Strategy is an essential factor in any business that wants to attain efficient functioning, growth, development, and continual success. Strategy focuses on attaining a set of goals and entails taking a certain direction for the future by using the most essential asset in an organization, the human resources or assets (Hashim, 2016). Different strategy implementation approaches in organizations like stakeholders’ approach, dynamic capabilities approach, and sustainable approach all focus on how a firm uses its human assets to gain a competitive advantage in the marketplace and industry. Further, strategic leadership approach emphasizes the essential role that leaders play in developing business strategies in organization since they are responsible for either its failure or success (Favaro, 2015). Sustainable approach ensures that a business’s goal is attained through sustainable activities to generate profits. These activities imply that an organization must train its human resources on how to attain its goals; right from its leaders to the employees because they are the ones that execute its strategies.
An organization strategy succeeds when it applies the dynamic capabilities approach to develop internal capabilities through training of its employees and attaining a competitive edge in the marketplace (Laureate Education, Inc., 2016). Pressure inserted by human resource issues like training to execute changes in HR practices and strategies helps firms to get the best human assets to drive its agenda, and achieve objectives and goals. Development of strategic internal capabilities is determined through the involvement and participation of employees where information is discussed and shared among all stakeholders (Brockbank, 2017). Human assets define the goal, activities, and strategies to attain an organization’s overall strategy. For instance, human resources require strategic leadership approach to be inspired, energized, motivated and guided in achieving a firm’s overall business strategy.
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References
Hashim MK (2016) Approaches to Formulating Business Strategy: Review. Arabian Journal of
Business Management Review vol.7, no.281. Retrieved from https://www.omicsonline.org/open-access/approaches-to-formulating-business-strategy-a-review-.php?aid=85973
Brockbank, W. (2017) 4 approaches to strategic planning: what’s right for HR? Retrieved from
https://www.insidehr.com.au/4-approaches-strategic-planning-hr/
Favaro, K. (2015 March 31) Defining Strategy, Implementation, and Execution. Retrieved from
https://hbr.org/2015/03/defining-strategy-implementation-and-execution
Laureate Education, Inc. (2016) Key Concept Overview: Talent Development and HR Strategy, PDF.
