Kareska, Katerina (2023) Human resource management strategies for achieving competitive advantage of organizations. Strategy Models for Firm Performance Enhancement eJournal, 15 (20).
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Abstract
In today's dynamic and highly competitive business environment, organizations strive to gain a sustainable competitive advantage to thrive in the marketplace. Human resource management (HRM) has emerged as a critical factor in achieving this advantage, as it plays a key role in attracting, developing and retaining top talent, fostering a high-performance culture and aligning HR practices with overall business strategies. This abstract explores the significance of HRM strategies for gaining competitive advantage and highlights key areas where HRM can contribute to organizational success.
Defining competitive advantage and its various dimensions, such as cost leadership, product differentiation and focus. It emphasizes the need for organizations to adopt strategic HRM practices that align with their broader goals to achieve competitive advantage. Talent acquisition and recruitment strategies are explored, focusing on attracting the right talent to contribute to the organization's unique value. The importance of employee training and development is emphasized as a means of improving workforce skills, improving productivity and creating differentiation.
Effective performance management and appraisal systems are discussed as key drivers of employee motivation and engagement, leading to improved individual and organizational performance. In addition, the abstract explores the importance of employee engagement and retention, exploring strategies that contribute to a committed and productive workforce. The main focus is creating a high performance culture that encourages continuous improvement and innovation. The role of HRM in leveraging technology to streamline processes and ensure data privacy and security is also highlighted, given its potential impact on organizational efficiency and competitiveness.
The importance of diversity and inclusion initiatives should be emphasized, illustrating how diverse perspectives and backgrounds can drive innovation and positively impact organizational performance. Furthermore, the role of HRM in managing change and adaptation is explored to help organizations remain resilient in the face of evolving market dynamics. To measure the effectiveness of human resource management strategies, the abstract discusses key performance indicators (KPIs) that allow organizations to continuously assess their progress toward competitive advantage goals.
Emphasizing the critical role of HRM strategies in enabling organizations to achieve and sustain competitive advantage. By attracting and nurturing talent, creating a high-performance culture, embracing diversity and adapting to change, HRM becomes a powerful force that empowers organizations to thrive in a highly competitive landscape. Emphasizing the importance of continuous improvement and learning, this abstract offers insight into how organizations can harness the potential of HRM to shape their future success.
| Item Type: | Article |
|---|---|
| Subjects: | Scientific Fields (Frascati) > Social Sciences > Economics and Business |
| Divisions: | Scientific Tobacco Institute |
| Depositing User: | Prof d-r. Katerina Kareska |
| Date Deposited: | 01 Nov 2024 10:39 |
| Last Modified: | 01 Nov 2024 10:39 |
| URI: | https://eprints.uklo.edu.mk/id/eprint/10089 |
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