HUMAN RESOURCE STRATEGIES

Importance of HR Strategies-Case of Barclays

Importance of HR Strategies-Case of Barclays

Task 1

Importance of Human Resource Strategies

The role of human resource is very crucial in developing and attaining the corporate objectives of any organisation. The effective design and implementation of HR strategies is necessary because it set outs a performance, behaviour and other related criteria for the employees. For example, strategy pertaining to performance management is significant in a sense that it motivates the employees by laying down the criteria of being top performer. Every employee tries to fulfil the criteria in order to seek best performance in their work. In this way, the employees are rewarded according to their performance level and then strive to put more effort in the future. Those employees who do not perform well are communicated about the areas where they were not at their best and are given instructions to perform better in future. An efficient Performance Management system is essential for the organisation's overall performance. It sets out a guideline for the employees that they need to meet in their work. Otherwise, they are never going to understand the overall working requirement. It also creates a healthy competition among employees that turns out to be beneficial for the organisation. This in turn contributes to the broad objective of being productive, effective and efficient.

Likewise the role of Compensation and Benefits in establishing and maintaining corporate culture is very important. The need of sufficient compensation exists when the employees perform well or even when they give out an average performance. In every organisation, Compensation and Benefits Department responsibility is to deal with the matters of salary, fringe benefits, holidays and other various issues related to their package. When an employee is hired, he/she is offered a certain package that includes his salary and bonus, leaves entitled to him, health insurance, medical facilities and other benefits provided to him. All these components carry huge significance because impacts the overall performance and motivation of the employees (Martin, 1996, pp. 12). Every employee is offered a package in accordance with the job specifications. The employees who are well educated and have high level of working experience in their job are offered better packages as against those who are hired at an Entry or fresh graduate level. This is a universal phenomenon and it is followed by every organisation.

However, the main issue that needs to be addressed is the role that is played by the Compensation and Benefits in the development and maintenance of the corporate culture. All the standards and criteria that are set by the Compensation and Benefits Department are done on an organisation wide basis and it is not carried out for a specific individual or Department. In this way, it helps in creating a corporate culture in the organization. This is the reason why compensation and benefits department is considered as one of the most important supporting departments of the organization.

Difference in Views of Storey, Guest, and Legge

Guest (1987, ...