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Home arrow Management arrow Strategic Management in the 21st Century. Corporate Strategy

CONCLUSION

Strategic management perspectives can differ across organizations because TMTs have different beliefs or philosophies about what drives success. There has, however, been little guidance to help TMTs select a suitable strategic management perspective to drive strategic decision making. The framework we have offered helps to address this gap. As we have proposed, by identifying what it believes drives two dimensions of performance, sustainability and competitiveness, a TMT can identify the strategic management perspective that best applies to their firm. Based on this, they can then develop an HR strategy that is consistent with the chosen strategic management perspective, using this to define specific practices that are aligned with individual functional HR strategies.

We conclude by emphasizing two points. First, we believe our framework can help HR professionals to bridge the divide between HR and business strategy. However, although useful, strategic management perspectives have only been developed and tested empirically in academia. It remains to be seen whether they will be viewed as relevant tools to TMTs. Furthermore, although HR researchers have developed sophisticated tools and techniques to improve the effectiveness of organizations, HR professionals remain reluctant to use the accumulated evidence, doubting that the scientific evidence fits their organizational contexts. As noted earlier, there is also only limited literature that dissects HR strategy, functional HR strategies, and HR practices, and links them with business strategies. We believe this chapter will be useful to practitioners by shedding light on the relationship between contextual conditions (business strategies) and HR sets. Second, we recognize the need for communication and training throughout the organization when using the approach we have proposed. The sharing of a TMT's values and philosophies with employees is a key success factor. It is axiomatic that successful SHRM occurs when employers and employees share the same values and philosophies, and when HR strategies and practices are consistent with these shared beliefs.

NOTES

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