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This phase also includes the definition of market-competitive base salaries, merit increases, benefits, bonuses and incentives. It is also the area where benefits are budgeted for and offered. Many practitioners and managers both see this as the most critical phase of the HRM lifecycle for retention as a result (Ulferts, Wirtz, Peterson, 2009). In fact it is the development of jobs that have a wider span of responsibilities and link personal achievement to the attainment of challenging goals rather than making pay purely dependent on minimal levels of performance (Pilenzo, 2009). HRM can help employees find challenge and meaning in their work by using the strategies in this phase of the lifecycle with intelligence. The role of salaries and benefits in terms of giving employees a sense of autonomy is also critical not only for employee satisfaction and the marketing of a company to potential employees as world-of-mouth is one of the most powerful recruitment tools there are in companies today thanks to the Internet (Wickham, O'Donohue, 2009).
The next HRM lifecycle stage is optimization, or the aligning of individual employee skills and the needs of the organization overall. This is especially seen in fast-moving, highly technical fields where specialized skill sets are critical (Zu, Fredendall, 2009). Optimization is also retention yet it is more than just paying more salary or offering more benefits. It is redefining a job's role to make it more challenging and enriched for the person doing it. There is also the potential of giving and getting 3609 degree feedback during this phase as well, an invaluable assessment approach to ensuring employees and managers share common expectations and perceptions of the company's direction (Pilenzo, 2009).
Conclusion
When HRM is managed through a lifecycle-based approach as many organizations do today it is clear to see that human resources can be the most potentially competitive resource any firm or for that matter, nation has per Dr. Porter's assessments (1990). HRM is invaluable as a series of strategies for also keeping an organization agile and market-focused,...
This concept of agility is also essential for HRM strategies as the Internet is accelerating how quickly employees can move from one company to another, taking the most valuable asset of all, their knowledge, with them to a competitor or to another industry altogether.
References
Barney, J.B. & Wright, P.M. (1998). On becoming strategic: The role of human resources in gaining competitive advantage. Human Resource Management, 37, 31 -- 46.
Herrbach, O., Mignonac, K., Vandenberghe, C., & Negrini, a.. (2009). Perceived HRM practices, organizational commitment, and voluntary early retirement among late-career managers. Human Resource Management, 48(6), 895.
Liker, J., & Hoseus, M.. (2010). Human Resource development in Toyota culture. International Journal of Human Resources Development and Management, 10(1), 34.
Morris, S., Wright, P., Trevor, J., Stiles, P., Stahl, G., Snell, S., Paauwe, J., & Farndale, E.. (2009). Global challenges to replicating HR: The role of people, processes, and systems. Human Resource Management, 48(6), 973.
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