The Human Resources department contributes to an organization’s competitive performance through: recruitment and selection, globalization and technology. Recruitment and Selection An organization's success depends on the knowledge, skills, and abilities of its employees, particularly as they help establish competencies which distinguishes one organization from its competitors and other organizations. When an organization has employees with talents that are valuable, rare, difficult to imitate an organization can achieve a continued competitive advantage. In order to "compete through people", an organization has to be able to do a good job of managing their human capital: the knowledge, skills, and capabilities that add value to the organizations (Mathis and Jackson, 2003). Human Resources and Managers must work together to develop strategies for identifying, recruiting, and hiring the best talent available.
A company may seek a strategy to identify who are the customers, which services to offer and how they can operate efficiently. Strategy entails an organization matches its resources and capabilities to the external environment to achieve competitive advantage (Lado & Wilson 1994). Organizations set goals to achieve. The organization will therefore analyse the problems which the firm face, and then formulate a strategy and implement it to achieve competitive advantage. Strategic making process therefore: 1.
Innovation Planning and Design Process: The modern business world is an ever-changing environment that contributes to numerous challenges for companies to enhance stability, profitability, and productivity in every industry or sector. In attempts to keep track with the ever-increasing competitive environment, companies across every sector or industry should develop and implement innovative measures that help them gain competitive advantage over rivals. However, the innovative measure will not only be a one-time affair because of the rapid technological advancements that result in rapid changes in customer preferences. These improvements also lead to complete modernization of the market and business operations. Through innovation, the companies foresee these technological factors to deal with competitors to become successful.
Vu states that if a company wants to be a lead among its competitors, it is expected to recognize its competitive advantages and underlying competitive advantages. Obviously, realizing self-merits enables corporations to know its market position generally in a specific industry. What is more, it is also a chance for firms to see its demerits when compared with others. Only when a company finds out what could unseat its contemporary strength and where is the advantage tomorrow, it is able to alter its business strategy so that the company can maintain adequate competence along with the variation of economic situation all the time. Exactly, “An organization’s competence is the key to good or poor performance and to survival.”(Johnson and Scholes, 2002, p149).
The big data can create value to the business success in terms of innovation and differentiation, to improve organizations’ performance and productivity, and to increasing the ability to make better decision. On the other hand, Big data can be challenges such as the importance of privacy and security, and talent of organization to find the full value of Big data. Body According to the research by MGI and McKinsey's Business Technology Office, big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus. (3) So that big data provide the companies more opportunities to discover data correlations before would have remained hidden. Dominic and David (2012) mentioned Bigger and better data give companies both more-panoramic and more-granular views of their business environment.
“There’s nothing like a little competition to suddenly boost productivity” (qtd. in Penn 1). Although some critics argue that competition may develop a negative atmosphere in the workplace, businesses should promote competition in order to function in a changing society, establish efficient performance, and enhance their customer’s satisfaction. Businesses should promote competition in order to function in a changing society. America seems to grow bigger structurally and technologically everyday.
When an entity understands its competitor’s strategy, it can adopt successful elements of it and adjust its own organizational strategy, making it more effective. Overall, companies that use strategic management tools tend to be stronger competitors on the business arena and gain
The protection enhances the ability of sustaining a business in a competitive marketplace for the long run. A firm should also undergo the DYB strategy to get rid of business units and other resources that do not add value to the company 's performance. It should adopt the GYB strategy, in which it would utilize the business opportunities lying at its disposal to its advantage. As a direct result of these two strategies, the company would gain a substantial competitive edge against rivals, as well as boost its profitability in the long run (Grimm, Lee & Smith, 2010). Knowing that today 's business environment is characterized by heightened competition that has led to extensive gaps between industry leaders and laggards, and that there are greater churns among the industry rivals, the GYB and DYB strategies are essential for any modern company.
Predictions for competition in the future come from the pressure of new and existing competitors, as well as the changing market due to globalization. Competitors are getting keener, quicker, and hitting the market with new and thrilling products more swiftly. New products and services are being released at ever increasing speeds. This is placing extra weights on existing firms to keep up, either by matching product features or attempting to move ahead of
Effective talent management strategies should be aimed at promoting and enhancing the talent that add value towards achieving organizational objectives. Talent management can help in achieving optimal level of success and in retaining the high performing workforce. This report aims to explain and analyze the importance of talent management strategies within a certain company, by both looking at the current and future need. TM strategy and its importance to TNNB In a knowledge-based economy where labour is typically the largest expense, getting the people strategy part of the business is important, making finding and keeping talent a constant challenge. With changing market conditions, shifting workforce demographics and new ways of working, effective talent management is what separates the high-performing companies from the low-performing ones.