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Strategic HR Management: An Overview

Strategic HR Management: An Overview. A Career in HR? Really? If no, so what? How do firms gain competitive advantage? How do firms gain sustainable competitive advantage? What is the role of HR for the success of the firm? Eight “Secrets” of HR Management.

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Strategic HR Management: An Overview

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  1. Strategic HR Management: An Overview A Career in HR? Really? If no, so what? How do firms gain competitive advantage? How do firms gain sustainable competitive advantage? What is the role of HR for the success of the firm? Eight “Secrets” of HR Management

  2. One Measure of Value: Salaries SHRM: 250,000 members worldwide, SHRM.ORG Median Total Cash Compensation 2009 HR Executive (with LR experience): $254,000 International HR executive: $242,400 Compensation & Benefits: $193,800 Training & Development: $173,700 Employment/recruitment: $150,300 http://www.bls.gov/oco/ocos021.htm#earnings Source: HR Magazine, December, 2009; Watson Wyatt 2009/2010 Survey Report on Human Resources Personnel Compensation

  3. How to become “strategic” Conventional View: Decide what business to be in and how to compete. Develop functional strategies: finance, marketing, manufacturing, etc. Identify critical tasks for executing strategy. Design, implement, align, monitor practices.

  4. How to Become “Strategic” Unconventional view: Values first! What policies & practices are consistent? How can we serve our customer better than our competitors? Given our capabilities, how do we deliver value to the customer that our competitors cannot easily imitate? Senior Mgmt manages values & culture!

  5. When the Conventional View Doesn’t Work: Blow It Up! Cindi Lesher’s experience at Minnesota Light & Power. Who is my customer? What do they need? How do I help them?

  6. The Pfeffer Magic Seven plus One! 1. Employment security for core employees. 2. Selective hiring of new people.   3. Self-managed teams and decentralized decision-making. 4. Comparatively high compensation and performance based.  5. Extensive training.  6. Reduced status distinctions.  7. Extensive sharing of financial and performance information.   8. Use of alternative dispute resolution procedures (mediation & arbitration)

  7. Costco vs. Sam’s Club “At Costco, it’s better to be an employee or a customer than a shareholder!” Bill Dreher, analyst Deutsche Bank. “We want to build a company that will still be here 50 and 60 years from now!” Jim Senegal, CEO Costco.

  8. Costco vs. Sam’s Club Costco Sam’s Club Average wage: $17.00 $10.11 Turnover: 17% 44% 5 year Stock Price Gain: 55% (10%) Operating Income per employee: $21,805 $11,615 Source: W. Cascio, Academy of Management Perspectives, August, 2006

  9. Culture as the Source of Sustainable Competitive Advantage “Labor is the superior of capital and deserves much higher consideration.”

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