- Published: October 31, 2021
- Updated: October 31, 2021
- University / College: Essex, University of
- Level: Bachelor's Degree
- Language: English
- Downloads: 15
In the contemporary environment of competitive business, high performance work practices in workplace are increasingly being looked upon as mutually beneficial deal for employers as well as employees. Human resource strategy has become critical component that facilitates development of unique high performing team of human capital that helps organizations to gain competitive advantage in the industry. Indeed, the basic assumption of reciprocity of interests becomes the vital element to mutual gain. HPWS therefore primarily relies on commitment, trust, effective benchmarking tools and strategic HRM policies which facilitate high performance. The flexibility of approach and perspectives to change become high point that hugely helps to meet the challenges of time.
The innovative measures and incentive driven tools that are linked to the performance are increasingly being used as vital elements of business strategy. Scholars assert that performance management is strategic tool or process that motivates workforce for optimal performance (Bloisi, 2007; Armstrong and Baron, 2005). Apart from incentives, commitment to work and loyalty towards employers is considerably increased when the employees are provided scope of enhancing their professional skills and competencies through in-house training and development. Financial and emotional security, job satisfaction etc are factors that promote trust building and induce high performance and retention of employees. Hence, HPWP not only benefits employees but also the employers as they are able to retain high performing human capital that significantly influences the revenues. Most importantly, they are able to maintain their competitive advantage through hard times as HPWP provides organization with flexible approach and innovative performance related measures to meet contemporary challenges for optimal performance. (words: 263)
Reference
Armstrong, A. & Baron, A. (2005). Managing Performance. London, CIPD.
Bloisi, Wendy. (2006). An Introduction to Human Resource Management. McGraw-Hill Education.
