HR-MPR- HR Strategy
What is an HR strategy?
An HR strategy is a plan for aligning human capital investments with business needs. It shapes the character and direction of HR management activities to focus on supporting what the company is trying to accomplish. The HR strategy sets the direction for all the key areas of HR, including hiring, performance appraisal, development, and compensation.
Key components of an HR strategy
The details of an HR strategy will differ according to each organization’s needs. However, you’ll want to make sure it covers certain key areas to inform your HR practices.
These include:
HR mission statement: Create an HR mission statement to define what you’re trying to achieve. Ensure that every HR team member is well acquainted with it.
Organizational culture: When HR is in tune with the company’s goals, it can look for ways to promote the desired behaviors and a culture that will help make them achievable.
Talent acquisition and recruitment: HR can target its talent acquisition tactics to reach and hire qualified talent that can take the company where it’s headed.
Talent management and development: HR must stay on top of the capabilities required to get work done efficiently and effectively. Then, it can design appropriate management and development practices to build these up.
Compensation and benefits: With buy-in from senior leadership, HR can ensure that compensation and benefits are competitive to recruit and retain the kind of employees who can contribute to organizational success.