Market Competition HRM and Firm Performance †MyAssignmenthelp.com

Question: Discuss about the Market Competition HRM and Firm Performance. Answer: Introduction The modern day organizations need to have a comprehensive Human Resources Management strategy because it will help these organizations in surviving in the competitive world. It will help the organizations in working in an organized manner so that the resources that are available to them can be used up in a planned manner. This will help in ensuring that the organizations can earn better profits, as they can utilize the available resources in a better manner. The use of the strategies in HR will help in enhancing the level of productivity of the employees and build a better work force so that they can deliver the best products to the customers, which will help in better revenues for the company (Armstrong and Taylor 2014). The strategies that are present in human resources, which helps the organizations in working in an efficient manner are as follows:- Compensation- This helps the companies in focusing more on providing the employees with a realistic structure of compensation so that they can be retained within the organization. this will help the organization in appreciating the efforts of the human capital in a better manner so that they can be satisfied and can be engaged in a better manner within the organization as well. The surveys with respect to the better structure of the wages are done by the Human Resources manager so that the assessment of the staffs can help the organization in projecting the work force for the future, which will help in meeting the demands of the organization (Kaufman 2015). Benefits- The strategies can help the organizations in decreasing its costs, which are associated with the rate of turnover between the level of attritions and the hiring of replacement employees. The organizations can develop better skills in negotiating with the right employees about the packages that they will be allowed within the organization for their service, which will be aligned with the budget and the conditions of the economy within the organizations. The benefits that will be provided to the employees will help the organization in retaining the old employees and attracting the new ones. This will help the company in reducing its costs significantly with respect to the hiring of replacement employees and the level of attrition (Landy and Conte 2016). Safety- The strategies that will be adopted by the new organizations in the modern day will make sure that the working conditions for the employees are safe enough, as the managers and especially the HRs will be compliant with the rules and regulations of the occupational safety and hazards with the concerned administration. This will prevent the chance of any injuries within the workplace by developing proper programs that will help in reducing the fatalities. The safety specialists will provide better insights to the employees regarding the handling of the equipments that are dangerous in a safe manner so that it can help in spreading awareness among the employees (Brewster, Brookes and Gollan 2015). Liability- The relation with the employees by the HR helps the minimization of the exposure of the liability that is related to the unfair means of employment practices within the organization. The HR makes it a point to identify, investigate and resolve the issues that are present within the workplace so that it can be handled on a priority basis. This will help the organization in solving the legal issues in a better manner, which is related to the federal laws along with the harassment and anti-discrimination laws (Wilton 2016). Training and Development- The HR of the organization will be responsible in providing better training facilities to the employees so that the skills of the people can be developed in a better manner. This will help the company in strengthening its relationship with the employees, as the training that will be provided to them will help in increasing the level of productivity within the organization by the employees. The managers will also be responsible in training the employees aligning it with the employment practices that are followed within the organization so that the employees can take up the different roles within the organization (Brewster and Hegewisch 2017). Employee satisfaction The relation of the employees with that of the organization has to be taken in to the list on a priority basis so that it can help the organizations so that it can prosper in its endeavors. This helps the organization in achieving better rate of performance and boosting up the level of satisfaction for the employees in the work place. This is one of the ways through which the relation between the employers and the employees can strengthen within the organization, which will help the organization to be successful. The conduction of surveys and feedbacks taken from the employees will help the organization in getting a better insight about the conditions of the employees so that they can be assured in a better way within the organization (Purce 2014). Recruitment- The HRs are responsible for recruiting the right people in to the organization according to their talents so that it can help the organization in increasing the level of productivity. The assessment of the new employees is done through different rounds of interviews and careful selection methods so that the right candidate can be selected for the right job (Cohen 2015). Selection- The selection of effective employees within the work place is done by the Human Resources manager so that the requirements of the organization can be met in an adequate manner. The hiring of the employees according to their set of skills are done so that the need within the organization at the present moment can be fulfilled efficiently (Wilton 2016). Compliance- The manager has to be compliant with the laws that are present within the state so that the documentation of the employees can be done in a better manner. This will help the organization in avoiding the legal bindings that may hamper the reputation of the organization within the local community (Kaufman 2015). Reference List Armstrong, M. and Taylor, S., 2014.Armstrong's handbook of human resource management practice. Kogan Page Publishers. Brewster, C. and Hegewisch, A. eds., 2017.Policy and Practice in European Human Resource Management: The Price Waterhouse Cranfield Survey. Taylor Francis. Brewster, C., Brookes, M. and Gollan, P.J., 2015. The institutional antecedents of the assignment of HRM responsibilities to line managers.Human Resource Management,54(4), pp.577-597. Cohen, D.J., 2015. HR past, present and future: A call for consistent practices and a focus on competencies.Human Resource Management Review,25(2), pp.205-215. Kaufman, B.E., 2015. Market competition, HRM, and firm performance: The conventional paradigm critiqued and reformulated.Human Resource Management Review,25(1), pp.107-125. Landy, F.J. and Conte, J.M., 2016.Work in the 21st Century, Binder Ready Version: An Introduction to Industrial and Organizational Psychology. John Wiley Sons. Purce, J., 2014. The impact of corporate strategy on human resource management.New Perspectives on Human Resource Management (Routledge Revivals),67. Wilton, N., 2016.An introduction to human resource management. Sage.