What is Strategic Human Resource Management and why is it important? (How does it differ from Human Resource Management?)
Strategic Human Resource Management adds value to a company because human resources are one of a company’s most valuable assets. Recruiting, training, evaluating, and retaining employees is expensive and time consuming. It is better to keep the employees you have than spend the time and money starting the process over.
A company has to be aware of which employees help it stay competitive and which areas it has need. For instance, if one branch or division of a company is underperforming, it is important to determine why. It could be that the company does not have enough personnel in the division, or they do not have the right training. If this is the case, identifying and meeting the area of need is key to the company’s success.