Strategic Management Of Human Capital - 1719 Words

Strategic Management of Human Capital Strategic Management requires the top management to establish goals and initiatives taking into consideration internal and external resources and data from the competition. These decisions and actions define the long performance of the organization. It includes internal and external environmental scanning, strategy formulation, implementation, evaluation and control. (Wheelen, Hunger, Hoffman, Bamford, 2015) This paper will discuss how strategic management can be used to recruit and retain the best employees to support strategic management. For a company to attain significant cultural changes the institution needs to make changes on the way they manage the human capital. Also, â€Å"changing the criteria†¦show more content†¦Hiring the right employees and creating strategies to train to help them grow and develop skills and increase knowledge gives the company a competitive advantage. Miles and Snow (1978, 1980) are among the few researchers who provide a conceptual foundation to link staffing and training practices with business strategy. Exploring how firms adapt to their environments; they develop a typology of business strategies that captures the extent to which firms are proactive. This business strategy typology provides strategic challenges that are translatable into specific job and skill requirements. Based on their study of organizations Miles and Snow (1978) identified three generic strategic types - defenders, prospectors and analyzers. â€Å"Defenders have a relatively stable product market doma in and therefore a narrow focus. Defender characteristics include: (1) a limited product line; (2) single capital intensive technology; (3) a functional structure; and (4) skills in production efficiency, process engineering, and cost control. (Ragburam Arvey, n.d.) Prospectors continually search for new product and market opportunities, and regularly experiment with emerging environmental trends. These organizations often create change to which their competitors must respond. However, because of their strong