Write 4 pages with APA style on Various Models of Human Resource Management. Guest Model is very similar to the Harvard model because of both advocates that superior individual and organizational performance is possible only through the integration of core activities of HR.
HRM practices are at infancy in the developing economies like China, India etc. Therefore, according to HR professionals, the national factors may influence the HR practices in different countries, thereby, creating distortions in HR models. The four major factors, which are important in this regard, include national culture, dynamic business environment, industrial sector and national institutions.1
The process of formulating HR strategy consists of a few steps. In the first step, it is decided that who is involved in a process and how. In the second step, a business strategy is defined. In the third step, the business strategy is set in an HR context. In the fourth step, a SWOT analysis is done to analyze the problems in the business strategy in the HR context. In the next step, after identifying the priority changes the action plan implemented and outcomes are measured.2 This HR strategy process has been designed for the furniture industry and they are very similar to the bookish HR strategy formulation steps.
For the formulation of corporate strategy, the participation of all departments of the organisation is very important because the corporate strategy is very interactive with functional strategy. An organization cannot develop its corporate strategy unless it knows the functional strategies such as HR strategy and capabilities of its departments. Therefore, when developing corporate strategy, the developers should get the feedback of HR people and their considerations should be focused very seriously. In 1997, Essar Steel Ltd realized the importance of HR strategy to develop business strategy therefore, Essar Steel developed their HR function based on their corporate strategy.