Traditional vs. Strategic HR Activities, “Best Fit” Approach vs.”Best Practice” Approach, HR Strategy and the Role of National Context, Sectoral Context, and Organizational Context on HR strategy and Practices, Investment Perspective of Human Resources.
Strategy- How organizations react to their environment and adopt a course of action to deal with it. This course of action is strategy.
Policy-Standing answer to recurring problem.
Mission-The reason and justification for the existence of a firm, it tells about what a company does to meet customers‟ expectations.
Goals -A goal is a desired result person or a system envisions, plans and commits to achieve.
Objectives-Benchmarks against which actions are evaluated.
Human Resources Management (HRM) – A process of bringing people and organizations together so that the goals of each one are met effectively and efficiently.
SHRM- The linking of HRM with strategic goals and objectives in order to improve business performance and develop organizational cultures that foster innovation and flexibility.
Human Capital- A measure of the economic value of an employee’s skill set.