setting: One cannot come up with solutions to a problem without first identifying a challenge. Before setting up a business, you already have a goal and purpose in mind. Typically, the goods, products, and services that your business offers are supposed to serve as solutions to the goal and purpose. However, you also need to develop strategies that foster the solution process together with these services. So, the goal-setting stage entails looking at the industry and highlighting certain issues. It is always best that you tackle one issue at a time. When highlighting these issues, it is best to ensure that it covers both internal and external factors. Now, compare these issues with your business’s mission and vision. Everyone who is a part of the strategic human resources management process should be on the same goal term as that is the only way everyone can come up with a solution.
Research And Analysis: Now, you have an idea of the exact issue you want to tackle, which is great. Next, you need to research and find out things happening in the industry. In a way, you can also call it competitors analysis. While the team is trying to develop ideas and strategies, it would also not be bad if you research what your competitor is doing. After all, the highlighted issue would be peculiar to everyone in that industry, so you can see how they are solving the challenge. We are not saying that you should copy the competitors’ ideas, but it aids your thought process when your team develops strategies. For example, if your challenge is customer retention, you can check your competitors’ pricing as that could be why they are doing better than your business. All these will set you on the right path.
Ideation: After researching and seeing what others are doing, you have to develop your strategies. It would be out of place to copy what others are doing. In addition, it will be seen as lazy work, and your competitors can even use you for using their idea. Instead, your team should pitch all research information together and develop a strategy that will skyrocket your business and beat competitors’. The strategies could be in diverse forms as there is no manual to them. For example, you can decide to reduce the prices of your products to attract more customers. Or, you can decide to host live sessions on Instagram to connect more with your customers. Typically, the issue on the ground would determine the strategy to adopt. Again, we advocate that you are free and flexible when coming up with these ideas, as rigidness usually leads to a business flop.
Implementation: When the team has come up with strategies, you need to start implementing them. After all, it would not make sense for these ideas and strategies to remain on the sheets. So, suppose one of your strategies was to do broadcast adverts. We would assume that you already have the broadcast channels such as radio and TV stations in mind. So, you get to send the jingles to these broadcast houses to start airing them at the implementation stage. Now, you can tell people to watch out and listen to your advert jingles on the different broadcast stations.
Another example could be going on a staff trip if the issue was how to get every staff member to work together. So, the implementation stage entails traveling and carrying out the different planned activities. Once you have agreed on strategies in the previous stage, you get to roll them all out at this stage.
Evaluation And Monitoring: The final stage of the strategic human resource management process is the evaluation and monitoring stage, as we had mentioned earlier. At this stage, you get to observe and see if your strategies are working. Recall our example of going on a staff trip. Did it work? Is the bond between team members now stronger? If team members are still hostile towards each other, it shows that the strategy did not work, and you will need to develop more strategies to tackle the issue. The monitoring and evaluation stage does not discourage you or make it seem like your ideas are wasted. Instead, the stage is a learning board. If the strategy worked, you could take note of it, always refer to it at any time, and even recommend it to others. However, if it does not work, you also take and know not to use it again.
Below Is A Table Showing Important Terms You Need To Be Familiar With If You Want To Be A Human Resource Professional
|Social Capital||It refers to the potential of any working relationship formed by the business.|
|Job Description||It goes out when HR is trying to explain the job roles and functions to a recruit.|
|Human Capital||Here, you are talking about the internal human factors associated with the business (the employees). Human capital refers to their potential and productivity.|
Benefits Of Strategic Human Resource Management Process
If you are wondering why any business needs to implement and adopt the strategic human resource management process, here are some reasons:
Building Profitability And Branding For The Organization: The image your business represents speaks a lot to the target audience. It is why the strategic human resource management process is important. Through it, you can come up with strategies that help the branding process of your business. You get to project an image that people will love and always remember. Also, it is important to keep in mind that branding can translate to profitability. Through branding, you can build top of mind awareness. For example, suppose you are into sales of gadgets, customers of this industry will always remember your brand first, which leads to profitability. Unfortunately, many people do not take branding seriously, which is to their detriment.
Meeting Customers’ Expectations: Undoubtedly, your customers will have certain expectations concerning your business, so you need strategies to ensure that you do not disappoint them. Customers have a way of putting their favorite brands on a high pedestal, and you need to strive to ensure that you do not fall from this pedestal. Even if you are a young business, you should strive to get on that pedestal to leave a mark. The strategic human resource management process is helpful to ensure that your business grows. In addition, such strategies aid you in improving product quality so that you can get total customer satisfaction.
Recruitment Process: It is common knowledge that the human resource department of any business is in charge of the recruitment process. But, you may be wondering how it works. When the business engages in a strategic human resource management process, they scout out the industry’s best talents during the research stage. Through this, they can get in touch and pitch the best offers to these talents. The goal is to get these people on your team and ensure that you are the best. A business is only as strong as its team, so the HR department does not joke with the recruitment process.
Below are some of the most frequently asked questions about this topic
What are the five steps in the strategic human resource management process?
As mentioned above, the five steps in the strategic human resource management process are:
2. Research and analysis
5. Evaluation and monitoring
What Are Human Resource Strategies?
We can say that human resource strategies are those ideas developed during the idea stage that lead to achieving the mission and vision of the business. In addition, human resource strategies are the ideas that help tackle or overcome the business’s highlighted issues and challenges. These human resource strategies ensure that everything, including the business’s human capital, aligns with the business motive.
Why Is Strategic Management Important?
Strategic management is necessary to ensure that both employers and employees are on the same page. It is easy for an employer to feel that there is no need to carry an employee along in certain plans, but that can be detrimental. Every party involved in the running of the business needs to be on the same page.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.