Corporate, business, and functional strategies are the three levels of strategic management that run across the organization and somehow, relate to Human Resource Management (HRM).
Corporate Strategy: It involves top-level management and represents the big-picture goal of an organization. It provides directions, guidelines, and techniques to direct the whole organization to meet its objectives and mission.
- How: HRM takes a key role in shaping the corporate strategy of the organization and also ensures that the organization as a whole is working together to reach its goals.
- Why: The role of HRM directly contributes to the future success of the organization as HRM ensures that all actions are planned and integrated with the corporate strategy.
Business Strategy: It defines competitive advantages for each business department by delivering goods and values to customers based on the current market trend.
- How: HRM analyzes the current market trends and aligns the organization working with those trends as well as provides the required resources.
- Why: HRM gives the organization an edge to compete by maximizing productivity and introducing products and services to the market before the competitors.
Functional Strategy: It is a detailed working plan for achieving the organization’s goals within each business department.
- How: HRM aligns goals from the top of the organization all the way down to the individual employees for increasing performance. For this purpose, HRM deals with the hiring and training of highly skilled employees.
- Why: When employees with required skills are recruited it affects business in positive ways since human is the most valuable resource. Thus, HRM bridges the gap between an organization’s objectives and employees’ performance.
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