Why Are Pms Systems Central to Shrm? How Might They Be Adjusted to Respond to the Current Economic Circumstances?
Introduction:
In modern business world, any organization can strategically use; pay, compensation, benefits and other rewards as effective performance management instruments to increase operational efficiency and enhance performance. It is very important for the organization to attract, motivate and retain the best people who will be a key influence on its future success. So, successful pay, rewards, compensation and benefits strategies are the main components that can ensure people are paid equitably, recognize and reward excellent performance, and aid the attraction and retention of top-quality staff. For this strategy, an organization’s performance management system should be designed to link employee performance outcomes and expectations to its goals, improve productivity, emphasize the employee's role in the process, recognize employee development needs, require meaningful communication between a supervisor and employee and recognize accomplishments.
Defination of SHRM;
SHRM refers to the pattern of planned human resources activities intended to enable organizations achieve set goals and objectives (Wright & MacMahan, 1992). It is also described by Storey as a distinctive approach to employment management which seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce using an array of cultural, structural and personnel techniques. (Storey, 2001). Wheelen and Hunger (1995) define strategic management as ‘that set of managerial decisions and actions that determines the long-run performance of a corporation’. Hill and Jones (2001) take a similar view when they define strategy as ‘an action a company takes to attain superior performance’.
SHRM is known to be the linking of human resources with strategic goals and objectives in order to improve business performance and develop organizational culture that foster innovation, flexibility and competitive advantage. Thus, SHRM means accepting and
In modern business world, any organization can strategically use; pay, compensation, benefits and other rewards as effective performance management instruments to increase operational efficiency and enhance performance. It is very important for the organization to attract, motivate and retain the best people who will be a key influence on its future success. So, successful pay, rewards, compensation and benefits strategies are the main components that can ensure people are paid equitably, recognize and reward excellent performance, and aid the attraction and retention of top-quality staff. For this strategy, an organization’s performance management system should be designed to link employee performance outcomes and expectations to its goals, improve productivity, emphasize the employee's role in the process, recognize employee development needs, require meaningful communication between a supervisor and employee and recognize accomplishments.
Defination of SHRM;
SHRM refers to the pattern of planned human resources activities intended to enable organizations achieve set goals and objectives (Wright & MacMahan, 1992). It is also described by Storey as a distinctive approach to employment management which seeks to achieve competitive advantage through the strategic deployment of a highly committed and capable workforce using an array of cultural, structural and personnel techniques. (Storey, 2001). Wheelen and Hunger (1995) define strategic management as ‘that set of managerial decisions and actions that determines the long-run performance of a corporation’. Hill and Jones (2001) take a similar view when they define strategy as ‘an action a company takes to attain superior performance’.
SHRM is known to be the linking of human resources with strategic goals and objectives in order to improve business performance and develop organizational culture that foster innovation, flexibility and competitive advantage. Thus, SHRM means accepting and