An Evaluation of the Contribution Made By Human Resource Activities to the Attainment of Business and Financial Objectives

Executive Summary 3 

An Evaluation of the Contribution Made By Human Resource Activities to the Attainment of Business and Financial Objectives 4 

Literature Review 5 

Methodology 7 

Strategic Human Resource Planning (SHRP) 7 

Strategic Recruitment and Selection (SR&S) 8 

Strategic Training and Development (ST&D) 9 

Strategic Performance Management (SPM) 9 

Strategic Compensation and Reward Management (SCRM) 10 

Results and Findings 11 

Strategic HRM and Performance 11 

The Role of Strategic HRM on Business Performance 13 

The Impact of SHRM on Organization Performance 15 

Figure 2 showing the impact of SHRM on organization performance. 15 

Conclusion 19 

References 22 

Executive Summary 

The paper will evaluate the role of human resource functions in achieving financial and business objectives. Human resources, their experience, collective skills, and abilities and their ability to contribute to the organization should be recognized as significant aspects of building a competitive advantage and contributing towards organizational success. High performing companies recognize the need to use appropriate training and development techniques that will boost their competitive edge. Achieving objective goals is dependent on how aggressively the HR function can align the business planning process with efficient HRP ( Armstrong & Taylor, 2014) . Organizations that desire to be the most competitive and successful against their rivals in the dynamic market should diligently use human resources as a tool to boost organizational performance and in the process of attaining market leadership. The study evaluates the selected practices that should be performed by the HR department to achieve organization objectives. Companies that have high involvement HR strategies often have better performance than companies with lower HR involvement ( Jackson, Schuler, & Werner, 2011) . Human resource strategies should concentrate on developing a flexible and continuous process that involves all employees operating as a single, united, and dedicated team. It is significant for every organization to embrace effective HRM practices that make the best utility out of its employees. 

An Evaluation of the Contribution Made By Human Resource Activities to the Attainment of Business and Financial Objectives 

In the modern society, global competition is the fundamental factor that defines organizational strategies, and as a result, the industrial economy is moving towards a knowledge economy and proper management of human resources. Being in a competitive market is very difficult, and it is even harder to sustain have sustainable growth ( Bolman & Deal, 2017) . All practitioners and researchers know the merits and demerits of being in a competitive market and methods of adapting to the stiff competition. The efforts are focused on human resource management to achieve business and financial goals through a strategic human resource management approach ( Knowles, Holton III, & Swanson, 2014) . The human resource function is completely recognized and well developed, and its significance is increasing. There is a strong relationship between person-organization fit, human resource management practices, and a person job fit ( Werner & DeSimone, 2011) . The paper will evaluate the role of human resource functions in achieving financial and business objectives. 

When the HRM practices are sufficient, the workers will have a better chance at fitting in the job and organization. The contemporary market is dynamic and is characterized by increasing competition, globalization, changing customer demands, and deregulation of markets ( Budhwar, & Debrah, 2013) . Most organizations fail to achieve organizational goals during volatile and turbulent periods because of their focus on the technological aspects of the company at the expense of the human resource functions. Effective human resource management should ensure that employee in the firm are optimally committed and motivated to the organizational objectives. When employees are motivated to achieve a firm’s goals, it will ultimately lead to the success of the company ( Daley, 2012) . Therefore, the success of any company is dependent on the level of commitment that is achieved by individual workers operating environment that are complement by strategic human resource management functions. 

Improved productivity and quality that is linked to motivation is highly linked to intrinsic and extrinsic rewards, training, and employee involvement ( Flamholtz, 2012) . The growing focus in compensation techniques are geared to skills and performance and it reflects the growing importance of HRM in achieving management objectives and goals. The study will also evaluate the selected practices that should be performed by the HR department to achieve organization objectives. The selected practices include compensation, training and development, performance appraisal, and recruitment and selection ( Lengnick-Hall et al., 2011) . Human resources are part of the company’s total resources and the management should align the human resource function with the company’s strategy. Traditionally, the HR was seen as one of the highest operating costs and most managers looked for ways to minimize the costs. Companies should view human resources as an asset rather than a variable cost. A company should link the human resources in the company with strategic objectives so that it can improve organizational performance ( Berman et al., 2012) 

Literature Review 

Human resources are the assets that create environments and value for the company as they gain competitive advantages over their rivals. Human resources, their experience, collective skills, and abilities and their ability to contribute to the organization should be recognized as significant aspects of building a competitive advantage and contributing towards organizational success ( Cummings & Worley, 2014) . Business and financial goals can only be achieved if the human resource systems, practices, and procedures are designed and implemented according to the firm’s needs or when strategic human resource management techniques are adopted by the firm. Studies reveal that employee behaviors, skills, and attitudes play a significant and mediating role between firm outcome and HR systems ( Barney, Ketchen Jr, & Wright, 2011) . There is a strong direct relationship between firm profitability and HR practices. Although HR practices remain a secondary function in most companies, it should be a primary function in the firm. 

Companies that have high involvement HR strategies often have better performance than companies with lower HR involvement. In the service sector, there is a direct correlation between organizational performance, human resources practices, and employee quit rates ( Bratton & Gold, 2012) . Companies that focus on employee participation during decision-making processes encourage high skills, and use human resource incentives such as employment security and high relative pay often have higher performance, lower quit rates, and higher sales growth ( Vörösmarty et al., 2010) . Incentives, training, and job design have a direct impact on the firm’s operational performance parameters. HRM orientation should align HR staffing, planning, developing, selection, compensating, and evaluating practices with the overall business strategies in the organization. The overall objective of performance management is the creation of an organizational culture of high performance where teams and individuals are required to take responsibility in the sustainable improvement of the skills and business processes that will attain the business and financial objectives set by the company ( Morgan, 2013) . 

Management performance should be expressed as the approximation of organizational objectives and individual goals of employees so that employees can fully support the organization. The objectives of strategic human resource management are improving the success of the company through people management ( Ployhart & Moliterno, 2011) . Companies should manage the human resource asset efficiently and effectively so that they can attain the desired objectives and goals. Achieving organizational objectives and goals translates to organizational success. Achieving organizational objectives are often different in a various firms. Managing human resources and achieving organizational objectives are strategic. The main goal of strategic HR is boosting worker productivity and identifying essential areas where HR strategies are required to enhance employee productivity and motivation ( Danish & Usman, 2010) . Strategic HRM is significant for all companies irrespective of their domain and size. All HR functions should be aligned with the company’s business strategy. 

Methodology 

The objective of the study is to evaluate the role of human resource functions in achieving financial and business objectives. The study is based on the collection and analysis of different publication about the topic and field. The paper will mainly rely on secondary sources of information. Secondary sources define the articles, books, and journals used in evaluating the topics. Furthermore, most of the information concentrates on service sector, corporate, and manufacturing sectors. 

Strategic Human Resource Planning (SHRP) 

SHRP is the process of evaluating and identifying the availability and need of HR so that the company can meets its financial objectives ( Kakuma et al., 2011) . The objective of HRP is to minimize the significant lead time between recognizing job requirements and selecting the best person to fulfill the need. The HR department should analyze the job market and find out how it will match their hiring requirement because no company can attain their business objectives without hiring highly skilled employees ( Kossek et al., 2011) . Recruiting is a significant role of human resource planning because it provides a chance to choose individuals and bring new employees who are best suited to the organization’s requirements and culture. In the hiring process, the HR department often looks for applicants who are the most versatile and properly fits the job criteria ( Daft, 2012) . However, the modern day HRP has shifted to succession planning and forecasting which in turn impacts the success of the company’s plans. 

Efficient HRP often reduces turnover by ensuring employees are aware and can advance their careers within the company ( Kehoe & Wright, 2013) . Achieving objective goals is dependent on how aggressively the HR function can align the business planning process with efficient HRP. SHRP is always based on the close association and working relationship between line managers and HR departments. It is the deliberate efforts of deploying HR so that they can empower the company to achieve it business consistencies, goals, and objectives ( Huselid & Becker, 2011) . Succession planning has a significant role in aligning HRP with business objectives. Succession planning has a primary role in recruiting talented employees, developing their abilities, knowledge, and skills while preparing them for promotion and advancement into functions and responsibilities that are more challenging. The process ensures that workers constantly refine their skills to fill certain roles within the organization ( Argenti, 2015) . Therefore, the company will have a stream of employees who are always talented and skilled in every role. 

Strategic Recruitment and Selection (SR&S) 

The main responsibility of the recruitment and selection function is to identify the correct pool of skills and talent to come up with the right candidates to fill positions within the company. In the traditional approach, recruitment and selection focused on a person job fit ( Chelladurai & Kerwin, 2017) . Nevertheless, firms are now focusing on a person organization fit. Candidates are chosen according to how they fit organizational characteristics instead of job specific criteria. Selecting the correct employees is essential in developing an efficient HRM system. 

SR&S is explained as the strategic alignment of recruitment and selection with the long term strategic business objectives so that the day to day requirements of the organization are translated into an efficient recruitment and selection technique ( Kompaso & Sridevi, 2010) . There should a proper alignment of business objective and candidate objectives. Nevertheless, not all positions in a firm are critical for business operations. The strategic recruitment should focus its efforts on the main job positions in the business. It should be focused on the candidates and job positions that will accelerate organizational growth ( Snell, Morris, & Bohlander, 2015) . 

Strategic Training and Development (ST&D) 

High performing companies recognize the need to use appropriate training and development techniques that will boost their competitive edge. Training and development is a significant aspect of every organization if the potential and value of its employees are grown and harnessed ( Shafritz, Ott, & Jang, 2015) . It is the process of transferring or obtaining abilities, knowledge, and skills necessary to conduct specific duties and tasks. ST&D directly improves business objectives and goals. The main business challenges require the business to tactfully evaluate their market position and determine the necessary knowledge, talent, and skills to be successful ( Swart, Mann, Brown, & Price, 2012) . Adopting a strategic approach in T&D instead of an ad hoc and unplanned one is essential. ST&D should be effective, targeted, and measurable. ST&D is all about evaluating, designing, and delivery important training methods or programs to company employees that will make them more capable of performing various tasks according to business strategy ( Scullion & Collings, 2011) . Also, the business should analyze the result of the training programs for its efficiency in achieving business goals. 

Strategic Performance Management (SPM) 

Conventional performance management systems may fail to deliver the desired business outcomes because the top down communications are unclear as they travel down the organization structure resulting in a mismatch between employee and employer expectations ( Terziovski, 2010) . If the business strategy and goals, and employee culture and motivation are not in harmony, there will be a negative outcome. SPM allows the management to effectively communicate how they desire to manage performance, the business targets and timelines, and how the employees and managers can work to achieve the desired outcomes ( Linnenluecke & Griffiths, 2010) . 

It is significant to not only identify HR requirements according to the business strategy and select the best recruitment strategies to secure competencies but also develop and implement a performance evaluation method that will link strategic objectives and employee performance ( Griffin, 2013) . It is important to have a strategically linked compensation plan that will retain talented employees and improve organization performance. SPM offers a link between culture and strategy of the organization and their ability to influence employee performance to create a positive impact on organization performance ( Bakker & Leiter, 2010) . SPM is always about strategy implementation to deliver business value by offering the desired results in accordance with the overall business strategy. SPM shows the relationship between performance management and individual’s objectives, to drive the capability and skills requirements to ensure they align with the key values of the company ( Zott & Amit, 2010) . 

Strategic Compensation and Reward Management (SCRM) 

The key objective of the compensation policy is to provide the appropriate rewards for employee experience, performances, knowledge, skills, and competencies to attract and retain the best talent ( Gatewood, Feild, & Barrick, 2015) . It is an essential motivator to reward workers according to how they achieve organizational objectives and market worth. The conventional reward and compensation system alone is insufficient to fulfill business objectives ( Mitchelmore & Rowley, 2010) . SCRM is important in aligning reward and compensation policy with the business and can be attained by using a data-driven approach so that the benefits and pay are only allocated to workers and positions that provide the greatest return on investment. 

Results and Findings 

Strategic HRM and Performance 

Studies showing the relationship between human performance and strategic HRM have dominated the practitioner and academic debate for more than twenty years ( Rummler & Brache, 2012) . HRM policies and practices influence the performance, behaviors, and attitudes of employees. They focus on several significant actions that in turn have a positive impact on the company’s performance such as employee relations, financial goals, human resource planning, performance management, recruitment, training and development, and selection ( Anderson, D., & Anderson, L. A. 2010) . Some of the HRM practices that assist the organization to meet its financial and business goals include: 

Accurate sharing of performance and financial information in the entire organization. 

Employment security. 

Minimizing status barriers and distinctions such as wage difference, dress, office arrangements, and language across levels. 

Decentralized decision making and self-managed teams as the formal organizational structure within the company. 

Extensive training. 

Proper compensation and reward systems. 

Figure 1 showing the relationship between organizational performance and strategic HRM. 

Figure 1 shows a simple connectivity between organizational performance and strategic HRM. Through the model, an important connectivity between organizational performance and business strategies is shown and it is always measured by financial indicators. At the center of the model, the function is made up of opportunity, ability, and motivation. Developing a significant human resources strategy comes after the carefully crafted business strategy. However, before formulating and drafting the business strategy, the company should evaluate the staff competencies, how they are motivated, and their knowledge and skills. The realization of an efficient business strategy comes after integrating workforce opportunities, external and internal factors, and the employees’ expectations ( World Health Organization, 2012) . The adaptation strategies and human resources strategy should be tracked according to previous experiences and practice. Ultimately, the organization will achieve financial objectives, employee motivation, business objectives, and produce high quality products ( Huczynski & Buchanan, 2010) . During the HRM performance research, the success or outcome of HRM may be viewed in different metrics. The outcomes can be classified in different ways such as: 

Capital market outcomes including growth, market share, and stock price. 

HR related outcomes including commitment, turnover, job satisfaction, and absenteeism. 

Financial accounting outcomes such as return on investment, profits, return on assets, and sales. 

Organizational outcomes including customer satisfaction, productivity, efficiencies, quality, and service. 

The Role of Strategic HRM on Business Performance 

Strategic management of employees offers a new transformation in the human resource management field. A significant responsibility of strategic human resource management revolves around focusing management of employees as an effective tool of designing and acquiring competitive advantages ( Luthans, Avey, Avolio, & Peterson, 2010) . Most organizations are currently aware that efficient human resource practices and policies are appropriate and can improve various areas in an organization such as financial performance, productivity, and quality. 

Performance management is a planned technique where the key elements include positive reinforcement, feedback, and ongoing dialogue between employees and managers ( Guest, 2011) . There should be measurement results when comparing the business objectives and expectations against the performance outcomes. It is also affected by the output and input values of the organization. Input values refer to the behaviors, knowledge, and skills that are necessary when producing the necessary outcomes. Needs should be defined by evaluating the requirements and level of performance necessary according to the efficient use of appropriate behavior, knowledge, and skills ( Wang & Noe, 2010) . Performance management strategy affects not only the business but the management as well. The managers should not only be responsible for ensuring the business achieves its financial objectives but also have the confidence and ability to distribute responsibility and authority within the organization ( Coff & Kryscynski, 2011) . Managers should collaborate with employees to achieve the desired results because managers and their teams are responsible for all business outcomes. 

Managers and their teams should agree what should be done and how the processes should be done. Performance management processes should be part of organizational changes. All employees and managers in a business should work together to achieve financial and business objectives ( Parrish, 2010) . The performance management strategy should concentrate on developing a flexible and continuous process that involves all employees operating as a single, united, and dedicated team. It determines how they can work efficiently to attain the desired results. When the employees work as a single team, it becomes easier to have performance improvements and plan future performance ( García-Morales, Jiménez-Barrionuevo, & Gutiérrez-Gutiérrez, 2012) . HRM strategy offers the basis for frequent dialogue between employees and managers about the performance requirements and development within the organization ( Wright & McMahan, 2011) . The benefits of strategic human resource management include: 

Improving cooperation between line managers and HRM department. 

Contributing to organizational survival and goal accomplishment. 

Improves strategic planning and affects the strategic direction of the business as a section of the top management. 

Contributing and successfully implementing the business strategies in the organization. 

Improving the accessibility of feasible strategic options that are available to the business. 

Building and maintaining the competitive edge of the company. 

Boosting the innovation potential and responsiveness of the business. 

Performance management explains the systematic processes that improve organizational performance by developing team and individual performance. It is a way of acquiring better results from individuals, organizations, and teams by managing and understanding performance within the agreed metrics of competence requirements, planned goals, and standard competencies ( Jiang, Lepak, Hu, & Baer, 2012) . Human resources have a key responsibility in determining the competitiveness of the company in the industry. Proper evaluation and use of human resources will allow favorable outcomes within the organization. Adequate use of competencies, skills, and knowledge improves the chances of an organization meeting its financial and business obligations ( Dillon, Wu, & Chang, 2010) . 

The Impact of SHRM on Organization Performance 

Figure 2 showing the impact of SHRM on organization performance. 

There are different HR practices that are repeated in different organizations and have yielded similar results. However, the level of performance is always different according to the needs of those organizations. Some of the different types of performance include employee behavior and attitude, market and financial performance, and operational performance ( Sparrow, Brewster, & Chung, 2016) . Financial and market performance data is a very objective metric of measuring performance and can be easily acquired because there are many corporates. It is the most frequently used measure of performance ( Meister, Willyerd, & Foss, 2010) . Furthermore, most people view the success of an organization according to their financial performance and it may be used in situations where objective data is difficult to acquire (Paarlberg & Lavigna, 2010). Specific metrics in financial and market performance include market value, return on assets, market share, and return on equity. 

Typical measures of operational performance include innovation, productivity, sales, productivity quality, quality, and service. The measures can be acquired through objective and subjective measures ( Paarlberg & Lavigna, 2010) . Nevertheless, in most situations, operational measures are often objective in nature. Most of the objective measures in operational performance are easy to quantify such as the quantity of new products that were developed, the number of quantity produced, and the number of customer complaints. 

Employees’ perceptions, attitudes, and behaviors are often neglected when conducting research on HRM performance. The most common measure of this factor is employee turnover. However, there are more measures that can be used to evaluate employee behavior and attitude ( Chuang & Liao, 2010) . Some of the metrics include absenteeism, motivation, trust in management, job satisfaction, commitment, and organizational citizenship behavior. Quantifying and measuring employees’ behaviors and attitudes are often considered a bigger challenge than measuring financial and operational performance. Although absenteeism and turnover are quantitative measures, it may be difficult to quantify behavior and attitudes ( Trkman, 2010) . 

Therefore, HRM plays a key role in managing a competitive environment. Organizations use different management and styles according to the employment policy. Employee policies refer to practices designed to maximize the quality of work, organizational integration, elasticity, and employee commitment ( Bal, Bozkurt, & Ertemsir, 2012) . Efficient management of human resources is a compatible and strategic approach to manage the most valuable assets in any organization: the employees who work tirelessly to ensure the company achieves its financial and business objectives. The success of a company can only be achieved through its human resources ( Cascio & Boudreau, 2010) . The HR function progressively makes significant contributions in building a business that employs the right human capital that efficiently carry out their responsibilities and achieve the business objectives. There are two classifications of human resources: distinctive and generalist. The generalist category refers to the human resources and covers all the workers in any organization ( Sarkis, Gonzalez-Torre, & Adenso-Diaz, 2010) . The distinctive category explains and emphasizes employees' experience, abilities, attitudes, and knowledge. 

HRM is a fundamental element in all organizations. Under the modern human and market conditions, every organization should have an HRM department to succeed. A company that does not appreciate the role of its human resources cannot sustain a competitive advantage over its rivals ( Baecker, 2014) . Organizations are social systems and are affected by the input from the environment, and the output from the organization affects the organization's environment. Firms can reduce the uncertainty caused by the firm’s environmental elements to avoid negative effects on the organization. Every organization has three main resources: physical resources, human resources, and financial resources ( Campion et al., 2011) . The main resource in every company is its human resources. The three resources are always related and act uniformly to achieve the company's objectives ( Karakas, 2010) . Companies should take a leading position to improve performance and productivity about the competitive market conditions. 

As the world becomes more unstable and competitive, all organizations are seeking methods of reducing production costs and coming up with innovative HRM practices. Proper HRM practices can create motivated, committed, and knowledgeable employees who create a sustained competitive advantage in the company ( Allen, Bryant, & Vardaman, 2010) . Also, HRM practices can regulate the status and attitude of employee-employer relationships that can encourage them to become more creative and innovative. Due to the dynamic global market conditions, organizations are struggling to stay competitive, and HRM practices are viewed as a fundamental technique in weathering the stiff competition ( Chang, 2011) . For organizational performance, they should acquire maximum competitive advantage by making better use of their human resources. Over the past three decades, multinational companies have increased their investment in human resources and individual maintenance ( Sheehan & Cooper, 2011) . HRM practices have an impact on their employees’ performance because they determine the human capital that is recruited in the company. 

HRM practices can impress firm performance by proposing organizational structures that encourage and improve employee participation. They act as a series of inwardly coherent practices and policies developed and implemented to offer a company's human capital with the knowledge and skills to accomplish the business objectives ( Teece, 2012) . HRM practices can improve the efficiency of an organization and its performance identifying, attracting, recruiting, training, and keeping employees with the best abilities, knowledge, and skills. Moreover, the employees should behave in a manner that will support the vision, mission, and objectives of the firm ( Burke, 2017) . The efficiency of HRM practices is dependent on how they encompass the right behavior and attitudes. Most researchers argue that that performance evaluation should be measured according to financial indicators especially profit ( Kraaijenbrink, Spender, & Groen, 2010) . For many decades, human resource issues were placed secondary to financial indicators. However, profit alone is insufficient to hold the adherence and excitement of its employees and the core values and expectations in the company. 

It is significant for every organization to embrace effective HRM practices that make the best utility out of its employees. The trend has improved the interest in the effect of HRM practices on their overall performance ( Demil & Lecocq, 2010) . Various studies prove that there is a favorable relationship between measures of company performance and high-performance work practices. Empirical evidence suggests that firms that arrange the HRM policies with their overall business strategies will achieve favorable business and financial outcomes ( Dahan et al., 2010) . Accomplishing strategic management process is entirely dependent on the level of inclusion of human resources. 

Conclusion 

The paper evaluates the role of human resource functions in achieving financial and business objectives. A firm can only be as successful as the performance of its employees because the employee output is the most significant factor in determining organizational success. Also, improving and routing individual performance will improve the overall performance of the company. The only way that workers will believe that their work is meaningful is when the company creates a working environment while building an organizational system that continuously enhances employee performance. The key objective of HRM practices is to offer eligible employees in firms to improve the businesses’ effectiveness and performance. Human resources, their experience, collective skills, and abilities and their ability to contribute to the organization should be recognized as significant aspects of building a competitive advantage and contributing towards organizational success ( Unger et al., 2011) . Companies that focus on employee participation during decision-making processes encourage high skills and use human resource incentives such as employment security and high relative pay often have higher performance, lower quit rates, and higher sales growth. The main goal of strategic HR is boosting worker productivity and identifying essential areas where HR strategies are required to enhance employee productivity and motivation. 

Long-term recruitment, employment, and retention of talented employees require the firm’s employees to believe that their individual values and company’s value are a good fit. HRM policies can improve organizational efficiency by creating profitable experiences for its employees. For instance, when employees are recruited into the organization, they should have well applied orientation programs that will assist them to learn company values and history so that they can improve organizational performance ( Wang et al., 2011) . All employees and managers in a business should work together to achieve financial and business objectives. Adequate use of competencies, skills, and knowledge improves the chances of an organization meeting its financial and business obligations. Specific metrics in financial and market performance include market value, return on assets, market share, and return on equity. Efficient management of human resources is a compatible and strategic approach to manage the most valuable assets in any organization: the employees who work tirelessly to ensure the company achieves its financial and business objectives. 

Organizations that successfully adapt to changes and perform their social functions are more likely to succeed in the dynamic market. Companies should always be subjected to continuous improvement of their human resources. The paper’s objective was to analyze the relationship between organizational performance and human resources. The results of the analysis indicate that there is a close relationship between the two factors (Sporns, 2011). Organizations that desire to be the most competitive and successful against their rivals in the dynamic market should diligently use human resources as a tool to boost organizational performance and in the process of attaining market leadership. 

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