Human Resource Management
Human resource management accounts for the effective utilization of employees’ skills, knowledge and abilities in such manner that they align with the organization’s strategies and provide support to the organization in the accomplishment of its set goals and objectives. The effective management of organization’s human resources with the effective development and implementation of such systems and policies that incorporate the organization’s objectives are planned and implemented in this phenomenon (Mello, 2014). The current paper is aimed to provide the HR initiates that are required to support Wal-Mart’s strategies that can provide succession to the business effectiveness and the effectiveness of proposed strategies is also discussed.
HR Initiatives
Training and Development of Current Employees
The strategies that are formulized by HR result in the overall effectiveness of the organization and in this case, Wall-Mart requires the continuous developments in order to sustain its degree of uniqueness in its products and services which can be implied when the current employees are being invested with the prospect of their training and development. The formalized training for the current employees can be taken into account so that the employees can be able to present the differentiated and high profit-margin products in a marketable way which can attract the customers and persuade them to buy (Price, 2011). Moreover, the training of employees with respect to the Wall-Mart’s strategy related to being cost efficient is also applicable because the training can make employees understand about the contribution that they will be making in bottom-line by being cost efficient. Employees can represent the low priced products and can boost the sales by generating profits with large volume sales. Similarly, training initiative by the HR will provide the employees with the tendency to reduce the errors made during the selection and operationalization of orders and can enhance the overall quality standards. This initiative will can provide benefits because the investment, in terms of training, will provide monetary returns to the business in long run and can be measured in the similar manner (Wilson, 2014).
Performance Evaluation and Compensation Packages
The HR initiative with respect to the performance evaluation and compensation packages accounts for the imbursement of rewards and bonuses so that monetary needs of the employees can be addressed and employees’ level of performance will be measured with the continuous performance evaluation. The monetary benefits provided in this regard will enable the employees to perform at an enhanced level and to become engaged in the work proactively which will account for the differentiation strategy of the company. Performance evaluation will also make the employees cost efficient and their performance will meet the quality standards with the intrinsic motivation that employees will achieve with the monetary rewards and bonuses. Performance can be measured with the performance management tools i.e. balance scorecards etc. and the degree of rewards and bonuses can be measured with the compensation management systems (Jiang et al., 2012; Mello, 2014).
Effective Selection
The HR initiative in order to address the differentiated strategy requires the company to select such employees that are innovative so that the differentiated brand image of the company can be maintained. This initiative will be cost effective in the long run because the innovated employees will reduce the tendency of errors and will ensure the given standard of quality. The performance evaluation of the newly hired employees will provide the measure related to the succession of the strategy and the overall strategy accounts for the efficiency of the employees and accounts for business related profits in the long run (Kehoe & Wright, 2013).
REFERENCES
Jiang, K., Lepak, D., Hu, J., & Baer, J. (2012). How does human resource management influence organizational outcomes? A meta-analytic investigation of mediating mechanisms. Academy of management Journal, 1264-1294.
Kehoe, R. R., & Wright, P. M. (2013). The impact of high-performance human resource practices on employees’ attitudes and behaviors. Journal of Management, 39(2), 366-391.
Mello, J. (2014). Strategic human resource management. Cengage Learning.
Price, A. (2011). Human resource management. Cengage Learning.
Wilson, J. P. (2014). International human resource development: Learning, education and training for individuals and organisations. Development and Learning in Organizations, 28(2).
