The word ‘strategy’, deriving from the Greek noun strategus, meaning ‘commander in chief’. The development and usage of the word suggest that it is composed of stratos (army) and agein (to lead). In the management of an organization, it refers to of decisions and actions by the top management of the organization to achieve performance goals.
HR strategies are the science and art of management of people hence, it involves managing company’s people for their basic and extended needs, working on the cultural differences and developing a suitable environment for same, nourishing a motivating and learning culture across the organization and managing the career path of employees by their training and assessment.
Different types of strategies are developed under HRM for managing the human resources and usually, it involves the following
It is about identifying the type of people and lays emphasis on the personality of the individual but also, on their working styles as well.
It is about the culture of the organization and enlisting the leadership and management style prevalent in the organization, which could be open-door or dictatorial.
It encompasses developing programs to attract talented and suitable people for the positions in the organization by developing needed remuneration and benefits along with performance related incentives if needed.
It refers to the organizational structure and hierarchy for business-related information and decision flow.
This strategy comprises of formulating career paths for positions in the organization and developing a suitable environment for a candidate to be trained for identifying and motivating the talented people.