Role of Strategic Management in Marketing, Finance, HR and global competitiveness
One way fit of HRM with strategy HR systems should be in alignment of strategy• Kesler (1995) considers this alignment as the partnering role of HR where HR is highly integrated with business processes.
Two way fit of HRM with Strategy• HRM systems not only align to the business strategy, but also contribute in the strategy formulation• Contribute as understanding the linkages between structure, culture, HRM and the strategy.
SHRM is involved in every step of STRATEGYStrategy formulation is influenced by–•presence/absence of HR representation business•knowledge of the HR representative,•HR knowledge of the HR representative,• inter-personal relationship of the HRrepresentative with the top management team 4
Strategy implementation and HR• flexibility of HRM systems,• competency of HR personnel,• availability of resources,• execution efficiency,• support of line managers .3/10/2013 5
Strategy Evaluation and HRM• Performance appraisal3/10/2013 6
Strategic management and financeStrategic financial management is concerned with the role of strategic management in finance function.Strategic financial management helps a firm in attracting resources , maximization of shareholders wealth, taking appropriate decisions, to make the firm survive and grow in future3/10/2013 7
• Continuous search for investment opportunities• Selection of most profitable opportunities• Determination for optimal mix of internal and external funds to finance these opportunities • A financial control system to govern acquisition and disposition of funds• Analysis of financial results as a guide to future goals 3/10/2013 8
Strategy and MarketingConcerned with facing the competition in long runMaking a corporate imageFormation of marketing strategies3/10/2013 9